Vietnam: Market for Machines For Balancing Mechanical Parts 2024

Market Size for Machines For Balancing Mechanical Parts in Vietnam

The Vietnamese balancing mechanical parts machine market fell to $X in 2021, dropping by -13.2% 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). Over the period under review, consumption saw perceptible growth. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a somewhat lower figure.

Exports of Machines For Balancing Mechanical Parts

Exports from Vietnam

For the third year in a row, Vietnam recorded decline in overseas shipments of machines for balancing mechanical parts, which decreased by -60.7% to X units in 2021. Over the period under review, exports showed a abrupt contraction. The pace of growth was the most pronounced in 2016 with an increase of 1,896% against the previous year. As a result, the exports reached the peak of X units. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, balancing mechanical parts machine exports declined notably to $X in 2021. In general, exports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 1,865%. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

South Korea (X units) was the main destination for balancing mechanical parts machine exports from Vietnam, with a 31% share of total exports. Moreover, balancing mechanical parts machine exports to South Korea exceeded the volume sent to the second major destination, China (X units), twofold. The third position in this ranking was held by Japan (X units), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume to South Korea stood at +65.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-19.1% per year) and Japan (-18.5% per year).

In value terms, South Korea ($X) emerged as the key foreign market for machines for balancing mechanical parts exports from Vietnam, comprising 31% of total exports. The second position in the ranking was held by China ($X), with a 14% share of total exports. It was followed by Japan, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value to South Korea stood at +64.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-16.3% per year) and Japan (-24.5% per year).

Export Prices by Country

In 2021, the average balancing mechanical parts machine export price amounted to $X per unit, declining by -3.9% against the previous year. In general, the export price saw a drastic downturn. The pace of growth appeared the most rapid in 2019 when the average export price increased by 47% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2021, the countries with the highest prices were Malaysia ($X per unit) and Thailand ($X per unit), while the average price for exports to China ($X per unit) and Japan ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+4.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machines For Balancing Mechanical Parts

Imports into Vietnam

In 2021, the amount of machines for balancing mechanical parts imported into Vietnam was estimated at X units, increasing by 9.9% against the previous year's figure. Overall, imports saw a buoyant expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 165% against the previous year. Over the period under review, imports attained the peak figure at X units in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, balancing mechanical parts machine imports fell dramatically to $X in 2021. Over the period under review, imports, however, recorded a pronounced decrease. The most prominent rate of growth was recorded in 2015 when imports increased by 126%. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of balancing mechanical parts machine to Vietnam, accounting for a 41% share of total imports. Moreover, balancing mechanical parts machine imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), twofold. The third position in this ranking was taken by Italy (X units), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +19.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+1.5% per year) and Italy (+15.8% per year).

In value terms, China ($X) constituted the largest supplier of machines for balancing mechanical parts to Vietnam, comprising 41% of total imports. The second position in the ranking was taken by Japan ($X), with a 17% share of total imports. It was followed by Italy, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +4.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-10.6% per year) and Italy (+1.9% per year).

Import Prices by Country

In 2021, the average balancing mechanical parts machine import price amounted to $X per unit, falling by -40.4% against the previous year. Over the period under review, the import price showed a abrupt setback. The growth pace was the most rapid in 2013 when the average import price increased by 26%. As a result, import price reached the peak level of $X per unit. From 2014 to 2021, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the highest price was recorded for prices from Switzerland ($X per unit) and Spain ($X per unit), while the price for the UK ($X per unit) and South Korea ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (-11.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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