Vietnam: Leather Apparel Market 2024

Leather Apparel Market Size in Vietnam

The Vietnamese leather apparel market fell remarkably to $X in 2022, with a decrease of X% against the previous year. In general, consumption faced a deep contraction. The pace of growth appeared the most rapid in 2021 when the market value increased by X% against the previous year. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Leather Apparel Production in Vietnam

In value terms, leather apparel production declined to $X in 2022 estimated in export price. Overall, production showed a deep downturn. The growth pace was the most rapid in 2021 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Leather Apparel Exports

Exports from Vietnam

In 2022, shipments abroad of apparel of leather or of composition leather increased by X% to X units, rising for the third year in a row after three years of decline. Overall, exports enjoyed a significant increase. The pace of growth appeared the most rapid in 2013 when exports increased by X% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, leather apparel exports soared to $X in 2022. Over the period under review, exports showed a significant increase. The growth pace was the most rapid in 2014 when exports increased by X%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Italy (X units) was the main destination for leather apparel exports from Vietnam, with a X% share of total exports. Moreover, leather apparel exports to Italy exceeded the volume sent to the second major destination, Germany (X units), twofold. The third position in this ranking was held by Belgium (X units), with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Italy stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and Belgium (X% per year).

In value terms, Italy ($X) remains the key foreign market for apparel of leather or of composition leather exports from Vietnam, comprising X% of total exports. The second position in the ranking was taken by Germany ($X), with a X% share of total exports. It was followed by Belgium, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Italy stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and Belgium (X% per year).

Export Prices by Country

The average leather apparel export price stood at $X per unit in 2022, dropping by X% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of X%. As a result, the export price reached the peak level of $X per unit. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were the UK ($X per unit) and the United States ($X per unit), while the average price for exports to Italy ($X per unit) and France ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (X%), while the prices for the other major destinations experienced a decline.

Leather Apparel Imports

Imports into Vietnam

In 2022, overseas purchases of apparel of leather or of composition leather increased by X% to X units, rising for the second year in a row after two years of decline. Over the period under review, imports enjoyed a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of X%. Imports peaked at X units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, leather apparel imports skyrocketed to $X in 2022. Overall, imports continue to indicate a prominent expansion. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Italy (X units), China (X units) and France (X units) were the main suppliers of leather apparel imports to Vietnam, together accounting for X% of total imports. Japan, Hong Kong SAR, India, Turkey and South Korea lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), China ($X) and France ($X) appeared to be the largest leather apparel suppliers to Vietnam, with a combined X% share of total imports. Japan, Hong Kong SAR, India, Turkey and South Korea lagged somewhat behind, together accounting for a further X%.

Japan, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average leather apparel import price amounted to $X per unit, with an increase of X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2020 when the average import price increased by X% against the previous year. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from South Korea ($X per unit) and Turkey ($X per unit), while the price for Hong Kong SAR ($X per unit) and Japan ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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