Trade between Vietnam and New Zealand, particularly in textiles, is set to surge as both nations focus on enhancing cooperation in trade, industry, and investment. Recent data suggests that Vietnamese apparel exports have been gaining significant momentum. In Q1 2023, these exports were valued at $17.824 million, while the previous year's total amounted to $67.891 million.

During the 8th meeting of the Vietnam-New Zealand Joint Trade and Economic Commission (JTEC), which took place in Hanoi on Tuesday, authorities from both countries discussed various matters related to trade and investment, according to media reports.

TexPro, Fibre2Fashion's market insight tool, showed that apparel exports to New Zealand rose to $17.824 million in the first quarter of 2023, compared to shipments worth $16.731 million during the same period the previous year. Vietnam's apparel exports in Q4 2022 reached $17.577 million, while Q3 saw $14.148 million, and Q2 recorded $19.433 million.

The annual value of exports increased to $67.891 million in 2022, up from $53.259 million in 2021. Trade volume dropped to $39.026 million in 2020 from $44.164 million in 2019, but rebounded to $53.259 million in 2021, with the positive trend continuing into 2022.

Vietnam is New Zealand's third largest apparel supplier, following China and Bangladesh. Vietnamese apparel accounted for 5.24 per cent of New Zealand's total apparel imports, which were worth $340.419 million in the first quarter of this year. However, New Zealand's share in Vietnamese apparel exports during the same period was less than half a per cent, according to TexPro.

Fibre2Fashion News Desk (KUL)

Vietnam's Q1 garment exports to New Zealand at $17 mn; growth expected

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