Vietnam: Tools For Bearing Market 2024

Tools For Bearing Market Size in Vietnam

After two years of growth, the Vietnamese tools for bearing market decreased by -10.7% to $X in 2022. In general, consumption, however, saw a resilient increase. Tools for bearing consumption peaked at $X in 2021, and then reduced in the following year.

Tools For Bearing Exports

Exports from Vietnam

After three years of growth, shipments abroad of balls, needles and rollers for ball or roller bearings decreased by -3.6% to X tons in 2022. In general, exports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 105% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2021, and then dropped slightly in the following year.

In value terms, tools for bearing exports rose rapidly to $X in 2022. Over the period under review, exports, however, recorded a buoyant increase. The pace of growth was the most pronounced in 2020 when exports increased by 143% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

South Korea (X tons) was the main destination for tools for bearing exports from Vietnam, with a 68% share of total exports. Moreover, tools for bearing exports to South Korea exceeded the volume sent to the second major destination, Pakistan (X tons), threefold. Russia (X tons) ranked third in terms of total exports with a 7.3% share.

From 2012 to 2022, the average annual growth rate of volume to South Korea amounted to +112.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+30.4% per year) and Russia (+9.1% per year).

In value terms, South Korea ($X) remains the key foreign market for balls, needles and rollers for ball or roller bearings exports from Vietnam, comprising 67% of total exports. The second position in the ranking was held by Pakistan ($X), with a 20% share of total exports. It was followed by Russia, with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to South Korea amounted to +107.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+27.6% per year) and Russia (+12.0% per year).

Export Prices by Country

In 2022, the average tools for bearing export price amounted to $X per ton, with an increase of 13% against the previous year. Over the period under review, the export price, however, saw a pronounced decrease. The most prominent rate of growth was recorded in 2013 an increase of 33%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Russia ($X per ton) and Malaysia ($X per ton), while the average price for exports to Japan ($X per ton) and Italy ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+2.6%), while the prices for the other major destinations experienced a decline.

Tools For Bearing Imports

Imports into Vietnam

In 2022, purchases abroad of balls, needles and rollers for ball or roller bearings decreased by -9.2% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of 98% against the previous year. Imports peaked at X tons in 2021, and then contracted in the following year.

In value terms, tools for bearing imports contracted to $X in 2022. In general, imports, however, enjoyed a strong increase. The growth pace was the most rapid in 2014 when imports increased by 65% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then fell in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest tools for bearing supplier to Vietnam, with a 59% share of total imports. Moreover, tools for bearing imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The third position in this ranking was taken by South Korea (X tons), with an 8.2% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +14.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-2.2% per year) and South Korea (+48.3% per year).

In value terms, China ($X) constituted the largest supplier of balls, needles and rollers for ball or roller bearings to Vietnam, comprising 60% of total imports. The second position in the ranking was taken by Japan ($X), with a 22% share of total imports. It was followed by South Korea, with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +14.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-2.5% per year) and South Korea (+47.3% per year).

Import Prices by Country

In 2022, the average tools for bearing import price amounted to $X per ton, standing approx. at the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average import price increased by 35% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Japan ($X per ton) and the United States ($X per ton), while the price for Taiwan (Chinese) ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (-0.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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