Vietnam registered a growth in textile and garment exports to most of the major markets in the first five months of 2018. (Source: laodong.vn)

Hanoi (VNS/VNA) - Vietnam witnessed growth in textiles and garment exports to most of the major markets in the first five months of 2018, reported the General Department of Vietnam Customs.

Exports of textiles and garments to the markets of the member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) accounted for 17.1 percent of the country’s total garment export turnover, reaching 1.87 billion USD.

Exports to Japan saw the highest increase at 22.6 percent, reaching 1.39 billion USD. The exports to Singapore rose by 22 percent to 39.16 million USD, to Canada by 17.4 percent, reaching 230.29 million USD and to Australia by 16 percent, touching 79.41 million USD.

The CPTPP will come into effect in early 2019 and is expected to open a great opportunity for the Vietnamese textile and garment industry, pushing its export value up by 3 to 6 percent per year.

According to the General Department of Vietnam Customs, the January-May period saw the national textile and garment export growth reach 16.2 percent year-on-year to 10.91 billion USD, accounting for 11.2 percent of the total export value of Vietnam.

It said the value to almost all the major markets increased against the same period last year. The United States was the largest export market for Vietnam’ textile and garment products, with a growth of 12.4 percent in value, reaching 5.15 billion USD.

It was followed by the European Union with a growth of 12.1 percent to 1.43 billion USD; Japan, up by 22.6 percent to reach 1.39 billion; and the Republic of Korea, up by 22 percent to touch the 1.09 billion USD mark.

Meanwhile, the exports to Turkey jumped sharply by 96.8 percent, reaching 19.23 million USD; Poland, 69.3 percent, reaching 23.43 million USD; Myanmar, 65.9 percent, reaching 9.19 million USD; Egypt, 65.2 percent, touching 2.33 million USD; Hungary, 60.4 percent, reaching 1.84 million USD.

The garment and textile exports of foreign-invested enterprises accounted for 60.6 percent of the total garment export value, reaching 6.62 billion USD, up by 16.8 percent over the same period last year.-VNS/VNA