Vietnam: Metal Spring Washer Market 2024

Metal Spring Washer Market Size in Vietnam

The Vietnamese metal spring washer market stood at $X in 2022, remaining stable against the previous year. Overall, consumption showed a noticeable setback. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Metal Spring Washer Production in Vietnam

In value terms, metal spring washer production fell slightly to $X in 2022 estimated in export price. Over the period under review, production saw a abrupt decrease. The most prominent rate of growth was recorded in 2018 when the production volume increased by 34%. Metal spring washer production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Metal Spring Washer Exports

Exports from Vietnam

In 2022, metal spring washer exports from Vietnam declined markedly to X tons, with a decrease of -28.8% against the year before. In general, exports, however, showed a prominent increase. The pace of growth was the most pronounced in 2015 with an increase of 716%. The exports peaked at X tons in 2021, and then declined significantly in the following year.

In value terms, metal spring washer exports reduced remarkably to $X in 2022. Over the period under review, exports, however, continue to indicate strong growth. The growth pace was the most rapid in 2015 with an increase of 637%. The exports peaked at $X in 2021, and then shrank rapidly in the following year.

Exports by Country

China (X tons), Japan (X tons) and the Czech Republic (X tons) were the main destinations of metal spring washer exports from Vietnam, together accounting for 59% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Czech Republic (with a CAGR of +124.3%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for iron or steel spring washers exports from Vietnam, comprising 42% of total exports. The second position in the ranking was taken by the Czech Republic ($X), with an 18% share of total exports. It was followed by Japan, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to China totaled +43.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Czech Republic (+106.1% per year) and Japan (+14.6% per year).

Export Prices by Country

The average metal spring washer export price stood at $X per ton in 2022, surging by 5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2020 an increase of 26%. As a result, the export price attained the peak level of $X per ton. From 2021 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the UK ($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 Germany (-2.6%), while the prices for the other major destinations experienced a decline.

Metal Spring Washer Imports

Imports into Vietnam

In 2022, supplies from abroad of iron or steel spring washers increased by 0.4% to X tons, rising for the third consecutive year after two years of decline. In general, imports recorded prominent growth. The growth pace was the most rapid in 2020 when imports increased by 142%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the near future.

In value terms, metal spring washer imports dropped to $X in 2022. Over the period under review, imports enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2017 with an increase of 86% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of metal spring washer to Vietnam, accounting for a 70% share of total imports. Moreover, metal spring washer imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), sevenfold. India (X tons) ranked third in terms of total imports with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +12.0%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+31.1% per year) and India (+177.7% per year).

In value terms, China ($X) constituted the largest supplier of iron or steel spring washers to Vietnam, comprising 38% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with a 12% share of total imports. It was followed by Japan, with a 7.3% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +15.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+24.9% per year) and Japan (+5.7% per year).

Import Prices by Country

In 2022, the average metal spring washer import price amounted to $X per ton, declining by -7% against the previous year. Over the period under review, the import price, however, showed a mild expansion. The most prominent rate of growth was recorded in 2016 when the average import price increased by 116% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while the price for India ($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 (+3.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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