Garment Materials & Accessories Import Hits US$2Bln in Jan-May

Vietnam has so far this year spent over US$2 billion importing textile and garment materials and accessories and leather to serve its garment industry, state media reports.

 

Of the total, spending on cloth imports reached US$1.171 billion, up 34.1 per cent on-year and $841 million for other textile and garment materials, accessories, and leather.

 

In addition, the industry imported nearly 200,000 tons of cotton and fibers in the period.

 

Meanwhile, the country’s garment and textile exports are estimated to fetch over $2.12 billion in the first five months of this year, up 31.1 per cent on-year.

 

According to analysts, over dependence on imported materials is an inherent weakness in Vietnam’s textile and garment industry, hampering the development of the sector while the country aims to become one of the world’s top ten garment and textile exporters by 2010.   

 

They said the situation means local companies still focus on subcontracting for foreign partners.

 

Despite high export values, actual revenues remain relatively low. Local producers are capable of turning out just 620 million sq.m of woven fabric a year, and because of its low quality, uncompetitive prices and week distribution and marketing networks, it does not meet the needs of international importers.