Textile enterprises is forecasted to encounter difficulties in the second quarter

In the first quarter of 2023, exports of textiles and garments reached USD 7.2 billion, down 17.4% over the same period. Fibre and yarn fell even more sharply, up to 33.9%, falling to less than USD 1 billion. Moreover, inventories remained high, and revenue increased slightly, but profits fell deeply. The macroeconomic challenges and geopolitical tensions will continue to dampen consumer sentiment. The import market of many Vietnamese textiles and garments from the US, EU, Japan, Korea, and China declined, causing export turnover to decrease by billions of dollars. Forecasting the world and domestic economic situation in the second quarter, in the latest report, the Ministry of Industry and Trade said that the global economy is still struggling, recovering slowly, and aggregate demand is decreasing. Inflation and interest rates remained high, causing consumer demand to continue declining worldwide, including in Europe-America.

In the first quarter of 2023, exports of textiles and garments reached USD 7.2 billion, down 17.4% over the same period. Fibre and yarn fell even more sharply, up to 33.9%, falling to less than USD 1 billion. Moreover, inventories remained high, and revenue increased slightly, but profits fell deeply. The macroeconomic challenges and geopolitical tensions will continue to dampen consumer sentiment.

The import market of many Vietnamese textiles and garments from the US, EU, Japan, Korea, and China declined, causing export turnover to decrease by billions of dollars.

Forecasting the world and domestic economic situation in the second quarter, in the latest report, the Ministry of Industry and Trade said that the global economy is still struggling, recovering slowly, and aggregate demand is decreasing. Inflation and interest rates remained high, causing consumer demand to continue declining worldwide, including in Europe-America.

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