Vietnam: Parachute Market 2024

Parachute Market Size in Vietnam

In 2021, the Vietnamese parachute market decreased by -58.2% to $X, falling for the sixth year in a row after four years of growth. Over the period under review, consumption continues to indicate a drastic downturn. As a result, consumption reached the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Parachute Production in Vietnam

In value terms, parachute production shrank to $X in 2021 estimated in export price. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 19%. Parachute production peaked at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Parachute Exports

Exports from Vietnam

For the third year in a row, Vietnam recorded growth in overseas shipments of parachutes and rotochutes, which increased by 52% to X tons in 2021. Over the period under review, total exports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +9.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +94.2% against 2016 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, parachute exports skyrocketed to $X in 2021. Overall, exports enjoyed buoyant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

France (X tons), the United States (X tons) and Spain (X tons) were the main destinations of parachute exports from Vietnam, with a combined 50% share of total exports. Switzerland, Germany, South Korea, the UK, China, Italy, Japan and the Netherlands lagged somewhat behind, together accounting for a further 27%.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +35.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, France ($X), the United States ($X) and Spain ($X) were the largest markets for parachute exported from Vietnam worldwide, with a combined 50% share of total exports. These countries were followed by Switzerland, Germany, South Korea, the UK, China, Italy, Japan and the Netherlands, which together accounted for a further 27%.

China, with a CAGR of +40.4%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average parachute export price amounted to $X per ton, growing by 6.4% against the previous year. Over the period under review, export price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, parachute export price increased by +18.0% against 2019 indices. The growth pace was the most rapid in 2017 when the average export price increased by 16%. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2021, the highest price was recorded for prices to the United States ($X per ton) and China ($X per ton), while the average price for exports to the UK ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+11.3%), while the prices for the other major destinations experienced more modest paces of growth.

Parachute Imports

Imports into Vietnam

In 2021, parachute imports into Vietnam shrank sharply to X tons, with a decrease of -55.5% compared with the previous year. Over the period under review, imports, however, saw a prominent increase. The pace of growth appeared the most rapid in 2016 when imports increased by 384% against the previous year. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, parachute imports shrank markedly to $X in 2021. Overall, imports, however, continue to indicate strong growth. The pace of growth appeared the most rapid in 2016 when imports increased by 563% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Russia (X tons) constituted the largest parachute supplier to Vietnam, with a 53% share of total imports. Moreover, parachute imports from Russia exceeded the figures recorded by the second-largest supplier, South Korea (X kg), threefold. China (X kg) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from Russia stood at +10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+14.0% per year) and China (+64.7% per year).

In value terms, Russia ($X), the Czech Republic ($X) and China ($X) were the largest parachute suppliers to Vietnam, together comprising 85% of total imports.

In terms of the main suppliers, China, with a CAGR of +66.2%, recorded 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 2021, the average parachute import price amounted to $X per ton, jumping by 36% against the previous year. In general, import price indicated a prominent increase from 2012 to 2021: its price increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, parachute import price increased by +60.1% against 2018 indices. The pace of growth appeared the most rapid in 2016 an increase of 37% against the previous year. Over the period under review, average import prices attained the peak figure in 2021 and is expected to retain growth in years to come.

Prices varied noticeably country of origin: the country with the highest price was the Czech Republic ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Czech Republic (+26.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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