Currently, both countries rely heavily on fabric and yarn supplies from China. This trade dynamic is illustrated by the latest trade figures from Fibre2Fashion's market insight tool TexPro. Between January and April 2024, India imported $26.583 million worth of fabric from Vietnam, which accounted for just 5.27 per cent of its total fabric imports of $504.511 million during the same period. China supplied 60.15 per cent, and Bangladesh supplied 7.76 per cent of India's fabric imports.

Last year, fabric imports from Vietnam amounted to $75.865 million, representing 4.60 per cent of India’s total fabric imports of $1,648.738 million. The combined share of China and Bangladesh was over 68 per cent. In 2022, India imported just 4.66 per cent of its fabric from Vietnam, valued at $72.907 million, out of total fabric imports worth $1,779.073 million. During that period, China, the top supplier, had a share of 60.88 per cent, while Hong Kong, the second top supplier, had a share of 4.99 per cent.

Similarly, India imported $18.859 million worth of yarn between January and April 2024, $75.298 million in 2023, and $112.320 million in 2022. These imports did not exceed 5.50 per cent of India’s total yarn imports, which were valued at $465.879 million in January-April 2024, $2,074.696 million in 2023, and $2,105.926 million in 2022. Besides China, Indonesia and Nepal were also significant contributors to India’s yarn imports.

India ranked tenth in Vietnam’s fabric imports, with a share of just 0.50 per cent of Vietnam’s total fabric imports of $4.947 billion during the first four months of this year. Imports from India were valued at just $24.811 million during this period. Vietnam’s fabric imports totalled $14.305 billion in 2023 and $16.826 billion in 2022, with India’s share remaining stable at 0.50 per cent, according to TexPro.

India performed better in yarn supply to Vietnam but still held a share of no more than 12 per cent, despite being among the top three suppliers alongside China and Taiwan. Vietnam’s yarn imports from India were valued at $78.968 million between January and April 2024, out of total yarn imports worth $703.416 million during the same period. Vietnam’s yarn imports were $1,852.416 million in 2023 and $2,231.033 million in 2022. Of these, imports from India were valued at $151.578 million (8.08 per cent) in 2023 and $118.367 million (5.31 per cent) in 2022.

Fibre2Fashion News Desk (KUL)