Vietnam: Market for Iron or Steel Leaf-Springs and Leaves 2024

Market Size for Iron or Steel Leaf-Springs and Leaves in Vietnam

The Vietnamese iron or steel leaf-spring market totaled $X in 2022, increasing by 6.9% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Iron or Steel Leaf-Springs and Leaves in Vietnam

In value terms, iron or steel leaf-spring production expanded rapidly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a pronounced reduction. The most prominent rate of growth was recorded in 2020 when the production volume increased by 45%. Iron or steel leaf-spring production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Iron or Steel Leaf-Springs and Leaves

Exports from Vietnam

In 2022, the amount of iron or steel leaf-springs and leaves exported from Vietnam shrank to X tons, falling by -11.4% against 2021 figures. Over the period under review, exports, however, saw a noticeable increase. The most prominent rate of growth was recorded in 2016 when exports increased by 75%. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, iron or steel leaf-spring exports contracted to $X in 2022. In general, exports, however, posted a remarkable increase. The growth pace was the most rapid in 2018 when exports increased by 78%. Over the period under review, the exports hit record highs at $X in 2021, and then contracted in the following year.

Exports by Country

Australia (X tons) was the main destination for iron or steel leaf-spring exports from Vietnam, with a 37% share of total exports. Moreover, iron or steel leaf-spring exports to Australia exceeded the volume sent to the second major destination, Cambodia (X tons), twofold. South Korea (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to Australia amounted to +56.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (+89.5% per year) and South Korea (+47.8% per year).

In value terms, Australia ($X) remains the key foreign market for iron or steel leaf-springs and leaves exports from Vietnam, comprising 41% of total exports. The second position in the ranking was taken by Cambodia ($X), with a 17% share of total exports. It was followed by South Korea, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Australia totaled +52.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (+65.8% per year) and South Korea (+48.2% per year).

Export Prices by Country

In 2022, the average iron or steel leaf-spring export price amounted to $X per ton, with an increase of 4.9% against the previous year. In general, export price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron or steel leaf-spring export price increased by +100.7% against 2016 indices. The growth pace was the most rapid in 2020 an increase of 34%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Yemen ($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 France (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron or Steel Leaf-Springs and Leaves

Imports into Vietnam

In 2022, after three years of growth, there was significant decline in overseas purchases of iron or steel leaf-springs and leaves, when their volume decreased by -7.8% to X tons. Overall, imports, however, recorded a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of 74%. Imports peaked at X tons in 2021, and then shrank in the following year.

In value terms, iron or steel leaf-spring imports declined to $X in 2022. In general, imports, however, saw a prominent increase. The pace of growth appeared the most rapid in 2019 with an increase of 62%. Imports peaked at $X in 2021, and then dropped in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of iron or steel leaf-spring to Vietnam, accounting for a 66% share of total imports. Moreover, iron or steel leaf-spring imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), sixfold. The third position in this ranking was held by South Korea (X tons), with a 5.3% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +17.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+16.0% per year) and South Korea (-1.6% per year).

In value terms, China ($X) constituted the largest supplier of iron or steel leaf-springs and leaves to Vietnam, comprising 65% of total imports. The second position in the ranking was taken by Thailand ($X), with an 11% share of total imports. It was followed by South Korea, with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +18.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+17.2% per year) and South Korea (+1.9% per year).

Import Prices by Country

In 2022, the average iron or steel leaf-spring import price amounted to $X per ton, which is down by -2.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2014 when the average import price increased by 84% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were South Korea ($X per ton) and Thailand ($X per ton), while the price for Malaysia ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+3.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :