Optimistic signs for Vietnam's fibre exports

By the end of the third quarter this year, the country earned $3.2 billion from over 1.3 million tonnes of exported fibre—up by 9.3 per cent in volume but decreasing by 13.8 per cent year on year (YoY).

In September this year, Vietnam’s fibre exports to China reached 77,459 tonnes worth more than $203 million—down by 18.8 per cent in volume and down nearly 20 per cent month on month.

In the first nine months this year, the country exported 647,862 tonnes of fibre to China and earned more than $1.71 billion—up by 18.1 per cent YoY in volume, but down by 2.1 per cent YoY in value. The export price reached $2,652 per tonne—down by 17.1 per cent YoY.

South Korea is the second-largest export market of fibre from Vietnam. In September, fibre exports to that country hit 10,898 tonnes with a value of more than $30 million—an increase of 0.6 per cent month on month (MoM) in volume and 2.8 per cent MoM in value.

Overall, fibre exports to South Korea in the first nine months this year reached 101,880 tonnes and earned more than $284 million—down by 5.78 per cent YoY in volume and 24.2 per cent YoY in value. The average export price reached $2,788 per tonne—down by 19.65 per cent YoY.

The United States ranked third. Vietnam exported 75,483 tonnes of fibre to the United States worth over $108 million in the nine-month period—down by 13.8 per cent YoY in volume and 29.4 per cent YoY in value. The average export price reached $1,443 per tonne—down by 17.5 per cent YoY and less than half the export price to China or South Korea, a news agency reported.

Vietnamese fibre businesses showed clear signs of improvement in the first half this year as the price of cotton raw materials fell significantly compared to the first half of 2022 and demand from the market rose considerably. Demand from China has increased again as well.

Vinatex feels the overall fibre market demand in 2024 is likely to improve slightly over this year. The total demand in 2024 is expected to still be 5-7 per cent lower than the 2022 level.

ALCHEMPro News Desk (DS)