Vietnam's textile and apparel imports and exports see steady improvement in May

In May 2023, cotton imports to Vietnam increased by 21.1% year-on-year and 17.5% month-on-month, while yarn imports decreased by 12.6% year-on-year and increased by 6.1% month-on-month. The export of yarn increased by 17.5% year-on-year and 11.2% month-on-month, and the net export of yarn rose by 107.9% year-on-year and 18.4% month-on-month. Imports of grey fabric and fabrics decreased by 25.0% year-on-year but rose by 4.0% month-on-month, while the export value of textiles and apparel dropped by 8.0% year-on-year yet increased by 14.8% month-on-month.

1. Vietnam's cotton imports rise both y-o-y and m-o-m in May

According to statistics, Vietnam's cotton imports in May reached 145,800 tons, an increase of 21.1% year-on-year and 17.5% month-on-month. In terms of countries, the United States was the largest source of Vietnam's cotton imports, with an import volume of 92,377 tons, accounting for 63.35% of the total imports. Next were Brazil and Australia, with import volumes of 12,321 tons and 12,247 tons, accounting for 8.45% and 8.40% of the total imports respectively.

2. Vietnam's yarn imports move down y-o-y but move up m-o-m in May

In May 2023, Vietnam imported 89,400 tons of yarn, down 12.6% year-on-year but up 6.1% month-on-month. In terms of countries, the main sources of yarn imports in May were China, Taiwan China and Indonesia. Among them, Vietnam imported 55,083 tons of yarn from China, accounting for about 61.61% of the total imports, those from Taiwan China came in at 9618 tons, accounting for about 10.76%, and imports from Indonesia reached 5,805 tons, accounting for about 6.49% of the total imports.

3. Vietnam's yarn exports elevate both y-o-y and m-o-m in May

Vietnam exported 160,300 tons of yarn in May, up 17.5% year-on-year and 11.2% month-on-month. In terms of countries, the main export destinations of Vietnam's yarn in May were still China, South Korea and the United States. Among them, 81,329 tons were exported to China, accounting for 50.73% of the total export, exports to South Korea were 11,185 tons, accounting for about 6.98%, and those to the United States stood at 10,874 tons, accounting for about 6.78% of the total exports.

4. Vietnam's net exports of yarn rise both y-o-y and m-o-m in May

In May 2023, the net export of yarn was 70,900 tons, an increase of 107.9% compared to 34,100 tons in the same period last year, and an increase of 18.4% from last month.

5. Vietnam's grey fabric and fabrics imports pare back y-o-y but elevate m-o-m in May

In May 2023, the import value of grey fabric and fabrics was 1.197 billion US dollars, a decrease of 25.0% year-on-year but an increase of 4.0% month-on-month. From the perspective of different countries, the main sources of imports in May were China, South Korea and Taiwan China, of which, the imports of grey fabric and fabrics from China were 790 million US dollars, accounting for about 66.05% of the total imports, the imports from South Korea were 146 million US dollars, and the imports from Taiwan were 104 million US dollars, accounting for 12.21% and 8.70% of the total imports respectively.

6. Vietnam's textile and apparel exports decline y-o-y but increase m-o-m in May

Vietnam exported 2.916 billion US dollars of textile and apparel in May, a decrease of 8.0% year-on-year but an increase of 14.8% month-on-month. In May, Vietnam's textile and apparel were mainly exported to the United States, Japan, and South Korea, of which exports to the United States stood at $1.331 billion, accounting for 45.64% of the total exports, those to Japan reached $296 million, and exports to South Korea were $152 million, accounting for 10.13% of the total exports, 5.23%.

To sum up: in May 2023, the import and export of Vietnam's textile industry showed increasingly steady trends. Cotton imports, yarn imports and exports, grey fabric imports and textile and apparel exports all increased month-on-month, of which cotton imports and yarn exports also moved up compared with the same period last year.