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Textile exports sharply rise in new markets
Tran Thu
Wednesday,  Apr 17, 2013,21:01 (GMT+7)

Textile exports sharply rise in new markets

Tran Thu

By Tran Thu - The Saigon Times Daily

HCMC – A sharp rise in Vietnam’s textile exports to foreign markets that are not traditional importers was recorded in the first quarter by the General Department of Customs.

According to a report released on Tuesday, apparel exports brought home US$3.7 billion in the first three months, surging 18.3% year-on-year, with shipments bound for numerous new markets picking up markedly.

For instance, export value of Vietnamese garment items shipped to ASEAN members reached US$111.4 million in the first quarter, soaring 44.4% year-on-year.

Among these nations, Cambodia was the biggest buyer of Vietnamese textile products in January-March with an export value of US$45.7 million, a staggering 103% rise over the same period last year. Similarly, garment shipments to Myanmar doubled year-on-year.

Vietnamese textile exports to other markets also posted strong growth, with Nigeria contributing a 12-fold rise, Norway 134.6%, New Zealand 120% and Australia 37%.

In recent years, diversifying markets for textile-garment items is considered one of the effective ways for members in the local industry to cope with poor demand from the traditional markets including the U.S. and the EU.

The result in the first quarter shows a positive sign for the local apparel industry in the context that multiple textile enterprises at home had struggled with maintaining export growth last year.

Dong Nai Garment JSC, or Donagamex, recorded a decline of 7% in its export revenue in 2012. Besides the major markets of Japan, the U.S. and the EU, the firm will expand its presence to Russian, Canadian and Australian markets gradually.

The economic slump in the EU and the U.S. has led to a considerable fall in the markets’ textile orders in 2012 while material and fuel costs shot up 15% against 2011.

Thanh Cong Trading Investment Textile Co. is one among apparel exporters facing the tough times last year. The company incurred a loss of VND20.16 billion last year while the firm obtained net profits of VND198.4 billion and VND112.9 billion in 2010 and 2011 respectively.

In a document submitted to the Hochiminh Stock Exchange a week ago, Thanh Cong said its revenue from garment exports to the U.S. fell 35%.

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