Apparel Online Bangladesh Magazine July Issue 2018 | Page 42

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Vietnam continues to move fiercely in US market with increased apparel export

Vietnam recorded a decent growth in textile and clothing( T & C) exports to the USA during January to April 2018 period. The data released by the US Office of Textiles and Apparel and analysed by Apparel Online indicates that Vietnam is the third largest T & C exporter to the USA after China and India( volume-wise) and second after China( value-wise).
During Jan.-Apr.’ 18 period, Vietnam exported T & C worth US $ 3,997.06 million, up by 6.18 per cent from the corresponding period in 2017. Readymade garments had 94.34 per cent of share in exported value while the rest 5.66 per cent was shared by other textile products.
RMG exports earned US $ 3,770.64 million marking 4.05 per cent growth on a yearly note. Cotton and Man-Made Fibre( MMF) apparels steered the growth of exports as
cotton apparels shipment was worth US $ 1,579 million( up 1.84 per cent), while latter tapped US $ 2,092.83 million( up 6.75 per cent) in its respective exports.
On the other hand, export of wool apparels and silk & veg apparels continued dipping on the yearly note. Wool apparels accounted for US $ 27.69 million( down 12.34 per cent), whereas export of silk & veg
apparels valued at just US $ 71.11 million, posting a drop of 12.34 per cent Y-o-Y. However, the falling trend got limited to above-mentioned two categories only as export of nonapparel products from Vietnam to USA skyrocketed by 61.24 per cent to reach US $ 226.42 million beating its last year’ s export value which stood at US $ 140.42 million in Jan.-Apr.’ 17 period.
Further, made-ups topped the export growth in non-apparel products as it saw a staggering jump of 107.18 per cent to clock US $ 160.27 million in the mentioned period as against US $ 77.36 million in the same period last year.
Other textile products such as fabrics too grew in their respective exports though value is not as big as other products. Yarns exports from Vietnam to its largest market USA jumped a decent 15.20 per cent to earn US $ 4.53 million, while the value of fabric exports got a boost by 4.20 per cent and reached US $ 61.62 million in the first 4 months of 2018. The growth in T & C exports of Vietnam in the USA market indicates that the south-east Asian manufacturing powerhouse is ready to achieve its export target of US $ 34-35 billion by this year.

India still searching ways to process GST refunds to exporters

The Central Government is still figuring out a way to refund the taxes including those which are still being paid by the exporters, since the introduction of Goods and Services Tax( GST) programme. A Government official was quoted by a leading media house saying that these refunds will not just enhance the exporters to compete in the global market but will also be the appropriate answers to the questions being raised on India’ s export subsidies at the World Trade Organization( WTO) programme.
The exporters are contentiously paying electricity duty, Value Added Taxes on petroleum goods, mandi tax, stamp duty and other taxes without getting any refund under the GST regime.“ If the Government can find a way to refund these taxes quickly, it will help the textile industry significantly,” said a Government official.
Markedly, the Commerce Ministry has set up an informal committee which is led by Directorate- General of Foreign Trade, along with representatives from the industry to find alternative ways to compensate the exporters.
42 Apparel Online Bangladesh | July 2018 | www. apparelresources. com