Vietnam: Iodine Market 2024

Iodine Market Size in Vietnam

In 2022, the Vietnamese iodine market decreased by -10.8% to $X for the first time since 2018, thus ending a three-year rising trend. Over the period under review, consumption recorded a remarkable increase. Over the period under review, the market reached the peak level at $X in 2021, and then reduced in the following year.

Iodine Production in Vietnam

In value terms, iodine production rose markedly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.5% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 when the production volume increased by 31%. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Iodine Exports

Exports from Vietnam

After three years of growth, shipments abroad of iodine decreased by -41.1% to X kg in 2022. Overall, exports, however, enjoyed resilient growth. The pace of growth appeared the most rapid in 2021 with an increase of 459%. As a result, the exports attained the peak of X kg, and then declined sharply in the following year.

In value terms, iodine exports contracted significantly to $X in 2022. Over the period under review, exports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2021 with an increase of 557% against the previous year. As a result, the exports attained the peak of $X, and then dropped sharply in the following year.

Exports by Country

Canada (X kg) was the main destination for iodine exports from Vietnam, with a 86% share of total exports. Moreover, iodine exports to Canada exceeded the volume sent to the second major destination, Lao People's Democratic Republic (X kg), sixfold.

From 2012 to 2022, the average annual growth rate of volume to Canada was relatively modest.

In value terms, Canada ($X) emerged as the key foreign market for iodine exports from Vietnam, comprising 86% of total exports. The second position in the ranking was taken by Lao People's Democratic Republic ($X), with a 14% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Canada was relatively modest.

Export Prices by Country

The average iodine export price stood at $X per ton in 2022, declining by -2.3% against the previous year. Over the period under review, the export price, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2020 an increase of 80% against the previous year. The export price peaked at $X per ton in 2021, and then shrank in the following year.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to Lao People's Democratic Republic stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lao People's Democratic Republic (+8.1%).

Iodine Imports

Imports into Vietnam

In 2022, the amount of iodine imported into Vietnam was estimated at X tons, approximately mirroring the year before. In general, imports continue to indicate significant growth. The pace of growth was the most pronounced in 2019 with an increase of 124%. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, iodine imports dropped to $X in 2022. Overall, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2019 with an increase of 160% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, Japan (X tons) constituted the largest iodine supplier to Vietnam, with a 62% share of total imports. Moreover, iodine imports from Japan exceeded the figures recorded by the second-largest supplier, Chile (X tons), twofold. India (X tons) ranked third in terms of total imports with a 7.9% share.

From 2012 to 2022, the average annual growth rate of volume from Japan stood at +79.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (+61.9% per year) and India (+3.5% per year).

In value terms, Japan ($X) constituted the largest supplier of iodine to Vietnam, comprising 57% of total imports. The second position in the ranking was taken by Chile ($X), with a 23% share of total imports. It was followed by India, with a 17% share.

From 2012 to 2022, the average annual growth rate of value from Japan stood at +90.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (+66.1% per year) and India (+14.7% per year).

Import Prices by Country

The average iodine import price stood at $X per ton in 2022, shrinking by -14.4% against the previous year. Over the period under review, the import price, however, enjoyed a moderate increase. The most prominent rate of growth was recorded in 2021 an increase of 40%. As a result, import price attained the peak level of $X per ton, and then reduced in the following year.

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 India ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+40.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :