Vietnam textile exports to China rising

YarnsandFibers News Bureau 2018-02-12 11:00:00 – HCM City

Vietnam’s rising textile exports to China is a promising sign, although it remains to be a big importer of textile feedstock and accessories from China. China is one of Vietnam’s top five textile export markets, China is one of Vietnam’s top five textile export markets.

Vietnam’s textile and garment exports were worth $31 billion last year.

Vietnam often imports raw materials also from South Korea and Taiwan. South Korean products cost a fourth of Chinese products while Taiwanese products cost a fifth.

Customs data shows imports from China in 2017 were high at US$9 billion, or 42.7 percent of all textile-related imports, and 12 percent higher than in 2016.

Last year, Vietnam’s imports from China included over $6 billion worth of silk, $2 billion worth of leather and $800 million worth of threads.

According to the Vietnam Textile & Apparel Association (Vitas), textile exports to China have been rising steadily, going up from $2.2 billion in 2015 to $3.2 billion last year. Vitas expects the figure to continue rising.

Since that country has the world’s largest population, its market can be extensively segmented offering a great opportunity for local textile products.

China’s imports of Vietnamese textile products are not taxed because of the ASEAN – China Free Trade Area while imports from countries such as India and Pakistan incur a 3–5 percent tax.

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