Vietnam: Machinery For Packing Market 2024

Machinery For Packing Market Size in Vietnam

The Vietnamese machinery for packing market contracted to $X in 2022, dropping by -8.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption continues to indicate a prominent increase. Machinery for packing consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Machinery For Packing Exports

Exports from Vietnam

In 2022, approx. X units of machinery for packing or wrapping were exported from Vietnam; jumping by 117% against the previous year. Over the period under review, exports posted a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 221%. Over the period under review, the exports hit record highs at X units in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, machinery for packing exports skyrocketed to $X in 2022. In general, exports showed a significant increase. The pace of growth was the most pronounced in 2013 when exports increased by 162% against the previous year. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X units) was the main destination for machinery for packing exports from Vietnam, with a 69% share of total exports. Moreover, machinery for packing exports to Japan exceeded the volume sent to the second major destination, Morocco (X units), sevenfold. The third position in this ranking was held by Switzerland (X units), with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan amounted to +33.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Morocco (+58.5% per year) and Switzerland (+16.7% per year).

In value terms, Japan ($X) remains the key foreign market for machinery for packing or wrapping exports from Vietnam, comprising 79% of total exports. The second position in the ranking was taken by Switzerland ($X), with a 3.9% share of total exports. It was followed by South Korea, with a 1.4% share.

From 2012 to 2022, the average annual growth rate of value to Japan stood at +32.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (+6.2% per year) and South Korea (+38.8% per year).

Export Prices by Country

The average machinery for packing export price stood at $X per unit in 2022, waning by -16.6% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 46% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to Morocco ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+6.7%), while the prices for the other major destinations experienced a decline.

Machinery For Packing Imports

Imports into Vietnam

In 2022, approx. X units of machinery for packing or wrapping were imported into Vietnam; picking up by 6.7% on the previous year. Over the period under review, imports recorded resilient growth. The pace of growth was the most pronounced in 2017 with an increase of 57%. Over the period under review, imports attained the maximum at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, machinery for packing imports dropped to $X in 2022. Overall, imports posted a strong increase. The pace of growth appeared the most rapid in 2017 when imports increased by 52% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of machinery for packing to Vietnam, with a 58% share of total imports. Moreover, machinery for packing imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X units), fivefold. Italy (X units) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +16.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+16.2% per year) and Italy (+7.6% per year).

In value terms, China ($X), South Korea ($X) and Italy ($X) constituted the largest machinery for packing suppliers to Vietnam, together accounting for 69% of total imports.

In terms of the main suppliers, South Korea, with a CAGR of +20.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average machinery for packing import price amounted to $X per unit, waning by -13.8% against the previous year. Overall, the import price showed a slight slump. The pace of growth was the most pronounced in 2013 an increase of 14%. Over the period under review, average import prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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