In the first quarter of 2023, Vietnam's clothing and footwear orders will drop by 70% to 80%. According to the Vietnam Textile and Apparel Association, in March 2023, Vietnam's textile and apparel exports reached about 3.298 billion US dollars, an increase of 18.11% month-on-month and a decrease of 12.91% year-on-year. In the first quarter of 2023, Vietnam's textile and apparel exports reached US$8.701 billion, a year-on-year decrease of 18.63%, mainly due to a decrease in the number of orders.
In 2022, Vietnam was one of the hotspots in global economic development with a GDP growth rate of 8.02%. However, in the first quarter of 2023, Vietnam's economy has suddenly hit the brakes. The latest data shows that in the first quarter of 2023, Vietnam's total import and export volume of goods reached nearly US$154.27 billion, a year-on-year decrease of 13.3%, of which exports The year has decreased by 11.9%.
Manufacturing data was also not optimistic. On April 3, the Vietnam Manufacturing Purchasing Managers' Index (PMI) released by S&P Global for March was 47.7, down from 51.2 in February, and was below 50 for the fourth time in the past five months. According to a report by the Vietnam Textile and Apparel Association, Vietnam's textile export orders in the first quarter of 2023 will decline by 25-27% year-on-year.
In response to the decline in orders, many Vietnamese textile and apparel enterprises have reduced their operating rates, causing a large number of workers to lose their jobs. The industry expects this decline to continue till at least the third quarter of 2023. Nevertheless, the Vietnam Textile and Garment Association still set an export target of US$46 billion in 2023, only if the economy improves and consumption in prime.
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