Vietnam: Market for Conveyor Or Transmission Belts Or Belting 2024

Market Size for Conveyor Or Transmission Belts Or Belting in Vietnam

In 2021, the Vietnamese conveyor or transmission belt market decreased by -3.8% to $X, falling for the third year in a row after three years of growth. Overall, consumption showed a relatively flat trend pattern. Conveyor or transmission belt consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Production of Conveyor Or Transmission Belts Or Belting in Vietnam

In value terms, conveyor or transmission belt production totaled $X in 2021 estimated in export price. In general, production posted modest growth. The most prominent rate of growth was recorded in 2017 with an increase of 38%. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Exports of Conveyor Or Transmission Belts Or Belting

Exports from Vietnam

In 2021, the amount of conveyor or transmission belts or belting exported from Vietnam soared to X tons, picking up by 101% compared with the previous year's figure. Overall, exports enjoyed resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, conveyor or transmission belt exports skyrocketed to $X in 2021. In general, total exports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +8.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

South Korea (X tons) was the main destination for conveyor or transmission belt exports from Vietnam, accounting for a 70% share of total exports. Moreover, conveyor or transmission belt exports to South Korea exceeded the volume sent to the second major destination, Indonesia (X tons), fivefold. Malawi (X tons) ranked third in terms of total exports with a 1.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to South Korea totaled +18.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+5.9% per year) and Malawi (+23.5% per year).

In value terms, South Korea ($X) remains the key foreign market for conveyor or transmission belts or belting exports from Vietnam, comprising 60% of total exports. The second position in the ranking was held by Indonesia ($X), with a 12% share of total exports. It was followed by Saudi Arabia, with a 1.9% share.

From 2012 to 2021, the average annual growth rate of value to South Korea stood at +14.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+2.8% per year) and Saudi Arabia (-6.8% per year).

Export Prices by Country

The average conveyor or transmission belt export price stood at $X per ton in 2021, with a decrease of -25.4% against the previous year. Over the period under review, the export price saw a pronounced setback. The most prominent rate of growth was recorded in 2020 an increase of 29%. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Morocco (+8.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Conveyor Or Transmission Belts Or Belting

Imports into Vietnam

In 2021, the amount of conveyor or transmission belts or belting imported into Vietnam skyrocketed to X tons, increasing by 86% compared with the previous year's figure. Overall, imports continue to indicate a relatively flat trend pattern. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, conveyor or transmission belt imports surged to $X in 2021. The total import value increased at an average annual rate of +5.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 when imports increased by 38% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of conveyor or transmission belt to Vietnam, with a 51% share of total imports. Moreover, conveyor or transmission belt imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), fivefold. The third position in this ranking was held by Thailand (X tons), with a 3.6% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled -3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-1.8% per year) and Thailand (-6.0% per year).

In value terms, China ($X) constituted the largest supplier of conveyor or transmission belts or belting to Vietnam, comprising 51% of total imports. The second position in the ranking was taken by Japan ($X), with a 12% share of total imports. It was followed by Thailand, with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+4.8% per year) and Thailand (-1.4% per year).

Import Prices by Country

In 2021, the average conveyor or transmission belt import price amounted to $X per ton, falling by -37.9% against the previous year. Over the period under review, the import price, however, showed a strong expansion. The most prominent rate of growth was recorded in 2016 when the average import price increased by 93% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2017; however, from 2018 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 Thailand ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+16.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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