Vietnam: Silk Yarn Market 2024

Silk Yarn Market Size in Vietnam

In 2021, the Vietnamese silk yarn market decreased by -1.5% to $X for the first time since 2011, thus ending a nine-year rising trend. Overall, consumption, however, posted a resilient expansion. Silk yarn consumption peaked at $X in 2020, and then dropped in the following year.

Silk Yarn Production in Vietnam

In value terms, silk yarn production totaled $X in 2021 estimated in export price. Over the period under review, production, however, posted a resilient expansion. The pace of growth appeared the most rapid in 2013 with an increase of 50%. Silk yarn production peaked at $X in 2019; afterwards, it flattened through to 2021.

Silk Yarn Exports

Exports from Vietnam

In 2021, overseas shipments of silk yarn and yarn spun from silk waste increased by 14% to X tons for the first time since 2017, thus ending a three-year declining trend. In general, exports, however, saw a abrupt slump. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, silk yarn exports surged to $X in 2021. Over the period under review, exports, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2013 with an increase of 22% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Thailand (X tons), India (X tons) and Japan (X tons) were the main destinations of silk yarn exports from Vietnam, together accounting for 72% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of +27.6%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), India ($X) and Thailand ($X) appeared to be the largest markets for silk yarn exported from Vietnam worldwide, with a combined 75% share of total exports. These countries were followed by Italy, Lao People's Democratic Republic, South Korea, China and Cambodia, which together accounted for a further 23%.

In terms of the main countries of destination, China, with a CAGR of +23.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average silk yarn export price stood at $X per ton in 2021, with an increase of 2.9% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 28%. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.

Silk Yarn Imports

Imports into Vietnam

For the third consecutive year, Vietnam recorded decline in supplies from abroad of silk yarn and yarn spun from silk waste, which decreased by -28.8% to X tons in 2021. Over the period under review, imports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 116% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, silk yarn imports dropped dramatically to $X in 2021. In general, imports, however, continue to indicate strong growth. The most prominent rate of growth was recorded in 2014 with an increase of 115% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

China (X tons), India (X tons) and Japan (X tons) were the main suppliers of silk yarn imports to Vietnam, together comprising 94% of total imports.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +76.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of silk yarn and yarn spun from silk waste to Vietnam, comprising 78% of total imports. The second position in the ranking was taken by India ($X), with a 9.6% share of total imports. It was followed by Hong Kong SAR, with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +16.1%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+2.9% per year) and Hong Kong SAR (+45.2% per year).

Import Prices by Country

In 2021, the average silk yarn import price amounted to $X per ton, growing by 7.5% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 an increase of 12%. As a result, import price reached the peak level of $X per ton. From 2018 to 2021, the average import prices failed to regain momentum.

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 China ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+15.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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