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Insight | Time: Jan 16 2023 3:24PM  Editor:Leslie
Vietnam's textile and apparel exports sound in 2022
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Abstract: In 2022, Vietnam's cotton imports decreased by 16.8% year on year, yarn imports and exports reduced by 7% and 16.8% year on year respectively, Net yarn exports dropped by 31.2% year on year, while fabric imports and textile and garment exports increased by 2.5% and 14.7% respectively.

1. Cotton imports fall sharply year-on-year in 2022



In 2022, Vietnam's cotton imports totaled 1.434 million tons, down 16.8% year on year and reached the lowest level since 2018. Cotton imports in December were 100.5kt, down 8.3% year on year and 24.5% month on month.


As for import sources, Vietnam mainly imported American cotton, Brazilian cotton, Australian cotton and Indian cotton, among which American cotton accounted for 31%, Australian cotton 29%, Brazilian cotton 20%, and Indian cotton 7%. Compared with 2022, the proportion of American cotton decreased slightly by 7 percentage points, while that of Australian cotton exceeded that of Brazilian cotton, increasing by 12 percentage points.

2. Yarn imports decrease year-on-year in 2022



In 2022, Vietnam imported 1044.9kt of yarn, a decrease of 7 percent year-on-year. Yarn imports in December were 81.6kt, down 26.6% year on year and 0.7% month on month.

3. Yarn exports decline year-on-year in 2022



In 2022, Vietnam exported 1574.6kt of yarn, 16.8% less than last year. The yarn export volume in December was 133.1kt, an increase of 7.4% year on year and 11.4% month on month, which was the first positive growth of yarn export since February.


In terms of the main export destinations of Vietnamese yarn, China, South Korea and the United States were the three major markets. China remained the largest export market of Vietnamese yarn. In 2022, the export of Vietnamese yarn to China accounts for about 48%, while South Korea and the United States account for 10% and 7% respectively, which was pretty close to that of 2021.

4. Net yarn imports drop year-on-year in 2022



In 2022, Vietnam's total net yarn export was 529.6kt, a 31.1% decrease year-on-year. However, the net export volume of yarn in December was 51.4kt, significantly higher than the level of the same period last year, an increase of 305.5% year-on-year and 37.9% month-on-month.

5. Fabric imports increase slightly year-on-year in 2022



In 2022, Vietnam's fabric imports totaled $14.68 billion, up 2.5% year on year. The amount of fabric imports in December was $1.03 billion, down 25.2% year on year and 11.1% month on month.

6. Textile and apparel exports move up year-on-year in 2022



Vietnam's textile and apparel exports totaled 37.496 billion U.S. dollars in 2022, up 14.7 percent year on year. Among them, the export of textile and apparel in December was $2.901 billion, decreasing 19.76% year-on-year but increasing 0.32% month-on-month.


In terms of the main export destination of Vietnam's textile and apparel, the United States remained the largest export market of Vietnam's textile and apparel, accounting for 47% of the total exports in 2022. Followed by Japan and South Korea, which accounted for 11% and 9% respectively, and the exports to China took up 3%.

To sum up, compared with 2021, Vietnam's cotton import, yarn import and export and net yarn export in 2022 decreased to a certain extent, while its fabric import and textile and apparel export performed relatively good.

[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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