Vietnam: Men Knitwear Market 2023

Men Knitwear Market Size in Vietnam

The Vietnamese men knitwear market reduced sharply to $X in 2021, falling by -44.3% against the previous year. In general, consumption recorded a slight contraction. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Men Knitwear Production in Vietnam

In value terms, men knitwear production stood at $X in 2021 estimated in export price. Overall, production continues to indicate significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 42%. Over the period under review, production reached the peak level at $X in 2019; afterwards, it flattened through to 2021.

Men Knitwear Exports

Exports from Vietnam

In 2021, approx. X units of men's or boys' clothing (knitted or crocheted) were exported from Vietnam; growing by 15% on 2020. Overall, exports recorded a buoyant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 64%. Over the period under review, the exports reached the maximum at X units in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, men knitwear exports surged to $X in 2021. In general, exports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2015 when exports increased by 31%. The exports peaked in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

The United States (X units) was the main destination for men knitwear exports from Vietnam, accounting for a 57% share of total exports. Moreover, men knitwear exports to the United States exceeded the volume sent to the second major destination, Japan (X units), tenfold. China (X units) ranked third in terms of total exports with a 3.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +13.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+13.9% per year) and China (+24.2% per year).

In value terms, the United States ($X) remains the key foreign market for men knitwear exports from Vietnam, comprising 55% of total exports. The second position in the ranking was taken by Japan ($X), with a 6.7% share of total exports. It was followed by China, with a 5.2% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +16.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+12.4% per year) and China (+27.5% per year).

Export Prices by Country

In 2021, the average men knitwear export price amounted to $X per unit, growing by 6.4% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the average export price increased by 33%. Over the period under review, the average export prices reached the peak figure in 2021 and is expected to retain growth in the near future.

Prices varied noticeably country of destination: the country with the highest price was China ($X per unit), while the average price for exports to Mexico ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+2.7%), while the prices for the other major destinations experienced more modest paces of growth.

Men Knitwear Imports

Imports into Vietnam

In 2021, supplies from abroad of men's or boys' clothing (knitted or crocheted) decreased by -7.3% to X units, falling for the eighth consecutive year after two years of growth. Overall, imports saw a abrupt setback. The pace of growth appeared the most rapid in 2013 with an increase of 54%. As a result, imports reached the peak of X units. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, men knitwear imports shrank sharply to $X in 2021. In general, imports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2013 with an increase of 36% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of men knitwear to Vietnam, with a 74% share of total imports. Moreover, men knitwear imports from China exceeded the figures recorded by the second-largest supplier, Myanmar (X units), ninefold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -11.8%.

In value terms, China ($X) constituted the largest supplier of men knitwear to Vietnam, comprising 91% of total imports. The second position in the ranking was taken by Myanmar ($X), with a 1.9% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China stood at -16.8%.

Import Prices by Country

The average men knitwear import price stood at $X per unit in 2021, waning by -19.7% against the previous year. Over the period under review, the import price continues to indicate a abrupt curtailment. The growth pace was the most rapid in 2015 when the average import price increased by 1.2% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was China ($X per unit), while the price for Myanmar amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-5.6%).

Source: IndexBox Market Intelligence Platform

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