Vietnam: Tufted Carpet Market 2024

Tufted Carpet Market Size in Vietnam

The Vietnamese tufted carpet market skyrocketed to $X in 2022, jumping by 31% against the previous year. In general, consumption, however, showed a noticeable downturn. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Tufted Carpet Production in Vietnam

In value terms, tufted carpet production rose significantly to $X in 2022 estimated in export price. In general, production showed a resilient increase. The pace of growth was the most pronounced in 2020 with an increase of 60%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

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Tufted Carpet Exports

Exports from Vietnam

After seven years of growth, shipments abroad of tufted carpets and other tufted textile floor coverings decreased by -0.9% to X square meters in 2022. In general, exports, however, recorded a significant increase. The pace of growth was the most pronounced in 2019 when exports increased by 150%. Over the period under review, the exports attained the maximum at X square meters in 2021, and then dropped modestly in the following year.

In value terms, tufted carpet exports fell to $X in 2022. Over the period under review, exports, however, continue to indicate a significant expansion. The pace of growth was the most pronounced in 2019 with an increase of 140%. Over the period under review, the exports reached the maximum at $X in 2021, and then dropped in the following year.

Exports by Country

The United States (X square meters) was the main destination for tufted carpet exports from Vietnam, accounting for a 51% share of total exports. Moreover, tufted carpet exports to the United States exceeded the volume sent to the second major destination, Japan (X square meters), sixfold. India (X square meters) ranked third in terms of total exports with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +231.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+38.1% per year) and India (+18.1% per year).

In value terms, the United States ($X) emerged as the key foreign market for tufted carpets and other tufted textile floor coverings exports from Vietnam, comprising 51% of total exports. The second position in the ranking was taken by Japan ($X), with a 9.1% share of total exports. It was followed by India, with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +186.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+44.3% per year) and India (+13.6% per year).

Export Prices by Country

The average tufted carpet export price stood at $X per square meter in 2022, with a decrease of -4.2% against the previous year. Over the period under review, the export price continues to indicate a mild curtailment. The pace of growth appeared the most rapid in 2021 an increase of 9.2% against the previous year. Over the period under review, the average export prices hit record highs at $X per square meter in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Japan ($X per square meter) and the UK ($X per square meter), while the average price for exports to France ($X per square meter) and Belgium ($X per square meter) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+7.6%), while the prices for the other major destinations experienced more modest paces of growth.

Tufted Carpet Imports

Imports into Vietnam

After two years of decline, supplies from abroad of tufted carpets and other tufted textile floor coverings increased by 3.5% to X square meters in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when imports increased by 37%. Over the period under review, imports reached the peak figure at X square meters in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, tufted carpet imports expanded slightly to $X in 2022. In general, imports, however, recorded a mild downturn. The pace of growth was the most pronounced in 2016 when imports increased by 24%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X square meters) constituted the largest supplier of tufted carpet to Vietnam, with a 68% share of total imports. Moreover, tufted carpet imports from China exceeded the figures recorded by the second-largest supplier, Japan (X square meters), fivefold. Thailand (X square meters) ranked third in terms of total imports with a 4.7% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-10.0% per year) and Thailand (-8.6% per year).

In value terms, China ($X) constituted the largest supplier of tufted carpets and other tufted textile floor coverings to Vietnam, comprising 63% of total imports. The second position in the ranking was taken by Japan ($X), with a 13% share of total imports. It was followed by Thailand, with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-11.1% per year) and Thailand (-8.8% per year).

Import Prices by Country

The average tufted carpet import price stood at $X per square meter in 2022, approximately equating the previous year. Over the period under review, the import price recorded a slight shrinkage. The most prominent rate of growth was recorded in 2014 an increase of 17%. As a result, import price attained the peak level of $X per square meter. From 2015 to 2022, the average import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Thailand ($X per square meter) and Indonesia ($X per square meter), while the price for China ($X per square meter) and Japan ($X per square meter) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+1.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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