The apparel industry is one of the most-hit sectors by the COVID-19 epidemic These latest updates are of great concern to domestic firms due to the US and the EU representing two of the nation’s largest apparel export markets. At present, the US market accounts for roughly 50% of the total annual export value of garment and textile businesses based in Ho Chi Minh City, with the EU market making up between 15% and 18%. Exports drop by 6% and 8% The latest statistics indicate that during the first two months of the year textile and apparel exports to the US enjoyed a surge of 5.3% on-year to US$2.25 billion, making up approximately 48% of the country’s total textile export value. This is best underlined by the export value of footwear of all kinds reaching US$985 million, an increase of 7.4%. Currently, as one of the nation’s most important trading partners, the EU is the second largest export market in terms of volume of Vietnamese exports and imports, with the scale of business done with the trading bloc being relatively large. Indeed, 2019 saw the volume of export goods by sea, air, and rail hit €20.5 billion, €14.5 billion, and… Read full this story
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