The import of leather clothing accessories to Vietnam showed a fluctuating trend from 2013 to 2023, standing at $16.976 million in 2023. Despite the downturn from 2016 to 2017, the trend stabilized and began to rise again from 2018 onwards. The yearly changes sometimes oscillated, reflecting various market dynamics with the last two years showing a moderate recovery and growth by 2.55% in 2023.
The Compound Annual Growth Rate (CAGR) over the past five years averaged 2.81%, suggesting a modest but steady increase. Forecasts indicate this growth trend will continue, albeit at a slightly lower rate of 1.92% CAGR from 2024 to 2028, resulting in a cumulative growth of approximately 9.99%. By 2028, the forecasted import value is expected to reach $19.182 million.
Future Trends to Watch For:
- Increased consumer demand for high-quality leather goods as disposable income rises.
- Potential impact of trade agreements or tariffs on import costs.
- Sustainable and ethical sourcing trends influencing market dynamics.
- Technological advancements in production processes.
- Global economic factors affecting the leather industry.