Vietnam: Leather Market 2024

Leather Market Size in Vietnam

The Vietnamese leather market amounted to $X in 2022, picking up by X% against the previous year. In general, consumption posted a remarkable increase. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Leather Production in Vietnam

In value terms, leather production reduced to $X in 2022 estimated in export price. In general, production continues to indicate a noticeable decrease. The pace of growth appeared the most rapid in 2019 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Leather Exports

Exports from Vietnam

In 2022, leather exports from Vietnam expanded notably to X square meters, growing by X% against the previous year. Overall, exports, however, recorded a pronounced shrinkage. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, the exports hit record highs at X square meters in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, leather exports expanded rapidly to $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

China (X square meters) was the main destination for leather exports from Vietnam, with a X% share of total exports. Moreover, leather exports to China exceeded the volume sent to the second major destination, Indonesia (X square meters), fivefold. The third position in this ranking was taken by Cambodia (X square meters), with an X% share.

From 2012 to 2021, the average annual growth rate of volume to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (X% per year) and Cambodia (X% per year).

In value terms, the largest markets for leather exported from Vietnam were China ($X), Indonesia ($X) and Cambodia ($X), with a combined X% share of total exports. Bangladesh, Hong Kong SAR, India and Myanmar lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, Myanmar, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average leather export price stood at $X per square meter in 2021, picking up by X% against the previous year. Overall, export price indicated a noticeable increase from 2012 to 2021: its price increased at an average annual rate of X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, leather export price decreased by X% against 2016 indices. The most prominent rate of growth was recorded in 2013 an increase of X%. Over the period under review, the average export prices attained the peak figure at $X per square meter in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Bangladesh ($X per square meter), while the average price for exports to China ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (X%), while the prices for the other major destinations experienced more modest paces of growth.

Leather Imports

Imports into Vietnam

In 2022, overseas purchases of leather increased by X% to X square meters, rising for the sixth consecutive year after three years of decline. Over the period under review, imports saw a strong increase. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, leather imports declined to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, imports reached the peak of $X, and then reduced in the following year.

Imports by Country

The United States (X square meters), Italy (X square meters) and Brazil (X square meters) were the main suppliers of leather imports to Vietnam, together comprising X% of total imports. Thailand, China, South Korea, Taiwan (Chinese), Mexico, Argentina, Hong Kong SAR, Australia, South Africa and Uruguay lagged somewhat behind, together accounting for a further X%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Mexico (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest leather suppliers to Vietnam were China ($X), Italy ($X) and South Korea ($X), together comprising X% of total imports.

In terms of the main suppliers, China, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average leather import price stood at $X per square meter in 2021, dropping by X% against the previous year. In general, the import price recorded a perceptible contraction. The pace of growth was the most pronounced in 2014 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs at $X per square meter in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Hong Kong SAR ($X per square meter), while the price for Mexico ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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