Textile & garment sector – Gradual recovery ahead
- We believe that (1) the demand for textile products has not yet strongly rebounded globally, and (2) high inventory levels in the US market will cause the recovery of the Vietnamese textile & garment sector to slow down in the first half of 2024
- In the first three months of 2024, Vietnam's textile export turnover has shown signs of recovery from the low base of 2023, reaching USD 7.8 bn (+9.0% YoY). Specifically, in March, export growth was recorded at 1.4% YoY, a slowdown compared to the 13.4% YoY seen in the cumulative first two months of the year. For Q1/2024, the import volume of fabric reached USD 3.157 mn (+5.8% YoY). After two months of positive growth, March saw a decline in fabric import turnover, marking a decrease of 6.4% YoY. We note that Q1/2023 was a low base. Therefore, the fabric import growth in Q1/2024 could indicate that a surge in textile manufacturing orders in Q2/2024 might be unlikely
- For 2024, the Vietnam Textile and Apparel Association (VITAS) has planned for the export of textile products to reach a value of approximately USD44 mn (+9% YoY), with expectations pinned on a rebound in consumption and the leaner inventory in the export markets
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