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Insight | Time: Jul 23 2020 1:48PM
Imports and exports and structure of Vietnamese textiles and garments in Q2, 2020
 
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In the second quarter of 2020, cotton imports of Vietnam declined year on year, as well as the imports and exports of yarn. Imports of grey fabric and exports of textile and garment also saw negative growth.

1. Cotton imports fall year-on-year in Q2, 2020

From April to June, Vietnam imported a total of 386,200 tons of cotton, down 10.1% year-on-year, and in the first half of 2020, Vietnam imported a total of 778,800 tons of cotton, down 3.7% year-on-year.

The import origins of cotton imports in Q2 have no big difference from the corresponding period of last year, but the proportion changed much. US cotton remained the major import origin, but its proportion and import volumes declined year on year. Brazil was the second largest supplier, while its proportion and import volumes increased. Indian cotton took the third place, and its proportion and import volumes decreased.

2. Yarn imports decrease year-on-year in Q2, 2020

In Q2, 2020, Vietnam imported a total of 209,200 tons of yarn, down 25.2% year-on-year. In the first half of 2020, Vietnam's yarn imports totaled 478,100 tons, a year-on-year decrease of 9.7%.

The import structure of yarn in Q2 2020 has no big change from Q2, 2019. Proportion of imports from Chinese mainland and Thailand edged up, but total import volumes reduced. Proportion of Taiwan China inched down, but total import volumes were relatively large.

3. Yarn exports lower year-on-year in Q2, 2020

In Q2, 2020, yarn exports amounted to 321,500 tons, a fall of 17.9% year on year. In the first half of 2020, Vietnam’s yarn exports totaled 727,800 tons, a year-on-year decrease of 6.3%.

Yarn export destinations changed slightly compared to the Q2, 2019. The major export destination was the Chinese mainland, whose proportion rose year on year, but export volumes shrank. South Korea took the second place, and its proportion edged up, but total export volumes declined. US surpassed Turkey and Brazil to be the third export destination, with a proportion of 4%.

4. Net export volumes of yarn move up in Q2 year on year

In June 2020, net exports of yarn reached 51,500 tons, up 21.6% year on year and 24.1% month on month. In Q2, 2020, net exports of yarn were 112,300 tons, up 0.3% year on year. In the first half of 2020, net yarn exports were 249,000 tons, up 1.1% year on year.

5. Grey fabric and fabric imports decline year on year

In Q2, import value of grey fabric and fabric totaled $2.868 billion, a fall of 22.5% year on year. In the first half of 2020, import value amounted to $5.495 billion, down 16.3% year on year.

The import origin structure of fabric was basically the same compared with the same period of 2019. China still ranked the first, with its share rising while total imports declining. South Korea ranked the second, with both its share and total imports falling. Taiwan China ranked the third, with its share increasing slightly but total imports down.

6. Export value of textiles and garments declines year on year

In Q2, Vietnam’s cumulative exports of textiles and garments totaled $6.079 billion, a year-on-year decrease of 21.7%. In the first half of 2020, Vietnam exported $13.122 billion of textiles and garments, down 11.9% year-on-year.

The export structure was basically the same with that in Q2, 2019. The United States remained the major export destination, and its share and total volume have declined compared with the same quarter in 2019. Japan ranked the second, with a slight increase in its share but a decline in total exports. South Korea ranked the third, with its share remaining stable, but the export volume decling year-on-year.

Summary
Import and export pattern of cotton textiles is basically flat. The import share and volumes of US cotton decline, and imports shares of yarn and fabric from Chinese mainland edge up, but total import volumes shrink.
[RISK DISCLAIMER] All opinions, news, analysis, prices or other information contained on this report is provided by analyst of Zhejiang Huarui Information Consulting Co., Ltd (CCFGroup) as general market commentary and does not constitute investment advice. CCFGroup will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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