DEMAND FOR FABRIC AND TEXTILES IS RISING IN VIETNAM LIKE NEVER BEFORE

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 OVERVIEW OF THE INDUSTRY

Rubberized knitted fabric is a type of fabric that is used for the production and manufacturing of different kinds of goods. These fabrics can be made from various types of materials such as wool, silk, cotton, or polyester. These fabrics are mainly of two types – knitted or crocheted. In the year 2020, this rubberized fabric accounted for world trade of USD 25 billion, giving it a rank of 141 out of 1217 commodities that are listed in the list of world trade.



The largest exporters and importers of Rubberized knitted fabric were China and Vietnam respectively with a trade value of USD 11.8 billion and USD 4.85 billion as listed in China Export Data and Vietnam Import Data for the year 2020. It was observed that Vietnam's Trade Data for the year 2020 was dominated by imports of fabrics and textiles.

FABRICS AND TEXTILES IMPORTS DOMINATED VIETNAM IMPORT DATA IN THE YEAR 2020

According to the statistics and Vietnam Trade Data for the year 2020, the largest importer of fabrics and textiles was Vietnam. This is mentioned in the Vietnam Import Data for the same year as well. The country imported fabrics worth USD 4.84 billion. The light rubberized knitted fabric became the 4th most favorite product that was imported by Vietnam as presented in Vietnam Import Data 2020.

The list of countries from which Vietnam imported fabrics and textiles the most as mentioned in Vietnam Import Data derived from Vietnam Trade Data are:

·        China (USD 2.85 billion)

·        South Korea (USD 790 million)

·        Chinese Taipei (USD 700 million)

·        Thailand (USD 125 million)

·        Japan (USD 120 million)

The association with the countries like Thailand, Cambodia, and Indonesia grew much stronger and longer in the year 2019-2020 as a result they got listed in the list of the largest import partners of Vietnam.

If we do the percentage breakup of the value of imports for rubberized fabrics and textiles, then the data presented by Vietnam Import Data is as follows:

The biggest import partner of Vietnam, China, contributed almost 60% of total imports of fabrics, which was followed by South Korea (16.3%), Chinese Taipei (14.4%), and Thailand (2.6%).

CONCLUSION

It is evident that the demand for rubberized fabrics and textiles is more as compared to the supply of the same in Vietnam and that is the root cause that why Vietnam Import Data is dominated by imports of this product. Due to the acute shortage of the production of rubberized fabrics and textiles in the nation, the imports of the country are rising which tends to narrow the gap between the total exports and imports of Vietnam.

Also, the labor and workforce of Vietnam are relatively cheaper and more efficient than the labor of any other nation due to which many big companies are investing here which further escalates the need and demand for raw materials including fabrics and textiles. To keep the positive balance of trade in the nation, Vietnam should start manufacturing and producing rubberized fabrics and textiles in the country itself to reduce the burden on Vietnam's Import Data to a much larger extent.

POINT TO BE NOTED

If you want further analysis and the best advice about the Vietnam Trade Data or the Vietnam Import Data or Global Trade Data of any country, then get in touch with TradeImeX® Info Solution Pvt Ltd. We are one of the best companies available online that provide 100% accurate and reliable trade data from more than 70 countries including Vietnam Export Data and Vietnam Import Data at affordable prices. We deal in providing customized databases to our clients which are highly curated as per each client’s needs and want.

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Comments

  1. TradeImexJanuary 19, 2023 at 1:17 AM

    Access Latest Detailed Vietnam Import data of 2022 through TradeImeX Online Platform. View Vietnam Import Statistics with Competitor's Commodities Market Price and more.

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