Vietnam: Market for Industrial Sewing Machines (Non-Automatic) 2024

Market Size for Industrial Sewing Machines (Non-Automatic) in Vietnam

The Vietnamese industrial sewing machines (non-automatic) market declined to $X in 2022, with a decrease of -12.1% against the previous year. Overall, consumption, however, enjoyed a resilient increase. Industrial sewing machines (non-automatic) consumption peaked at $X in 2021, and then fell in the following year.

Production of Industrial Sewing Machines (Non-Automatic) in Vietnam

In value terms, industrial sewing machines (non-automatic) production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 50%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Industrial Sewing Machines (Non-Automatic)

Exports from Vietnam

In 2022, overseas shipments of industrial sewing machines (non-automatic) were finally on the rise to reach X units after two years of decline. Over the period under review, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when exports increased by 109% against the previous year. As a result, the exports reached the peak of X units. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, industrial sewing machines (non-automatic) exports totaled $X in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when exports increased by 28% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Malaysia (X units) was the main destination for industrial sewing machines (non-automatic) exports from Vietnam, with a 49% share of total exports. Moreover, industrial sewing machines (non-automatic) exports to Malaysia exceeded the volume sent to the second major destination, Singapore (X units), twofold. Hong Kong SAR (X units) ranked third in terms of total exports with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia totaled +37.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+17.4% per year) and Hong Kong SAR (+25.5% per year).

In value terms, Singapore ($X) remains the key foreign market for industrial sewing machines (non-automatic) exports from Vietnam, comprising 46% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 12% share of total exports. It was followed by Malaysia, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Singapore stood at +29.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+26.1% per year) and Malaysia (+34.0% per year).

Export Prices by Country

In 2022, the average industrial sewing machines (non-automatic) export price amounted to $X per unit, waning by -20.6% against the previous year. In general, the export price saw a mild decline. The most prominent rate of growth was recorded in 2014 when the average export price increased by 46%. Over the period under review, the average export prices hit record highs at $X per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to Sweden ($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 India (+15.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Industrial Sewing Machines (Non-Automatic)

Imports into Vietnam

In 2022, purchases abroad of industrial sewing machines (non-automatic) increased by 38% to X units, rising for the second year in a row after two years of decline. Over the period under review, imports showed a noticeable increase. The pace of growth was the most pronounced in 2018 with an increase of 65%. As a result, imports reached the peak of X units. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, industrial sewing machines (non-automatic) imports amounted to $X in 2022. In general, total imports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -45.1% against 2018 indices. The pace of growth appeared the most rapid in 2013 with an increase of 48% against the previous year. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Singapore (X units), China (X units) and Hong Kong SAR (X units) were the main suppliers of industrial sewing machines (non-automatic) imports to Vietnam, with a combined 87% share of total imports. Taiwan (Chinese), the Netherlands, South Korea and Japan lagged somewhat behind, together accounting for a further 10%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +61.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Singapore ($X) and Hong Kong SAR ($X) were the largest industrial sewing machines (non-automatic) suppliers to Vietnam, together accounting for 75% of total imports. Taiwan (Chinese), Japan, South Korea and the Netherlands lagged somewhat behind, together accounting for a further 21%.

Among the main suppliers, the Netherlands, with a CAGR of +49.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average industrial sewing machines (non-automatic) import price amounted to $X per unit, falling by -27.1% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average import price increased by 41% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per unit), while the price for the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+31.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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