Japan's Garment, Textile Industry Obtains Turnover Target Of $28-28.5B

Tokyo - Garment and textile industry maintained its export growth momentum last year and obtained a turnover target of US$28-28.5B, showing an increase of 16 percent over 2013. Garment items brought US$21B, up 17 percent while fibre products yielded US$3B.

The export turnover grew 12.5 percent to U.S. market, 17 percent to the EU and remained unchanged at 9 percent to Japan.Vietnam has been the second largest exporter of garment and textile products to the U.S. for the last several years. The annual export turnover from Vietnam to U.S. market has grown 12-13 percent in recent years while the North American nation’s import value has grown only 3 percent.

These achievements were partly due to influences from free trade agreements.Experts believed that these agreements will make the garment and textile industry’s export target accessible this year because they are directly related to the main export markets of Vietnam, for instance TPP with the U.S. and Japan and FTAs with the EU, South Korea, and the Customs Union of Russia, Belarus and Kazakhstan.