Vietnam: Woolen Fabric Market 2024

Woolen Fabric Market Size in Vietnam

The Vietnamese woolen fabric market soared to $X in 2021, jumping by 16% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, continues to indicate a noticeable contraction. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Woolen Fabric Exports

Exports from Vietnam

Woolen fabric exports from Vietnam declined to X square meters in 2021, with a decrease of -5.6% against 2020 figures. Over the period under review, exports showed a abrupt contraction. The pace of growth was the most pronounced in 2015 with an increase of 44% against the previous year. Over the period under review, the exports hit record highs at X square meters in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, woolen fabric exports expanded rapidly to $X in 2021. In general, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 91% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X square meters), South Korea (X square meters) and China (X square meters) were the main destinations of woolen fabric exports from Vietnam, with a combined 67% share of total exports. These countries were followed by Myanmar, Norway, Indonesia and Singapore, which together accounted for a further 29%.

From 2012 to 2021, the biggest increases were recorded for Singapore (with a CAGR of +746.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for woolen fabric exported from Vietnam were Japan ($X), South Korea ($X) and China ($X), with a combined 73% share of total exports. These countries were followed by Norway, Indonesia, Singapore and Myanmar, which together accounted for a further 23%.

Singapore, with a CAGR of +531.3%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average woolen fabric export price stood at $X per square meter in 2021, increasing by 18% against the previous year. Over the period under review, the export price saw a prominent increase. The pace of growth appeared the most rapid in 2015 an increase of 32%. Over the period under review, the average export prices attained the maximum at $X per square meter in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Norway ($X per square meter), while the average price for exports to Myanmar ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+84.8%), while the prices for the other major destinations experienced more modest paces of growth.

Woolen Fabric Imports

Imports into Vietnam

In 2021, imports of woven woolen fabrics into Vietnam surged to X square meters, rising by 16% on 2020 figures. Over the period under review, imports, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2013 with an increase of 25%. As a result, imports reached the peak of X square meters. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, woolen fabric imports soared to $X in 2021. Overall, imports, however, continue to indicate a perceptible decrease. The pace of growth appeared the most rapid in 2014 when imports increased by 19% against the previous year. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X square meters) constituted the largest woolen fabric supplier to Vietnam, accounting for a 61% share of total imports. Moreover, woolen fabric imports from China exceeded the figures recorded by the second-largest supplier, Japan (X square meters), fourfold. Italy (X square meters) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at -5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-14.1% per year) and Italy (+4.1% per year).

In value terms, China ($X) constituted the largest supplier of woven woolen fabrics to Vietnam, comprising 60% of total imports. The second position in the ranking was held by Japan ($X), with a 16% share of total imports. It was followed by Italy, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-9.0% per year) and Italy (+8.8% per year).

Import Prices by Country

The average woolen fabric import price stood at $X per square meter in 2021, remaining stable against the previous year. Overall, import price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, woolen fabric import price increased by +99.6% against 2013 indices. The pace of growth was the most pronounced in 2014 when the average import price increased by 52% against the previous year. The import price peaked at $X per square meter in 2020, and then fell slightly in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from South Korea ($X per square meter) and Japan ($X per square meter), while the price for India ($X per square meter) and China ($X per square meter) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+6.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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