Vietnamese textiles and garments are surpassing China, dominating the Korean market
In the first seven months of 2018, Vietnam exported $ 1.5 billion worth of textiles and garments to South Korea, up 24.88 percent from the same period last year.
Preliminary statistics from the General Department of Customs showed that in the first 7 months of 2018, Vietnam's exports to Korea reached over $ 10.2 billion, an increase of 32.13% over the same period. 2017.
In particular, phones and components; textile; Computers, electronic products are three groups of goods turnover of over $ 1 billion, accounting for over 40% of Vietnam's export turnover of goods in this market.
In particular, textiles and garments had a strong breakthrough in the Korean market in the first months of 2018.
Specifically, in the first seven months of 2018, textile and garment exports to Korea reached US $ 1.5 billion, up 24.88% over the same period in 2017. In July alone, export turnover textiles and garments reached $ 270.7 million, up 24.18% against June 1818 and up 24.06% over July.
China and Vietnam are the two largest garment suppliers in the Korean market, accounting for 34.46% and 32.67%, respectively.
Compared with the previous three years, Vietnamese garment exports to this market have accelerated rapidly, with a gap between 40.18 per cent and 29 per cent between China and Vietnam. 52% in almost equal level at the moment.
On the other hand, according to the General Department of Vietnam Customs, Korea has risen to the 4th position in the export markets of Vietnam textile and garment market and close to Japan, turnover reached nearly 2, $ 7 billion in 2017.
Explaining that the textile and garment export turnover to Korea increased strongly, the Ministry of Industry and Trade said that mainly due to the high competitiveness of Vietnam's garment and consumer spending increased.
In addition, it is impossible to ignore tariff preferences from the Korea-Korea FTA, with 24 product lines enjoying lower tax incentives. with other countries in the ASEAN region.
From now until the end of the year, Vietnam's textile and garment exports to Korea will increase by 20% compared to the same period of 2017, bringing the total export turnover of 2018 to US $ 3.2 billion, up 22% from 2017.
Meanwhile, according to statistics from South Korea, Korea's apparel imports increased sharply in the first five months of 2018. Of which, imports from Vietnam increased sharply by 21.22% over the same period in 2017. .
Vietnam is considered to be the largest supplier of garments in Korea and is likely to become the largest garment supplier in the market.
According to vinatex.com