Vietnam: Market for Non-Upholstered Seats With Wooden Frames 2024

Market Size for Non-Upholstered Seats With Wooden Frames in Vietnam

In 2022, the Vietnamese wooden frame non-upholstered seat market was finally on the rise to reach $X after four years of decline. Overall, consumption, however, recorded a deep setback. Wooden frame non-upholstered seat consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Non-Upholstered Seats With Wooden Frames in Vietnam

In value terms, wooden frame non-upholstered seat production shrank modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.5% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2019 when the production volume increased by 31% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Exports of Non-Upholstered Seats With Wooden Frames

Exports from Vietnam

Wooden frame non-upholstered seat exports from Vietnam reduced to X units in 2022, falling by -6.8% on the previous year. The total export volume increased at an average annual rate of +3.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 when exports increased by 29%. The exports peaked at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, wooden frame non-upholstered seat exports shrank to $X in 2022. Overall, total exports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +54.0% against 2016 indices. The growth pace was the most rapid in 2019 with an increase of 37%. Over the period under review, the exports hit record highs at $X in 2021, and then contracted in the following year.

Exports by Country

The United States (X units) was the main destination for wooden frame non-upholstered seat exports from Vietnam, accounting for a 54% share of total exports. Moreover, wooden frame non-upholstered seat exports to the United States exceeded the volume sent to the second major destination, Germany (X units), eightfold. South Korea (X units) ranked third in terms of total exports with a 5.4% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +7.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-0.8% per year) and South Korea (+2.0% per year).

In value terms, the United States ($X) remains the key foreign market for non-upholstered seats with wooden frames exports from Vietnam, comprising 48% of total exports. The second position in the ranking was held by Germany ($X), with an 8.4% share of total exports. It was followed by South Korea, with a 6.5% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +9.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+8.1% per year) and South Korea (+8.6% per year).

Export Prices by Country

The average wooden frame non-upholstered seat export price stood at $X per unit in 2022, falling by -3.4% against the previous year. Over the last decade, it increased at an average annual rate of +3.2%. The most prominent rate of growth was recorded in 2018 when the average export price increased by 16% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2021, and then declined modestly in the following year.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to China ($X per unit) and the UK ($X per unit), while the average price for exports to the United States ($X per unit) and Australia ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+9.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Non-Upholstered Seats With Wooden Frames

Imports into Vietnam

In 2022, supplies from abroad of non-upholstered seats with wooden frames increased by 25% to X units for the first time since 2018, thus ending a three-year declining trend. In general, imports, however, recorded a abrupt decline. The most prominent rate of growth was recorded in 2014 when imports increased by 219% against the previous year. Over the period under review, imports attained the peak figure at X units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, wooden frame non-upholstered seat imports surged to $X in 2022. Overall, imports, however, recorded a deep contraction. The pace of growth appeared the most rapid in 2014 with an increase of 226% against the previous year. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest wooden frame non-upholstered seat supplier to Vietnam, accounting for a 47% share of total imports. Moreover, wooden frame non-upholstered seat imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), threefold. The third position in this ranking was held by Indonesia (X units), with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-13.3% per year) and Indonesia (+10.1% per year).

In value terms, China ($X) constituted the largest supplier of non-upholstered seats with wooden frames to Vietnam, comprising 47% of total imports. The second position in the ranking was taken by Italy ($X), with a 15% share of total imports. It was followed by Indonesia, with a 7.9% share.

From 2012 to 2022, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-15.1% per year) and Indonesia (+7.7% per year).

Import Prices by Country

In 2022, the average wooden frame non-upholstered seat import price amounted to $X per unit, dropping by -7% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average import price increased by 18%. Over the period under review, average import prices hit record highs at $X per unit in 2021, and then contracted in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Czech Republic ($X per unit), while the price for Sweden ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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