Vietnam’s textile, leather and footwear exports are difficult to recover quickly
According to Vietnam’s “Customs Online” report on September 22, Vietnam’s textile, leather and footwear exports still increased significantly year-on-year in the first eight months of this year. According to data from the Vietnam Textile Association, textile exports in the first eight months of this year reached US$25.9 billion, a year-on-year increase of 15.8%. However, exports dropped significantly in August due to the impact of the COVID-19 epidemic.
Specifically, textile exports in August fell by 18.7% month-on-month and 5.8% year-on-year.
In terms of footwear, according to data from Vietnam’s Ministry of Industry and Trade, footwear exports reached US$12.6 billion in the first eight months of this year, a year-on-year increase of 16.2%. However, the export value of various types of footwear in August fell by 38.5% year-on-year.
The above data clearly show the impact of the recent COVID-19 epidemic on Vietnam’s textile, leather and footwear exports. More severe difficulties are yet to come, especially human resources difficulties.
From now to the end of the year, when the economy gradually opens up after the epidemic and production activities gradually resume, the cancellation of export orders and the lack of human resources will affect the export of textiles, clothing and footwear. The most “headache” problem for enterprises. Production and exports in these industries are not expected to recover quickly.
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