Vietnam: Hat And Headgear Market 2024

Hat And Headgear Market Size in Vietnam

The Vietnamese hat and headgear market contracted rapidly to $X in 2022, with a decrease of -94.9% against the previous year. Overall, consumption showed a sharp slump. Hat and headgear consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Hat And Headgear Production in Vietnam

In value terms, hat and headgear production fell modestly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the production volume increased by 7.7% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Hat And Headgear Exports

Exports from Vietnam

In 2022, exports of hats and other headgear from Vietnam soared to X units, with an increase of 203% compared with the previous year's figure. Overall, exports recorded a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, hat and headgear exports stood at $X in 2022. Over the period under review, total exports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -1.7% against 2020 indices. The most prominent rate of growth was recorded in 2014 when exports increased by 15%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for hat and headgear exports from Vietnam, with a 63% share of total exports. Moreover, hat and headgear exports to the United States exceeded the volume sent to the second major destination, Japan (X units), ninefold. The third position in this ranking was taken by Canada (X units), with a 3.4% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +20.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+13.5% per year) and Canada (+15.7% per year).

In value terms, the United States ($X) remains the key foreign market for hats and other headgear exports from Vietnam, comprising 55% of total exports. The second position in the ranking was held by Japan ($X), with a 6.8% share of total exports. It was followed by China, with a 4.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +7.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-2.4% per year) and China (+29.2% per year).

Export Prices by Country

The average hat and headgear export price stood at $X per unit in 2022, which is down by -66.4% against the previous year. Overall, the export price continues to indicate a abrupt contraction. The growth pace was the most rapid in 2021 an increase of 21% against the previous year. The export price peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per unit), while the average price for exports to the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (-2.6%), while the prices for the other major destinations experienced a decline.

Hat And Headgear Imports

Imports into Vietnam

In 2022, approx. X units of hats and other headgear were imported into Vietnam; jumping by 154% compared with 2021. Overall, imports saw significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, hat and headgear imports reached $X in 2022. In general, imports showed a resilient increase. The most prominent rate of growth was recorded in 2015 when imports increased by 137% against the previous year. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of hat and headgear to Vietnam, accounting for a 74% share of total imports. Moreover, hat and headgear imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X units), eightfold. Myanmar (X units) ranked third in terms of total imports with a 9.3% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +26.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+7.0% per year) and Myanmar (+478.4% per year).

In value terms, China ($X) constituted the largest supplier of hats and other headgear to Vietnam, comprising 65% of total imports. The second position in the ranking was held by Myanmar ($X), with a 16% share of total imports. It was followed by South Korea, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +22.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Myanmar (+535.8% per year) and South Korea (+4.3% per year).

Import Prices by Country

The average hat and headgear import price stood at $X per unit in 2022, dropping by -54.9% against the previous year. In general, the import price recorded a noticeable downturn. The most prominent rate of growth was recorded in 2015 when the average import price increased by 41%. The import price peaked at $X per unit in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Myanmar ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Myanmar (+9.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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