Vietnam: Market for Forage Harvesters and Other Harvesting Machines 2024

Market Size for Forage Harvesters and Other Harvesting Machines in Vietnam

After two years of growth, the Vietnamese market for forage harvesters and other harvesting machines decreased by -3.4% to $X in 2021. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Production of Forage Harvesters and Other Harvesting Machines in Vietnam

In value terms, production of forage harvesters and other harvesting machines contracted modestly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 59%. As a result, production reached the peak level of $X. From 2017 to 2021, production of growth failed to regain momentum.

Exports of Forage Harvesters and Other Harvesting Machines

Exports from Vietnam

In 2021, exports of forage harvesters and other harvesting machines from Vietnam surged to X units, jumping by 186% against the previous year's figure. Over the period under review, exports enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 267%. The exports peaked in 2021 and are likely to continue growth in the near future.

In value terms, exports of forage harvesters and other harvesting machines soared to $X in 2021. Overall, exports recorded a resilient expansion. The growth pace was the most rapid in 2014 when exports increased by 252%. Over the period under review, the exports of reached the peak figure in 2021 and are likely to see gradual growth in the near future.

Exports by Country

Bangladesh (X units) was the main destination for exports of forage harvesters and other harvesting machines from Vietnam, accounting for a 85% share of total exports. Moreover, exports of forage harvesters and other harvesting machines to Bangladesh exceeded the volume sent to the second major destination, Lao People's Democratic Republic (X units), more than tenfold. Myanmar (X units) ranked third in terms of total exports with a 5% share.

From 2012 to 2021, the average annual growth rate of volume to Bangladesh amounted to +53.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (-14.5% per year) and Myanmar (-7.4% per year).

In value terms, Bangladesh ($X) remains the key foreign market for forage harvesters and other harvesting machines exports from Vietnam, comprising 83% of total exports. The second position in the ranking was taken by Myanmar ($X), with a 7.5% share of total exports. It was followed by Australia, with a 3.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Bangladesh totaled +114.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (-4.7% per year) and Australia (+56.5% per year).

Export Prices by Country

The average export price for forage harvesters and other harvesting machines stood at $X per unit in 2021, dropping by -2.5% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.8%. The growth pace was the most rapid in 2020 when the average export price increased by 34%. As a result, the export price reached the peak level of $X per unit, and then fell in the following year.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the countries with the highest prices were Myanmar ($X per unit) and Lao People's Democratic Republic ($X per unit), while the average price for exports to Australia ($X per unit) and Bangladesh ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+2.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Forage Harvesters and Other Harvesting Machines

Imports into Vietnam

In 2021, imports of forage harvesters and other harvesting machines into Vietnam skyrocketed to X units, jumping by 19% against 2020 figures. In general, imports enjoyed a notable increase. The most prominent rate of growth was recorded in 2016 when imports increased by 179% against the previous year. As a result, imports attained the peak of X units. From 2017 to 2021, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of forage harvesters and other harvesting machines totaled $X in 2021. Over the period under review, imports enjoyed a prominent expansion. The growth pace was the most rapid in 2016 when imports increased by 197% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports of failed to regain momentum.

Imports by Country

Germany (X units), Brazil (X units) and China (X units) were the main suppliers of imports of forage harvesters and other harvesting machines to Vietnam, together comprising 86% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +17.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest forage harvesters and other harvesting machines suppliers to Vietnam were Germany ($X), Brazil ($X) and China ($X), together accounting for 85% of total imports.

Among the main suppliers, Germany, with a CAGR of +19.2%, saw the highest growth rate of 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

In 2021, the average import price for forage harvesters and other harvesting machines amounted to $X per unit, falling by -6.5% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.5%. The growth pace was the most rapid in 2015 when the average import price increased by 33%. Over the period under review, average import prices attained the maximum at $X per unit in 2020, and then fell in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Thailand ($X per unit) and India ($X per unit), while the price for Germany ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+5.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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