Vietnam: Ball Bearing Parts Market 2024

Ball Bearing Parts Market Size in Vietnam

The Vietnamese ball bearing parts market amounted to $X in 2021, remaining relatively unchanged against the previous year. The market value increased at an average annual rate of +4.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Ball bearing parts consumption peaked in 2021 and is likely to see gradual growth in years to come.

Ball Bearing Parts Production in Vietnam

In value terms, ball bearing parts production dropped slightly to $X in 2021 estimated in export price. In general, the total production indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +7.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +5.0% against 2019 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 39% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then dropped modestly in the following year.

Ball Bearing Parts Exports

Exports from Vietnam

In 2021, overseas shipments of parts of ball or roller bearings increased by 48% to X tons, rising for the second year in a row after two years of decline. Overall, exports saw a significant increase. The pace of growth appeared the most rapid in 2014 with an increase of 161% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, ball bearing parts exports surged to $X in 2021. In general, exports posted a significant increase. The pace of growth appeared the most rapid in 2014 with an increase of 164% against the previous year. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Japan (X tons) was the main destination for ball bearing parts exports from Vietnam, with a 42% share of total exports. Moreover, ball bearing parts exports to Japan exceeded the volume sent to the second major destination, India (X tons), twofold. China (X tons) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to Japan totaled +33.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+51.3% per year) and China (+47.5% per year).

In value terms, Japan ($X) emerged as the key foreign market for parts of ball or roller bearings exports from Vietnam, comprising 42% of total exports. The second position in the ranking was held by India ($X), with a 17% share of total exports. It was followed by China, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan stood at +44.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+56.2% per year) and China (+52.5% per year).

Export Prices by Country

In 2021, the average ball bearing parts export price amounted to $X per ton, picking up by 18% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +5.7%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 25%. Over the period under review, the average export prices reached the peak figure in 2021 and is expected to retain growth in the immediate term.

Average prices varied somewhat for the major overseas markets. In 2021, amid the top suppliers, the countries with the highest prices were Germany ($X per ton) and Taiwan (Chinese) ($X per ton), while the average price for exports to the Philippines ($X per ton) and the United States ($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 Japan (+7.6%), while the prices for the other major destinations experienced more modest paces of growth.

Ball Bearing Parts Imports

Imports into Vietnam

Ball bearing parts imports into Vietnam surged to X tons in 2021, rising by 60% against the year before. In general, imports recorded a notable increase. The most prominent rate of growth was recorded in 2020 when imports increased by 89%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, ball bearing parts imports surged to $X in 2021. Over the period under review, imports recorded a moderate expansion. The most prominent rate of growth was recorded in 2020 with an increase of 115%. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest ball bearing parts supplier to Vietnam, with a 67% share of total imports. Moreover, ball bearing parts imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), fourfold. The third position in this ranking was taken by Slovakia (X tons), with a 4.8% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+42.6% per year) and Slovakia (+35.7% per year).

In value terms, China ($X) constituted the largest supplier of parts of ball or roller bearings to Vietnam, comprising 67% of total imports. The second position in the ranking was held by South Korea ($X), with a 19% share of total imports. It was followed by Slovakia, with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+42.6% per year) and Slovakia (+45.7% per year).

Import Prices by Country

The average ball bearing parts import price stood at $X per ton in 2021, increasing by 4.8% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2020 when the average import price increased by 14% against the previous year. The import price peaked in 2021 and is likely to see gradual growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Japan ($X per ton) and the United States ($X per ton), while the price for Slovakia ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Slovakia (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :