Vietnamese textile and apparel export in Feb down sharply month-on-month

In Feb 2022, Vietnamese cotton imports reduced by 7.1% month-on-month and 19.3% year-on-year, and Vietnamese yarn imports dropped by 13.6% month-on-month and 20.9% year-on-year. Vietnamese textiles and apparel exports moved up by 13% year-on-year but down 42.4% month-on-month.

1. Vietnamese cotton import decreased in Feb compared with both a year and a month earlier

Vietnamese cotton imports in Feb reached 118,600tons, down 19.3% over the same period last year and 17.1% from the previous month. Brazil was the main source of Vietnam's cotton imports, with 36,602tons of imports, accounting for 30.9% of the total imports, followed by US and India, accounting for 23.2% and 18.5%, respectively.

2. Vietnamese yarn import dropped in Feb month-on-month and year-on-year

In Feb, Vietnam imported 80,600tons of yarns, down 20.9% year-on-year and 13.6% month-on-month respectively. By country, its yarn imports in Feb were mostly originated from China, China Taiwan and Indonesia. Of this total, 44,450tons of yarns were from China, 12,668tons from Taiwan, and 6,631tons from Indonesia, accounting for 55.1%, 15.7% and 8.2% respectively.

3. Vietnamese yarn export moved up year-on-year but down month-on-month in Feb

Vietnamese yarn exports reached 132,400tons, up 5.9% over the same period last year but down 8.2% from the previous month. By country, the exports to China, South Korea and the United States were 63,927tons, 11,923tons, and 11,728tons respectively.

4. Vietnamese yarn net exports rose sharply month-on-month and year-on-year

Vietnamese yarn net exports reached 51,800tons, up 125.3% year-on-year and 1.8% month-on-month respectively.

5. Vietnamese fabrics imports increased year-on-year but decreased month-on-month in Feb

Vietnamese fabrics imports in Feb were 9.43million USD, an increase of 20.4% over the same period last year but down 32.2% month-on-month. By country, its fabrics imports in Feb were mostly originated from China, China Taiwan, and South Korea, of which 528 million USD worth of fabrics were from China, 145 million USD worth of fabrics from China Taiwan and 121 million USD worth of fabrics from South Korea.

6. Vietnamese textiles and apparel exports value improved year-on-year but fell month-on-month in Feb

Vietnamese textiles and apparel exports in Feb reached 2.058billion USD, up 13% year-on-year but down 42.4% month-on-month respectively. By country, Vietnam exported 1.037billion USD worth of textiles and apparel to US, 178million USD to Japan, and 172million USD to South Korea.

7. Vietnamese yarn mills will be affected by the severer Covid-19 pandemic

As of March 11, 2022, there have been 5,448,935 total infections of coronavirus in Vietnam. Vietnam has recorded 41,228 deaths related to the COVID-19 pandemic so far, most of which occurred during the current outbreaks in Ho Chi Minh City. Since March, the COVID-19 pandemic has affected the normal production of the yarn mills. According to the current pandemic situation in Vietnam, the follow-up control measures in Vietnam will become more stringent.

In conclusion, Vietnamese cotton and yarn imports in Feb dropped both year-on-year and month-on-month, and textile and apparel exports moved up year-on-year but down month-on-month. At present, the pandemic continues to circulate, and it is expected that Vietnam's textile and apparel imports and exports will be largely affected.