In 9 months, Vietnam spent 7.4 billion USD buying fabric from China

In the first 9 months of 2024, China continued to be the largest market supplying fabric to Vietnam, with a total value of nearly 7.4 billion USD, an increase of 20.4% compared to the first 9 months of 2023.

Fabric imports from the Chinese market increased sharply, reaching nearly 7.4 billion USD.

The General Department of Customs said that the import turnover of fabrics for garment production for export and domestic consumption in September 2024 increased by 14% over the same period, reaching 1.25 billion USD.

In the first 9 months of 2024, Vietnam spent nearly 10.95 billion USD to import fabric, an increase of 14.3% over the same period.

Vietnam imports raw fabric mainly from the Chinese market. In September 2024, this market alone supplied 803 million USD to our country, an increase of 10.8% compared to September 2023; the total for the first 9 months of 2024 reached over 7.33 billion USD, an increase of 20.4%.

The second billion-dollar import market is Taiwan (China), with a 9-month import turnover of nearly 1.14 billion USD, up 11.6%, accounting for 10.4%; September 2024 alone reached 152.66 million USD, up 9.6% compared to August 2024 and up 20.6% compared to September 2023.

Imports from the Korean market in September 2024 increased by 2.1% compared to September 2023, reaching over 113.64 million USD; in the first 9 months of 2024, it reached over 1.11 billion USD, accounting for 10.2%. Fabric imports from the Japanese market in the first 9 months reached 478.97 million USD, accounting for 4.4%.

In general, garment fabric import turnover from most markets in the first 9 months of 2024 increased compared to the first 9 months of 2023.

Fabric is an important input material for the Vietnamese textile and garment industry. This is a key industry with an export turnover of tens of billions of USD each year. Currently, Vietnamese garment products have been exported to 104 countries and territories.

However, domestic raw fabric sources only meet 50% of demand, so Vietnam has to import raw fabric from other countries, typically China.

Last year, textile and garment exports grew negatively due to the impact of the global economic and trade downturn. Major markets such as the United States, EU, Japan, etc. all reduced imports from Vietnamese suppliers. As a result, the demand for input fabric materials also decreased, with fabric imports for the whole year reaching 13 billion USD, down 1.7 billion USD compared to the actual level in 2022.

Source: https://baodautu.vn/9-thang-viet-nam-chi-74-ty-usd-mua-vai-tu-trung-quoc-d227470.html