As per the reposts of the Ministry of Trade, the total export turnover on quota garments to the US down to about $675 million in the first half of this year, which was nearly 20 percent less comparing to the same period of previous year.
The exports to US market account nearly half of the country? total garment exports. Continued downfalls in the US market lead the exporters to meet the industry? annual export target of $5 billon to $5.2 billion this year.
The ministry reported that some categories that last year were performed well had only filled 40% of their total quota volume this year. These categories include cotton shirts ($291 million) and cotton trousers ($177 million).
To holdup exports to the US, the Ministry has plans to add two additional items for automatic E/Ls allocation, including cotton trousers and synthetic trousers.
However, the Vietnam Textile and Apparel Association have appealed enterprises to search non-quota garment export contracts as a substitute to shoot up export revenue.
