Vietnam: Twig Broom Market 2024

Twig Broom Market Size in Vietnam

The Vietnamese twig broom market contracted remarkably to $X in 2021, which is down by -16.8% against the previous year. Overall, consumption continues to indicate a deep setback. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Twig Broom Production in Vietnam

In value terms, twig broom production declined to $X in 2021 estimated in export price. In general, production showed a drastic downturn. The most prominent rate of growth was recorded in 2020 with an increase of 24%. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Twig Broom Exports

Exports from Vietnam

In 2021, the amount of brooms and brushes of twigs exported from Vietnam contracted to X units, standing approx. at the year before. Over the period under review, total exports indicated a noticeable expansion from 2012 to 2021: its volume increased at an average annual rate of +3.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -36.1% against 2016 indices. The pace of growth was the most pronounced in 2013 with an increase of 37%. The exports peaked at X units in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, twig broom exports soared to $X in 2021. Overall, total exports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +10.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +73.0% against 2018 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X units), the United States (X units) and Japan (X units) were the main destinations of twig broom exports from Vietnam, with a combined 66% share of total exports. Georgia, Lebanon, Australia, Chile, Taiwan (Chinese), Russia and Spain lagged somewhat behind, together comprising a further 20%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Georgia (with a CAGR of +26.6%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Japan ($X) were the largest markets for twig broom exported from Vietnam worldwide, together comprising 70% of total exports. These countries were followed by Lebanon, Georgia, Australia, Taiwan (Chinese), Russia, Chile and Spain, which together accounted for a further 16%.

Among the main countries of destination, Georgia, with a CAGR of +31.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average twig broom export price amounted to $X per unit, increasing by 42% against the previous year. In general, the export price posted a resilient increase. The most prominent rate of growth was recorded in 2020 when the average export price increased by 47% against the previous year. Over the period under review, the average export prices attained the maximum in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to Chile ($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 Russia (+18.6%), while the prices for the other major destinations experienced more modest paces of growth.

Twig Broom Imports

Imports into Vietnam

Twig broom imports into Vietnam contracted notably to X units in 2021, with a decrease of -23.1% on the previous year's figure. Overall, imports, however, enjoyed a significant expansion. The growth pace was the most rapid in 2016 when imports increased by 967% against the previous year. Over the period under review, imports attained the maximum at X units in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, twig broom imports fell to $X in 2021. Over the period under review, imports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2016 when imports increased by 1,043% against the previous year. Over the period under review, imports hit record highs at $X in 2020, and then reduced in the following year.

Imports by Country

In 2021, China (X units) constituted the largest twig broom supplier to Vietnam, accounting for a 73% share of total imports. Moreover, twig broom imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X units), sevenfold. The third position in this ranking was taken by Sri Lanka (X units), with a 4.6% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +67.8%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+53.2% per year) and Sri Lanka (+124.7% per year).

In value terms, China ($X) constituted the largest supplier of brooms and brushes of twigs to Vietnam, comprising 76% of total imports. The second position in the ranking was held by South Korea ($X), with an 11% share of total imports. It was followed by Japan, with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +78.0%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+61.9% per year) and Japan (+49.1% per year).

Import Prices by Country

In 2021, the average twig broom import price amounted to $X per unit, with an increase of 13% against the previous year. Overall, import price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, twig broom import price increased by +112.9% against 2014 indices. The most prominent rate of growth was recorded in 2015 when the average import price increased by 18% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per unit), while the price for Sri Lanka ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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