The textile industry depends heavily on imported raw materials. Photo: T.Bình

The General Department of Vietnam Customs reported that Vietnam spent US$2.42 billion on importing textile and footwear materials in October, reflecting a steady 3.2% climb from the previous month.

Over the first 10 months of 2024, the cumulative import value hit an impressive US$22.82 billion, marking a remarkable 44.2% leap, a whopping US$6.99 billion increase, compared to the same period last year.

Breaking down the key categories, fabrics of all kinds surged to US$12.27 billion, up 14.7%, underscoring the industry's expansive growth; raw materials for textiles and footwear grew by 19.3%, totaling US$5.88 billion; cotton of all kinds registered a modest yet steady rise of 2.7%, reaching US$2.42 billion; textile fibers and yarns recorded a robust increase of 24.4%, hitting US$2.24 billion.

China continued to dominate as Vietnam's top supplier, accounting for a massive 51% share of total imports. The import value from China skyrocketed to US$12.83 billion, an impressive 22.9% boost, adding US$2.39 billion more compared to 2023.

On the export front, both textiles and footwear registered impressive strides, showcasing Vietnam’s growing global market dominance.

Textile exports reached US$30.57 billion, achieving a 10.5% surge (US$2.9 billion increase) year-on-year.

Standout export markets included United States dominated with US$13.3 billion, a solid 10.7% rise; European Union climbed to US$3.54 billion, showing a 10.2% increase; Japan maintained steady growth with a 7% uptick to US$3.55 billion; South Korea inched up by 2.6% to US$2.73 billion.

Footwear exports delivered even stronger growth, reaching US$18.57 billion, a 12.9% jump (US$2.12 billion more than last year).

Key contributors to this surge included United States cemented its lead with US$6.86 billion, surging 17.7%; European Union advanced to US$4.66 billion, registering a 17.2% gain; China displayed modest growth with a 3% rise to US$1.56 billion.

A standout performer was the Netherlands, with exports hitting US$1.35 billion, soaring by an astounding 73% year-on-year.