Mixed Trends in Vietnam's Textile Industry: Strong Cotton Imports, Decline in Yarn and Textile Exports
In April 2023, Vietnam's textile industry experienced a mix of positive and negative trends. Cotton imports showed robust growth, with a significant increase of 27.9% YoY and 29.9% MoM, indicating strong demand. However, yarn imports faced a temporary slowdown, declining by 16.4% MoM despite a slight 0.8% YoY increase.
Yarn Exports Decline, Imports of Grey Fabrics Decrease
Yarn exports also witnessed a decline, dropping by 4.7% MoM and 1.4% YoY, with China, South Korea, and the United States as the primary export destinations. The net export of yarns decreased by 4.3% YoY, but a promising increase of 18.8% MoM was observed.
Additionally, imports of grey fabrics and finished textiles decreased by 9.6% MoM and 20.7% YoY. Textile and garment exports faced challenges, declining by 3.3% MoM and 19.4% YoY.
These trends highlight the industry's challenges, including global macro risks and weakening demand in key markets. Vietnam's textile industry must navigate these obstacles and develop sustainable growth strategies to adapt to changing market dynamics.