Vietnam’s “Investment News” reported on November 8 that the latest statistics from the Import and Export Bureau of the Ministry of Industry and Trade of Vietnam showed that after nearly two years of bleak operations, in 2021, Vietnam’s yarn industry will benefit from price recovery, and the top 10 Monthly export volume increased by US$1.55 billion year-on-year.
In the first 10 months of this year, the yarn industry exported 1.6 million tons of yarn, with an export value of US$4.497 billion. The volume and value increased by 15.1% and 52.7% respectively year-on-year. Although the export of yarn reached 1.38 million tons in 2020, the export value was only US$2.945 billion.
From a global market perspective, due to the depletion of yarn inventories in textile and apparel producing countries such as China and the United States’ restrictions on cotton originating from Xinjiang The embargo on products has had a great impact on the yarn supply chain, causing a surge in demand for yarn.
Since the beginning of the year, the price of cotton yarn has increased by 18-20%, followed by polyviscose fiber at 16-17%, and polyester fiber and blended fiber at 10%. Thanks to the increase in yarn prices and the previous advantage of low-priced cotton, many yarn companies have reported significant increases in profits.
Affected by the new crown epidemic, textile and apparel exports did not reach the target of US$39 billion in 2020, only US$35.5 billion. Among them, clothing exports fell by 9.2% year-on-year, and yarn exports fell by 10.5%, only 3.737 billion US dollars.
However, despite the impact of poor circulation caused by epidemic prevention in recent months, yarn exports have remained at a level of more than 400 million US dollars per month, including those with the most complicated epidemic situation. In September, the export volume was still US$464 million, and in October it was also US$400.5 million. It is almost the same as the US$478 million and US$481 million of the 7th and 8th shares.
With the recovery of production and supply chain recovery, the relaxation of epidemic prevention and control measures, faster logistics of goods, and continued increase in orders, Vietnam’s domestic yarn industry is gradually approaching the export volume $5 billion target.
</p
