Vietnam's yarn imports from India drop in Jan-July 2023

Vietnam’s yarn imports from India fell by 31.17 per cent to $99.776 million in January-July 2022 and further decreased by 19.42 per cent to $80.402 million in January-July 2023, according to data from Fibre2Fashion's market insight tool TexPro. 

Last year, Vietnam imported yarn valued at $2,230.421 million, of which $118.367 million (5.31 per cent) came from India. More than 75 per cent of Vietnam's yarn imports were from its top suppliers China and Taiwan. 

Vietnam engages in both importing and exporting textile yarn. The dual nature of its yarn trade offers promising opportunities for the Vietnamese textile industry. In the January-July 2023 period, Vietnam exported yarn worth $48.048 million to India, making up 2.26 per cent of Vietnam's total yarn exports of $2,126.871 million. India was the eighth-largest market for Vietnamese yarn, trailing China, South Korea, Japan, the United States, Thailand, Taiwan, and Indonesia. 

As per TexPro, yarn exports to India in January-July 2022 were $61.270 million and $36.261 million in the same period of 2021. 

In 2022, Vietnam exported yarn valued at $4,346.451 million, with $112.320 million going to India, which held a 2.31 per cent share in Vietnam's total yarn exports. 

Vietnamese Prime Minister Pham Minh Chinh recently met with Indian minister of external affairs S Jaishankar to discuss boosting bilateral trade. Chinh urged relevant agencies in both nations to work towards increasing trade from its 2022 level of over $15 billion to $20 billion in the near future. The meeting was part of Jaishankar's visit to Viet Nam for the 18th Viet Nam-India Joint Commission on Economic, Trade, Science, and Technology. 

ALCHEMPro News Desk (KUL)