Vietnam: Household Sewing Machine Market 2024

Household Sewing Machine Market Size in Vietnam

In 2021, the Vietnamese household sewing machine market decreased by -27.3% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, consumption showed a drastic downturn. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Household Sewing Machine Production in Vietnam

In value terms, household sewing machine production fell sharply to $X in 2021 estimated in export price. Overall, production posted resilient growth. The growth pace was the most rapid in 2020 with an increase of 89%. As a result, production attained the peak level of $X, and then dropped markedly in the following year.

Household Sewing Machine Exports

Exports from Vietnam

In 2021, approx. X units of household sewing machines were exported from Vietnam; with an increase of 23% against the previous year. Over the period under review, exports showed a prominent expansion. The pace of growth was the most pronounced in 2020 with an increase of 132% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, household sewing machine exports skyrocketed to $X in 2021. In general, exports showed a prominent expansion. The most prominent rate of growth was recorded in 2020 with an increase of 95%. 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 household sewing machine exports from Vietnam, with a 32% share of total exports. Moreover, household sewing machine exports to the United States exceeded the volume sent to the second major destination, Germany (X units), twofold. Japan (X units) ranked third in terms of total exports with a 6.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled +14.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+13.4% per year) and Japan (+15.3% per year).

In value terms, the United States ($X) remains the key foreign market for household sewing machines exports from Vietnam, comprising 32% of total exports. The second position in the ranking was taken by Germany ($X), with a 14% share of total exports. It was followed by Japan, with a 6.6% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +15.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+21.0% per year) and Japan (+4.7% per year).

Export Prices by Country

In 2021, the average household sewing machine export price amounted to $X per unit, surging by 3% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the average export price increased by 23% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2020 to 2021, the average export prices failed to regain momentum.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the countries with the highest prices were the Czech Republic ($X per unit) and Russia ($X per unit), while the average price for exports to France ($X per unit) and Canada ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to France (+16.9%), while the prices for the other major destinations experienced more modest paces of growth.

Household Sewing Machine Imports

Imports into Vietnam

In 2021, the amount of household sewing machines imported into Vietnam fell sharply to X units, dropping by -54.6% compared with 2020. Overall, imports recorded a abrupt contraction. The growth pace was the most rapid in 2015 when imports increased by 492% against the previous year. As a result, imports reached the peak of X units. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, household sewing machine imports contracted sharply to $X in 2021. Over the period under review, imports saw a abrupt decrease. The most prominent rate of growth was recorded in 2015 with an increase of 362%. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Singapore (X units), the United Arab Emirates (X units) and China (X units) were the main suppliers of household sewing machine imports to Vietnam, together accounting for 66% of total imports.

From 2012 to 2021, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +62.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of household sewing machines to Vietnam, comprising 28% of total imports. The second position in the ranking was taken by China ($X), with a 14% share of total imports. It was followed by the United Arab Emirates, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to -16.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-12.4% per year) and the United Arab Emirates (+73.5% per year).

Import Prices by Country

The average household sewing machine import price stood at $X per unit in 2021, growing by 51% against the previous year. Overall, import price indicated a temperate expansion from 2012 to 2021: its price increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, household sewing machine import price increased by +86.1% against 2018 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 ($X per unit), while the price for Singapore ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+34.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :