Vietnam: Accordion Market 2024

Accordion Market Size in Vietnam

The Vietnamese accordion market surged to $X in 2021, rising by 120% against the previous year. Over the period under review, consumption showed a resilient expansion. Accordion consumption peaked in 2021 and is likely to see steady growth in years to come.

Accordion Production in Vietnam

In value terms, accordion production rose rapidly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -12.7% against 2018 indices. The pace of growth appeared the most rapid in 2017 when the production volume increased by 45% against the previous year. Accordion production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Accordion Exports

Exports from Vietnam

In 2021, shipments abroad of accordions and mouth organs decreased by -57.4% to X units, falling for the second year in a row after two years of growth. In general, exports continue to indicate a abrupt descent. The pace of growth appeared the most rapid in 2016 with an increase of 58% against the previous year. The exports peaked at X units in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, accordion exports declined notably to $X in 2021. Overall, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when exports increased by 28% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for accordion exports from Vietnam, with a 51% share of total exports. Moreover, accordion exports to the United States exceeded the volume sent to the second major destination, Brazil (X units), fourfold. South Korea (X units) ranked third in terms of total exports with a 5.2% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +8.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (-19.9% per year) and South Korea (-19.0% per year).

In value terms, the United States ($X) remains the key foreign market for accordions and mouth organs exports from Vietnam, comprising 63% of total exports. The second position in the ranking was held by Canada ($X), with a 4.2% share of total exports. It was followed by Brazil, with a 3.2% share.

From 2012 to 2021, the average annual growth rate of value to the United States stood at -9.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-0.7% per year) and Brazil (-25.6% per year).

Export Prices by Country

The average accordion export price stood at $X per unit in 2021, increasing by 5.8% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 94%. Over the period under review, the average export prices reached the maximum at $X per unit in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Canada ($X per unit), while the average price for exports to Brazil ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to France (+17.9%), while the prices for the other major destinations experienced more modest paces of growth.

Accordion Imports

Imports into Vietnam

In 2021, purchases abroad of accordions and mouth organs decreased by -4.3% to X units, falling for the third consecutive year after four years of growth. Over the period under review, imports recorded a abrupt curtailment. The growth pace was the most rapid in 2015 with an increase of 232%. Imports peaked at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, accordion imports totaled $X in 2021. In general, imports recorded a pronounced reduction. The most prominent rate of growth was recorded in 2018 when imports increased by 187%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Japan (X units), Indonesia (X units) and China (X units) were the main suppliers of accordion imports to Vietnam, together comprising 21% of total imports. South Korea, Taiwan (Chinese), Germany, France, the United States, the UK, the Czech Republic, Singapore and the Netherlands lagged somewhat behind, together comprising a further 17%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +16.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest accordion suppliers to Vietnam were Japan ($X), Indonesia ($X) and China ($X), with a combined 21% share of total imports.

Among the main suppliers, Indonesia, with a CAGR of +20.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average accordion import price amounted to $X per unit, rising by 14% against the previous year. Over the period under review, the import price continues to indicate a strong expansion. The pace of growth appeared the most rapid in 2013 when the average import price increased by 108% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the Czech Republic ($X per unit), while the price for South Korea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+18.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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