Vietnam's textile exports to China rise
Though Vietnam is a key importer of Chinese textile feedstock and accessories, its exports to China are rising, according to the Vietnam National Textile and Garment Group. Imports from China in 2017 were $9 billion, or 42.7 per cent of all textile-related imports, and 12 per cent higher than in 2016. China is one of Vietnam’s top five textile export markets.
Vietnam’s imports from China last year included over $6 billion worth of silk, $2 billion worth of leather and $800 million worth of threads, according to a report in a top Vietnamese news website.
Textile exports to China have been rising steadily, going up from $2.2 billion in 2015 to $3.2 billion last year, according to the Vietnam Textile & Apparel Association (VITAS). VITAS expects the figure to rise.
China’s imports of Vietnamese textile products are not taxed because of the ASEAN-China Free Trade Area while imports from countries such as India and Pakistan attract a 3-5 per cent tax. (DS)
Fibre2Fashion News Desk – India