Textile and garment export turnover in March 2019 reached USD2.7 billion, increased 106.4% compared to February 2019 and increased by 15.9% compared to March 2018. Accumulated, export turnover of this item in the first 3 months of 2019 reached USD7.3 billion, up 13.3% over the same period last year.
For a long time, textile & garment stocks such as TCM, TNG, GMC, GIL, STK, etc, had a series of impressive price increases. After rising to the highest historical price in the middle of March, the prices of these stocks had cooled down and traded quite calmly at lower prices. The question for now is whether these stocks have peaked or are in a process of accumulation waiting for new waves?
According to the statistics of the General Department of Customs, textile and garment export turnover in the first 3 months of 2019 had increased sharply over the same period. In which, the main export market was US, accounting for 46.6% of the total export turnover of this group which reached USD2.14 billion, up 9.4% over the same period last year. Japan held the second position with 12.6%, reaching USD577.89 million, up 7.6%. Other markets such as EU and South Korea also increased strongly. Prior to 2018, the General Department of Customs reported that by the end of 2018, the export value of Vietnamese textile and fiber products reached USD34.5 billion, up 17% from the previous year.
Textile industry would welcome bright opportunities when major trade agreements are and will continue to be implemented in the near future such as: CPTPP Agreement officially is taking effect with Vietnam from the beginning of 2019 opened up many opportunities for textile and garment exports, especially when the market share of those countries in the agreement accounted for nearly 16% of the total export value.
Furthermore, the Regional Comprehensive Economic Partnership Agreement (RCEP) is expected to conclude negotiations in 2019. This is an agreement with the participation of six countries where ASEAN has a free trade agreement with Australia, China, India, Japan, South Korea and New Zealand. In addition, if the Vietnam-EU Free Trade Agreement (EVFTA) was approved before 05 May 2019, it would also be a great advantage for Vietnamese textile enterprises.
- VDSC