Vietnam: Wood Bending Machine Market 2024

Wood Bending Machine Market Size in Vietnam

After nine years of growth, the Vietnamese wood bending machine market decreased by -29.1% to $X in 2021. Over the period under review, consumption, however, continues to indicate a significant increase. Over the period under review, the market hit record highs at $X in 2020, and then fell dramatically in the following year.

Wood Bending Machine Exports

Exports from Vietnam

Wood bending machine exports from Vietnam surged to X units in 2021, jumping by 150% against 2020. In general, exports continue to indicate strong growth. The growth pace was the most rapid in 2013 when exports increased by 433%. The exports peaked at X units in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, wood bending machine exports fell to $X in 2021. Overall, exports, however, saw a perceptible decrease. The most prominent rate of growth was recorded in 2013 when exports increased by 784% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

South Korea (X units) was the main destination for wood bending machine exports from Vietnam, accounting for a 60% share of total exports. Moreover, wood bending machine exports to South Korea exceeded the volume sent to the second major destination, Lao People's Democratic Republic (X units), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to South Korea totaled +7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (-8.3% per year) and Brazil (0.0% per year).

In value terms, South Korea ($X) emerged as the key foreign market for bending or assembling machines exports from Vietnam, comprising 35% of total exports. The second position in the ranking was held by Lao People's Democratic Republic ($X), with a 4% share of total exports. It was followed by Japan, with a 0.6% share.

From 2012 to 2021, the average annual growth rate of value to South Korea amounted to +54.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (+36.6% per year) and Japan (-20.4% per year).

Export Prices by Country

The average wood bending machine export price stood at $X per unit in 2021, shrinking by -73.3% against the previous year. Over the period under review, the export price faced a abrupt slump. The pace of growth was the most pronounced in 2013 an increase of 44% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to Brazil ($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 Japan (+19.8%), while the prices for the other major destinations experienced mixed trend patterns.

Wood Bending Machine Imports

Imports into Vietnam

After nine years of growth, supplies from abroad of bending or assembling machines decreased by -46.7% to X units in 2021. Overall, imports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2013 when imports increased by 320%. Over the period under review, imports hit record highs at X units in 2020, and then declined notably in the following year.

In value terms, wood bending machine imports reduced slightly to $X in 2021. Over the period under review, imports, however, showed significant growth. The pace of growth was the most pronounced in 2013 when imports increased by 275% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of wood bending machine to Vietnam, accounting for a 38% share of total imports. Moreover, wood bending machine imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X units), twofold. Hong Kong SAR (X units) ranked third in terms of total imports with an 8.7% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +105.9%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+18.7% per year) and Hong Kong SAR (+44.4% per year).

In value terms, China ($X) constituted the largest supplier of bending or assembling machines to Vietnam, comprising 41% of total imports. The second position in the ranking was taken by South Korea ($X), with an 18% share of total imports. It was followed by Hong Kong SAR, with a 9.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +99.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+135.5% per year) and Hong Kong SAR (+137.0% per year).

Import Prices by Country

In 2021, the average wood bending machine import price amounted to $X per unit, surging by 83% against the previous year. Overall, the import price, however, recorded a perceptible curtailment. The import price peaked at $X per unit in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

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 Taiwan (Chinese) ($X per unit), while the price for Singapore ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+11.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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