The country’s textile and garment sector achieved a trade surplus of 5.3 billion USD in the first eight months of 2012, a year-on-year increase of 24 percent.
According to the Vietnam Textile and Garment Association (VITAS), in the first eight months of the year, the sector achieved an export turnover of 10.8 billion USD, an increase of 6 percent compared with the same period last year.
The textile and garment sector has taken the lead of the country’s top 10 export products.
VITAS attributed the decrease in input materials to an increase in trade surplus enjoyed by the sector this year.
In addition, the sector has reached a localisation rate of materials and equipment of 49.5 percent, up by 7 percent compared with the same period last year.
VITAS said the sector’s export turnover to major overseas markets had increased sharply.
In the first seven months of 2012, exports to the US reached 4.2 billion USD, up 10.6 percent; to Japan, more than 1 billion USD, up 23 percent; to the US, 452 million USD; and to the Republic of Korea, an increase of more than 19 percent compared with the same period last year.
These increases will make up for the decrease in the sector’s export turnover to the European Union markets, which was 1.3 billion USD, down by nearly 4 percent over the same period last year.
As a result, the sector is expected to reach its 2012 targets of attaining an export turnover of 15 billion USD earlier this year, according to Dang Phuong Dung, VITAS’ Secretary General.