EU spends nearly 3.1 billion USD buying textiles from Vietnamese suppliers

The 27 countries of the European Union (EU) spent nearly 3.1 billion USD to import textiles and garments from Vietnamese suppliers in the first 9 months of 2024, an increase of nearly 10% over the same period last year.

The 27 countries of the European Union (EU) spent nearly 3.1 billion USD to import textiles and garments from Vietnamese suppliers in the first 9 months of 2024, an increase of nearly 10% over the same period last year.

In the first 9 months of 2024, the EU spent nearly 3.1 billion USD purchasing textiles and garments from Vietnamese suppliers.

Textile and garment exports to the market of 27 member countries of the European Union (EU) will clearly recover after negative growth in 2023.

Last year, Vietnam's textile and garment exports to the EU were heavily affected by the global economic and trade downturn, reaching only 3.84 billion USD, down 14.1% compared to 2022.

According to the General Department of Customs, in September 2024, textile and garment exports to the EU reached over 323 million USD, an increase of 32.52% compared to September 2023.

In the first 9 months of 2024, textile and garment exports to the EU increased by 9.6% over the same period in 2023, reaching 3.08 billion USD.

Vietnam has risen to the 6th position in the list of largest textile and garment suppliers to the EU in 2023, after China, Bangladesh, Türkiye, India and Pakistan.

Of which, the Netherlands and Germany are the two largest textile and garment consumption markets of Vietnam, these two markets alone account for 46.45% of the total textile and garment export turnover to the EU.

Specifically, exports to the Netherlands ranked first, reaching nearly 880 million USD, up 24.85% over the same period in 2023, accounting for 28.34% of the total textile and garment export turnover to the EU; Exports to the German market reached nearly 562.48 million USD, down 10.96% over the same period in 2023, accounting for 18.11%.

In the past 9 months, there were 6 major markets in the EU with a turnover of over 100 million USD; in addition to the 2 main markets of the Netherlands and Germany, there was also Spain with 455 million USD, up 9.56% over the same period last year, accounting for 14.65% of the total textile and garment export turnover to the EU; France reached nearly 355 million USD, up 11.31%, Italy reached nearly 251.15 million USD, up 11.58%, accounting for 8.09%.

Although the export turnover of some markets is small, compared to the same period in 2023, they have strong growth such as: Czech Republic increased sharply by 50.69%, reaching nearly 21.31 million USD; Slovakia increased by 112.12%, reaching over 4.06 million USD; Romania increased by 55.88%, reaching nearly 5.24 million USD.

The EU economy has begun to recover, improved purchasing power has boosted exports of goods, including textiles, from Vietnam.

In the first 9 months of 2024, Vietnam exported goods worth 38.1 billion USD to the EU27, up 17% over the same period last year, and is expected to reach nearly 50 billion USD this year.

In the last months of the year, along with other consumer goods industries, textiles and garments continue to have better growth opportunities thanks to increased demand during the holidays.

The EU is currently the second largest export market for the textile and garment industry, after the United States. According to EU figures, last year the EU imported 115 billion euros from third countries, down 17% compared to 2022, of which the top 10 suppliers accounted for 82% (95 billion euros).

China, Bangladesh and Türkiye are the top three exporters to the EU, accounting for 69.1% of the market share, followed by Bangladesh at 15.3% and Türkiye at 12.8%. Vietnam ranks 6th, reaching over 4.1 billion Euros, accounting for 4.3% of the market share.

Textiles and garments exported to the EU have advantages over many other exporting countries thanks to the Vietnam-EU Free Trade Agreement (EVFTA), which has entered its fifth year of implementation.

According to the commitment in EVFTA, 100% of Vietnamese textile and garment products will enjoy 0% import tax after a maximum of 7 years from the date the Agreement comes into effect, creating a great driving force for expanding market share in the EU market.

According to the Vietnam Trade Office in Belgium and the EU, since the EVFTA took effect, Vietnam's market share in the EU's total textile and garment imports from outside the bloc has increased from 3.3% (in 2020) to 4.3% (in 2023).

Source: https://baodautu.vn/eu-chi-gan-31-ty-usd-mua-hang-det-may-tu-cac-nha-cung-ung-viet-nam-d229100.html