Vietnam: Rock Cutter Market 2024

Rock Cutter Market Size in Vietnam

The Vietnamese rock cutter market skyrocketed to $X in 2022, growing by 194% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption posted buoyant growth. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Rock Cutter Exports

Exports from Vietnam

In 2022, the amount of coal or rock cutters and tunnelling machinery exported from Vietnam fell rapidly to X units, declining by -16.7% compared with the previous year. Overall, exports recorded a perceptible decrease. The pace of growth appeared the most rapid in 2014 when exports increased by 111% against the previous year. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, rock cutter exports skyrocketed to $X in 2022. In general, exports, however, recorded a strong expansion. The pace of growth was the most pronounced in 2014 when exports increased by 7,250% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Lao People's Democratic Republic (X units), Myanmar (X units) and Cambodia (X units) were the main destinations of rock cutter exports from Vietnam, with a combined 60% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of 0.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X) remains the key foreign market for coal or rock cutters and tunnelling machinery exports from Vietnam, comprising 66% of total exports. The second position in the ranking was taken by Lao People's Democratic Republic ($X), with a 16% share of total exports. It was followed by Thailand, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to South Korea stood at +11.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (+20.7% per year) and Thailand (+21.3% per year).

Export Prices by Country

The average rock cutter export price stood at $X per unit in 2022, rising by 49% against the previous year. In general, the export price enjoyed a resilient expansion. The growth pace was the most rapid in 2014 when the average export price increased by 3,382%. As a result, the export price attained the peak level of $X per unit. From 2015 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per unit), while the average price for exports to Myanmar ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+21.3%), while the prices for the other major destinations experienced more modest paces of growth.

Rock Cutter Imports

Imports into Vietnam

In 2022, approx. X units of coal or rock cutters and tunnelling machinery were imported into Vietnam; picking up by 155% on the year before. In general, imports enjoyed a pronounced increase. The most prominent rate of growth was recorded in 2016 when imports increased by 482% against the previous year. As a result, imports reached the peak of X units. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, rock cutter imports soared to $X in 2022. Over the period under review, imports saw a remarkable increase. The most prominent rate of growth was recorded in 2016 when imports increased by 468%. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Indonesia (X units) constituted the largest rock cutter supplier to Vietnam, accounting for a 45% share of total imports. Moreover, rock cutter imports from Indonesia exceeded the figures recorded by the second-largest supplier, Thailand (X units), threefold. China (X units) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from Indonesia stood at +11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (0.0% per year) and China (+3.7% per year).

In value terms, the largest rock cutter suppliers to Vietnam were Indonesia ($X), Thailand ($X) and China ($X), together comprising 68% of total imports. Germany, Japan, Malaysia, the Netherlands and Sweden lagged somewhat behind, together accounting for a further 25%.

In terms of the main suppliers, Germany, with a CAGR of +28.9%, saw 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

The average rock cutter import price stood at $X per unit in 2022, rising by 12% against the previous year. Overall, import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rock cutter import price decreased by -4.8% against 2020 indices. The pace of growth was the most pronounced in 2014 an increase of 110%. The import price peaked at $X per unit in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+12.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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