Vietnam: Knitted Fabric Market 2023

Knitted Fabric Market Size in Vietnam

In 2021, the Vietnamese knitted fabric market decreased by -13.5% to $X, falling for the second year in a row after three years of growth. The market value increased at an average annual rate of +1.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Knitted Fabric Exports

Exports from Vietnam

Knitted fabric exports from Vietnam surged to X tons in 2021, with an increase of 25% compared with the previous year's figure. In general, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 92%. The exports peaked in 2021 and are likely to see steady growth in the near future.

In value terms, knitted fabric exports surged to $X in 2021. Over the period under review, exports recorded significant growth. The most prominent rate of growth was recorded in 2018 when exports increased by 107%. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Cambodia (X tons) was the main destination for knitted fabric exports from Vietnam, with a 38% share of total exports. Moreover, knitted fabric exports to Cambodia exceeded the volume sent to the second major destination, China (X tons), threefold. Indonesia (X tons) ranked third in terms of total exports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Cambodia amounted to +24.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+28.5% per year) and Indonesia (+21.8% per year).

In value terms, Cambodia ($X) remains the key foreign market for knitted or crocheted fabrics exports from Vietnam, comprising 36% of total exports. The second position in the ranking was held by China ($X), with a 15% share of total exports. It was followed by Indonesia, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Cambodia amounted to +27.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+25.0% per year) and Indonesia (+20.1% per year).

Export Prices by Country

The average knitted fabric export price stood at $X per ton in 2021, increasing by 1.7% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 18%. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+3.3%), while the prices for the other major destinations experienced mixed trend patterns.

Knitted Fabric Imports

Imports into Vietnam

In 2021, approx. X tons of knitted or crocheted fabrics were imported into Vietnam; growing by 2.3% against the previous year's figure. In general, total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -5.6% against 2019 indices. The pace of growth appeared the most rapid in 2019 with an increase of 19% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, knitted fabric imports dropped to $X in 2021. Overall, total imports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -11.8% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of 23% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest knitted fabric supplier to Vietnam, with a 79% share of total imports. Moreover, knitted fabric imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), sixfold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +12.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-2.2% per year) and Taiwan (Chinese) (+0.3% per year).

In value terms, China ($X) constituted the largest supplier of knitted or crocheted fabrics to Vietnam, comprising 74% of total imports. The second position in the ranking was taken by South Korea ($X), with a 14% share of total imports. It was followed by Taiwan (Chinese), with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +13.4%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-2.2% per year) and Taiwan (Chinese) (+3.3% per year).

Import Prices by Country

The average knitted fabric import price stood at $X per ton in 2021, reducing by -10.5% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 15% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Taiwan (Chinese) ($X per ton) and South Korea ($X per ton), while the price for China ($X per ton) and Hong Kong SAR ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+3.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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