Vietnam: Working Wire Machine Market 2024

Working Wire Machine Market Size in Vietnam

The Vietnamese working wire machine market skyrocketed to $X in 2021, increasing by 35% 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 enjoyed slight growth. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Working Wire Machine Exports

Exports from Vietnam

In 2021, the amount of machines for working wire exported from Vietnam skyrocketed to X units, increasing by 33% on 2020. Over the period under review, exports, however, continue to indicate a deep contraction. The growth pace was the most rapid in 2020 when exports increased by 275%. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, working wire machine exports skyrocketed to $X in 2021. Overall, exports, however, recorded a pronounced decline. The growth pace was the most rapid in 2020 with an increase of 432%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for working wire machine exports from Vietnam, accounting for a 85% share of total exports. Moreover, working wire machine exports to the United States exceeded the volume sent to the second major destination, China (X units), ninefold.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +76.2%.

In value terms, the United States ($X) remains the key foreign market for machines for working wire exports from Vietnam, comprising 90% of total exports. The second position in the ranking was taken by China ($X), with a 7.6% share of total exports. It was followed by Thailand, with a 2.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +356.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-24.7% per year) and Thailand (-8.0% per year).

Export Prices by Country

In 2021, the average working wire machine export price amounted to $X per unit, surging by 32% against the previous year. Over the period under review, the export price enjoyed a noticeable expansion. The pace of growth was the most pronounced in 2020 an increase of 62% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+155.6%), while the prices for the other major destinations experienced more modest paces of growth.

Working Wire Machine Imports

Imports into Vietnam

In 2021, approx. X units of machines for working wire were imported into Vietnam; picking up by 59% compared with 2020. Overall, imports enjoyed a remarkable increase. The pace of growth was the most pronounced in 2019 when imports increased by 218% against the previous year. As a result, imports attained the peak of X units. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, working wire machine imports expanded rapidly to $X in 2021. Over the period under review, imports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2019 with an increase of 111% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest working wire machine supplier to Vietnam, with a 48% share of total imports. Moreover, working wire machine imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), fourfold. The third position in this ranking was taken by Taiwan (Chinese) (X units), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +15.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-6.3% per year) and Taiwan (Chinese) (+26.7% per year).

In value terms, China ($X) constituted the largest supplier of machines for working wire to Vietnam, comprising 48% of total imports. The second position in the ranking was taken by Japan ($X), with a 12% share of total imports. It was followed by Taiwan (Chinese), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-17.5% per year) and Taiwan (Chinese) (+10.5% per year).

Import Prices by Country

In 2021, the average working wire machine import price amounted to $X per unit, which is down by -28.6% against the previous year. Overall, the import price faced a deep downturn. The growth pace was the most rapid in 2016 an increase of 19% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Germany ($X per unit) and the United States ($X per unit), while the price for Japan ($X per unit) and South Korea ($X per unit) were amongst the lowest.

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

Source: IndexBox Platform

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