EU spends nearly US$3.1 billion purchasing garments and textiles from Vietnam

Society – Economy - Ngày đăng : 12:41, 04/11/2024

The EU spent nearly US$3.1 billion on importing garments and textiles from Vietnamese suppliers during the initial nine months of the year, up nearly 10% against the same period last year, according to the General Department of Vietnam Customs.

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Statistics indicate that garment and textile exports to the EU throughout the reviewed period rose by 9.6% year on year to reach US$3.08 billion.

Among the major markets, the Netherlands and Germany were the two largest consumers, accounting for 46.45% of the total export turnover to the bloc.

Specifically, exports to the Netherlands surged by 24.85% to nearly US$880 million, while exports to the German market dropped by 10.96% to nearly US$562.48 million.

Strong growth was recorded in some markets such as the Czech Republic with nearly US$21.31 million, up 50.69%; Slovakia with over US$4.06 million, up 112.12%; Romania with US$5.24 million, up 55.88%.

According to experts, Vietnamese textiles and garments are anticipated to enjoy better growth opportunities moving forward thanks to rising demand during the year-end holidays.

Moreover, the country also enjoys advantages over many other exporters thanks to tax incentives under the Vietnam-EU Free Trade Agreement (EVFTA).

The Vietnam Trade Office in Belgium and the EU revealed that since the EVFTA first took effect, Vietnamese market share in the bloc’s total textile and garment imports increased from 3.3% in 2020 to 4.3% in 2023.

VOV