Vietnam: Industrial Sewing Machine Market 2024

Industrial Sewing Machine Market Size in Vietnam

In 2022, the Vietnamese industrial sewing machine market increased by 2.8% to $X, rising for the second consecutive year after two years of decline. Overall, consumption enjoyed prominent growth. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Industrial Sewing Machine Exports

Exports from Vietnam

Industrial sewing machine exports from Vietnam shrank modestly to X units in 2022, approximately reflecting 2021 figures. In general, exports, however, enjoyed slight growth. The most prominent rate of growth was recorded in 2019 with an increase of 82%. As a result, the exports reached the peak of X units. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, industrial sewing machine exports contracted slightly to $X in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when exports increased by 31%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X units), Singapore (X units) and Hong Kong SAR (X units) were the main destinations of industrial sewing machine exports from Vietnam, with a combined 73% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Malaysia (with a CAGR of +37.4%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) remains the key foreign market for industrial sewing machines exports from Vietnam, comprising 42% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 12% share of total exports. It was followed by Malaysia, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Singapore amounted to +24.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+18.8% per year) and Malaysia (+33.9% per year).

Export Prices by Country

The average industrial sewing machine export price stood at $X per unit in 2022, declining by -3.2% against the previous year. Over the period under review, the export price recorded a slight descent. The growth pace was the most rapid in 2014 an increase of 53% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per unit), while the average price for exports to Sweden ($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 (+15.5%), while the prices for the other major destinations experienced more modest paces of growth.

Industrial Sewing Machine Imports

Imports into Vietnam

In 2022, overseas purchases of industrial sewing machines increased by 3% to X units, rising for the second year in a row after two years of decline. Overall, imports enjoyed resilient growth. The pace of growth appeared the most rapid in 2018 with an increase of 102%. As a result, imports reached the peak of X units. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, industrial sewing machine imports fell modestly to $X in 2022. In general, imports recorded a perceptible expansion. The most prominent rate of growth was recorded in 2013 with an increase of 50% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of industrial sewing machine to Vietnam, accounting for a 68% share of total imports. Moreover, industrial sewing machine imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X units), fourfold. The third position in this ranking was taken by Hong Kong SAR (X units), with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +7.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+8.0% per year) and Hong Kong SAR (+13.7% per year).

In value terms, China ($X) constituted the largest supplier of industrial sewing machines to Vietnam, comprising 52% of total imports. The second position in the ranking was held by Singapore ($X), with a 17% share of total imports. It was followed by Hong Kong SAR, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+24.4% per year) and Hong Kong SAR (+45.6% per year).

Import Prices by Country

In 2022, the average industrial sewing machine import price amounted to $X per unit, waning by -7.5% against the previous year. In general, the import price saw a noticeable decline. The most prominent rate of growth was recorded in 2016 when the average import price increased by 35%. The import price peaked at $X per unit in 2017; however, from 2018 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 Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+28.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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