Vietnam: Azo- Or Azoxy-Compounds Market 2024

Azo- Or Azoxy-Compounds Market Size in Vietnam

In 2022, after two years of decline, there was growth in the Vietnamese azo- or azoxy-compounds market, when its value increased by 0.9% to $X. In general, consumption, however, showed a relatively flat trend pattern. Azo- or azoxy-compounds consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Azo- Or Azoxy-Compounds Exports

Exports from Vietnam

Azo- or azoxy-compounds exports from Vietnam expanded modestly to X tons in 2022, with an increase of 4.8% against 2021. Overall, exports recorded measured growth. The most prominent rate of growth was recorded in 2016 when exports increased by 366% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2020; afterwards, it flattened through to 2022.

In value terms, azo- or azoxy-compounds exports declined to $X in 2022. In general, exports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2016 when exports increased by 441% against the previous year. The exports peaked at $X in 2021, and then reduced in the following year.

Exports by Country

China (X tons), India (X tons) and Indonesia (X tons) were the main destinations of azo- or azoxy-compounds exports from Vietnam, together accounting for 93% of total exports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +45.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for azo- or azoxy-compounds exported from Vietnam were China ($X), India ($X) and Cambodia ($X), with a combined 82% share of total exports.

In terms of the main countries of destination, India, with a CAGR of +38.8%, 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

The average azo- or azoxy-compounds export price stood at $X per ton in 2022, shrinking by -12% against the previous year. In general, the export price, however, saw buoyant growth. The growth pace was the most rapid in 2014 an increase of 88%. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Cambodia ($X per ton), while the average price for exports to South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cambodia (+45.9%), while the prices for the other major destinations experienced mixed trend patterns.

Azo- Or Azoxy-Compounds Imports

Imports into Vietnam

In 2022, supplies from abroad of diazo-, azo- or azoxy-compounds increased by 3.9% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports saw a strong increase. The most prominent rate of growth was recorded in 2018 with an increase of 63%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, azo- or azoxy-compounds imports dropped to $X in 2022. Overall, total imports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -8.1% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of 30%. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of azo- or azoxy-compounds to Vietnam, accounting for a 64% share of total imports. Moreover, azo- or azoxy-compounds imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+1.2% per year) and Indonesia (+3.7% per year).

In value terms, the largest azo- or azoxy-compounds suppliers to Vietnam were China ($X), South Korea ($X) and Indonesia ($X), together comprising 95% of total imports.

China, with a CAGR of +11.3%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average azo- or azoxy-compounds import price stood at $X per ton in 2022, dropping by -3.8% against the previous year. In general, the import price recorded a slight downturn. The most prominent rate of growth was recorded in 2017 an increase of 32% against the previous year. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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