Vietnam'S Textile And Clothing Exports Are Expected To Decline By 16% In 2020

According to the survey and statistics of Vietnam's textile industry by the Ministry of industry and commerce, as of July 31, 2020, some Vietnamese textile enterprises have not received orders for suits and high-grade shirts from foreign customers in the second half of the year. As for medical masks and protective clothing, they are the main products of Vietnam's textile industry at present. However, due to the large number of manufacturers supplying the items all over the world, the sales price has gradually declined.

According to the statistics of Vietnam's Ministry of industry and commerce, the export volume of various types of yarn in the first seven months of 2020 will decrease by 20.9%, cloth by 40%, and processed textiles by 12.1%. The Ministry reminded that in the second half of 2020, Vietnam's textile enterprises will need to strengthen the development of the domestic market and reduce production and management costs to make up for the revenue of the enterprises, while maintaining the quality of products, resetting production lines and manpower deployment, in order to tide over the impact of the new coronavirus pneumonia epidemic.

In addition, according to the forecast of VINATEX, the textile export amount in the second half of 2020 will decrease by 14-18% compared with the same period in 2019, and the total textile export amount in 2020 is estimated to be about 32.75 billion US dollars, which is 16% lower than that in 2019.

Global data estimates that the clothing and footwear industry in the Asia Pacific region will lose $95.4 billion in sales this year. Global textile sales will decrease by $395.6 billion, down 19.5% from last year, accounting for 29.1% of the total retail revenue loss of $1.3617 trillion.