Vietnam: Cotton Yarn Market 2024

Cotton Yarn Market Size in Vietnam

The Vietnamese cotton yarn market surged to $X in 2022, with an increase of 65% against the previous year. In general, consumption, however, continues to indicate a abrupt descent. Cotton yarn consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Cotton Yarn Production in Vietnam

In value terms, cotton yarn production totaled $X in 2022 estimated in export price. Overall, the total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.9% against 2018 indices. The pace of growth appeared the most rapid in 2017 when the production volume increased by 25%. Cotton yarn production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Cotton Yarn Exports

Exports from Vietnam

In 2022, the amount of cotton yarn exported from Vietnam dropped slightly to X tons, reducing by -3.1% compared with 2021 figures. Overall, exports, however, continue to indicate a prominent expansion. The pace of growth was the most pronounced in 2016 with an increase of 46%. Over the period under review, the exports reached the maximum at X tons in 2021, and then declined slightly in the following year.

In value terms, cotton yarn exports reduced to $X in 2022. In general, exports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 49%. Over the period under review, the exports hit record highs at $X in 2021, and then dropped in the following year.

Exports by Country

China (X tons) was the main destination for cotton yarn exports from Vietnam, with a 80% share of total exports. Moreover, cotton yarn exports to China exceeded the volume sent to the second major destination, South Korea (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to China totaled +17.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+10.3% per year) and Bangladesh (+35.9% per year).

In value terms, China ($X) remains the key foreign market for cotton yarn exports from Vietnam, comprising 76% of total exports. The second position in the ranking was held by South Korea ($X), with an 8% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to China totaled +15.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+10.7% per year) and Bangladesh (+37.9% per year).

Export Prices by Country

The average cotton yarn export price stood at $X per ton in 2022, dropping by -11.8% against the previous year. Overall, the export price showed a slight slump. The most prominent rate of growth was recorded in 2021 an increase of 32% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Bangladesh ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (+1.4%), while the prices for the other major destinations experienced mixed trend patterns.

Cotton Yarn Imports

Imports into Vietnam

In 2022, cotton yarn imports into Vietnam fell to X tons, declining by -12.2% compared with the previous year. Overall, total imports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +17.1% against 2020 indices. The pace of growth was the most pronounced in 2015 when imports increased by 67%. Imports peaked at X tons in 2021, and then declined in the following year.

In value terms, cotton yarn imports contracted significantly to $X in 2022. In general, total imports indicated mild growth from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +29.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 60% against the previous year. As a result, imports attained the peak of $X, and then fell notably in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest cotton yarn supplier to Vietnam, accounting for a 56% share of total imports. Moreover, cotton yarn imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), twofold. Indonesia (X tons) ranked third in terms of total imports with a 5.5% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+8.5% per year) and Indonesia (+23.3% per year).

In value terms, China ($X) constituted the largest supplier of cotton yarn to Vietnam, comprising 61% of total imports. The second position in the ranking was held by India ($X), with a 24% share of total imports. It was followed by Indonesia, with a 4% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+2.6% per year) and Indonesia (+19.9% per year).

Import Prices by Country

In 2022, the average cotton yarn import price amounted to $X per ton, with a decrease of -7.5% against the previous year. Overall, the import price showed a mild curtailment. The most prominent rate of growth was recorded in 2021 when the average import price increased by 20% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+0.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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