Vietnam: Interchangeable Spanner Socket Market 2025

Interchangeable Spanner Socket Market Size in Vietnam

The Vietnamese interchangeable spanner socket market declined modestly to $X in 2022, falling by -1.6% against the previous year. Over the period under review, consumption, however, saw a resilient increase. Over the period under review, the market reached the peak level at $X in 2021, and then dropped modestly in the following year.

Interchangeable Spanner Socket Production in Vietnam

In value terms, interchangeable spanner socket production contracted to $X in 2022 estimated in export price. In general, production enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 71%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Interchangeable Spanner Socket Exports

Exports from Vietnam

In 2022, after two years of growth, there was significant decline in shipments abroad of interchangeable spanner sockets, when their volume decreased by -27.7% to X tons. In general, exports, however, posted significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 1,966%. The exports peaked at X tons in 2021, and then dropped remarkably in the following year.

In value terms, interchangeable spanner socket exports declined significantly to $X in 2022. Over the period under review, exports, however, recorded significant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 1,760% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then dropped sharply in the following year.

Exports by Country

China (X tons) was the main destination for interchangeable spanner socket exports from Vietnam, accounting for a 51% share of total exports. Moreover, interchangeable spanner socket exports to China exceeded the volume sent to the second major destination, Germany (X tons), threefold. The third position in this ranking was taken by Canada (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to China totaled +1,328.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+91.6% per year) and Canada (+165.8% per year).

In value terms, China ($X) remains the key foreign market for interchangeable spanner sockets exports from Vietnam, comprising 59% of total exports. The second position in the ranking was taken by Germany ($X), with a 17% share of total exports. It was followed by Canada, with a 7.1% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to +1,271.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+99.9% per year) and Canada (+179.4% per year).

Export Prices by Country

In 2022, the average interchangeable spanner socket export price amounted to $X per ton, which is down by -2.1% against the previous year. Overall, the export price, however, continues to indicate a remarkable increase. The growth pace was the most rapid in 2014 an increase of 62% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 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 the United States ($X per ton), while the average price for exports to Japan ($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 Japan (+13.3%), while the prices for the other major destinations experienced more modest paces of growth.

Interchangeable Spanner Socket Imports

Imports into Vietnam

In 2022, overseas purchases of interchangeable spanner sockets decreased by -27.7% to X tons for the first time since 2017, thus ending a four-year rising trend. Over the period under review, imports, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2021 when imports increased by 125%. As a result, imports reached the peak of X tons, and then contracted rapidly in the following year.

In value terms, interchangeable spanner socket imports contracted markedly to $X in 2022. Overall, imports, however, saw a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 119% against the previous year. As a result, imports reached the peak of $X, and then shrank remarkably in the following year.

Imports by Country

Taiwan (Chinese) (X tons), China (X tons) and Japan (X tons) were the main suppliers of interchangeable spanner socket imports to Vietnam, together accounting for 95% of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +26.0%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest interchangeable spanner socket suppliers to Vietnam were China ($X), Taiwan (Chinese) ($X) and Japan ($X), together accounting for 92% of total imports.

China, with a CAGR of +28.7%, recorded 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 more modest paces of growth.

Import Prices by Country

The average interchangeable spanner socket import price stood at $X per ton in 2022, almost unchanged from the previous year. In general, import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, interchangeable spanner socket import price decreased by -1.8% against 2020 indices. The pace of growth was the most pronounced in 2015 an increase of 43%. Over the period under review, average import prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat 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 Germany ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+17.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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