Vietnam: Market for Machine-Tools For Working Wood 2024

Market Size for Machine-Tools For Working Wood in Vietnam

In 2021, the Vietnamese machine-tool for working wood market decreased by -15% to $X, falling for the second year in a row after two years of growth. Overall, consumption, however, showed resilient growth. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Exports of Machine-Tools For Working Wood

Exports from Vietnam

In 2021, shipments abroad of machine-tools for working wood increased by 8.5% to X tons, rising for the second year in a row after two years of decline. Overall, total exports indicated a pronounced expansion from 2012 to 2021: its volume increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +60.0% against 2019 indices. The most prominent rate of growth was recorded in 2016 when exports increased by 83% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, machine-tool for working wood exports totaled $X in 2021. In general, exports continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2016 with an increase of 67% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to continue growth in the near future.

Exports by Country

South Korea (X tons) was the main destination for machine-tool for working wood exports from Vietnam, accounting for a 62% share of total exports. Moreover, machine-tool for working wood exports to South Korea exceeded the volume sent to the second major destination, the Philippines (X tons), fivefold. The third position in this ranking was taken by China (X tons), with a 5.7% share.

From 2012 to 2021, the average annual growth rate of volume to South Korea amounted to +22.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-2.5% per year) and China (+8.2% per year).

In value terms, South Korea ($X) emerged as the key foreign market for machine-tools for working wood exports from Vietnam, comprising 69% of total exports. The second position in the ranking was held by the Philippines ($X), with an 11% share of total exports. It was followed by Brazil, with a 4.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to South Korea amounted to +26.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-0.1% per year) and Brazil (-7.9% per year).

Export Prices by Country

In 2021, the average machine-tool for working wood export price amounted to $X per ton, rising by 2.5% against the previous year. Over the last nine years, it increased at an average annual rate of +3.5%. The pace of growth appeared the most rapid in 2015 when the average export price increased by 23% against the previous year. Over the period under review, the average export prices reached the maximum in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (+4.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machine-Tools For Working Wood

Imports into Vietnam

In 2021, overseas purchases of machine-tools for working wood decreased by -4.2% to X tons, falling for the second consecutive year after two years of growth. In general, imports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 96% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, machine-tool for working wood imports reduced notably to $X in 2021. Overall, imports, however, posted a remarkable increase. The pace of growth was the most pronounced in 2013 when imports increased by 104% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest machine-tool for working wood supplier to Vietnam, accounting for a 71% share of total imports. Moreover, machine-tool for working wood imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), fivefold. The third position in this ranking was taken by South Korea (X tons), with a 3.7% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +31.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+9.1% per year) and South Korea (+12.9% per year).

In value terms, China ($X) constituted the largest supplier of machine-tools for working wood to Vietnam, comprising 68% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 14% share of total imports. It was followed by South Korea, with a 4.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +33.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+12.1% per year) and South Korea (+16.9% per year).

Import Prices by Country

In 2021, the average machine-tool for working wood import price amounted to $X per ton, which is down by -14.2% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2014 an increase of 28%. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Italy ($X per ton) and South Korea ($X per ton), while the price for China ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+4.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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