Vietnam: Oil Dispensing Pump Market 2024

Oil Dispensing Pump Market Size in Vietnam

In 2021, the Vietnamese oil dispensing pump market decreased by -35.1% to $X, falling for the second consecutive year after two years of growth. In general, consumption, however, continues to indicate noticeable growth. Oil dispensing pump consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Oil Dispensing Pump Exports

Exports from Vietnam

In 2021, approx. X units of petrol and oil dispensing pumps were exported from Vietnam; with a decrease of -34.8% on 2020 figures. Over the period under review, exports showed a deep downturn. The most prominent rate of growth was recorded in 2016 with an increase of 335%. 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, oil dispensing pump exports dropped rapidly to $X in 2021. In general, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 322% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Japan (X units) was the main destination for oil dispensing pump exports from Vietnam, accounting for a 86% share of total exports. Moreover, oil dispensing pump exports to Japan exceeded the volume sent to the second major destination, Lao People's Democratic Republic (X units), sixfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan totaled +2.4%.

In value terms, Japan ($X) remains the key foreign market for petrol and oil dispensing pumps exports from Vietnam, comprising 69% of total exports. The second position in the ranking was held by Lao People's Democratic Republic ($X), with a 31% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan totaled -4.0%.

Export Prices by Country

In 2021, the average oil dispensing pump export price amounted to $X per unit, picking up by 11% 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 +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 an increase of 79%. The export price peaked at $X per unit in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Lao People's Democratic Republic ($X per unit), while the average price for exports to Japan stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Myanmar (+45.1%), while the prices for the other major destinations experienced mixed trend patterns.

Oil Dispensing Pump Imports

Imports into Vietnam

In 2021, overseas purchases of petrol and oil dispensing pumps decreased by -33.3% to X units, falling for the second year in a row after two years of growth. Overall, imports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2015 with an increase of 194%. Imports peaked at X units in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, oil dispensing pump imports fell remarkably to $X in 2021. Over the period under review, imports, however, enjoyed a measured expansion. The most prominent rate of growth was recorded in 2015 with an increase of 174%. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Japan (X units) constituted the largest supplier of oil dispensing pump to Vietnam, accounting for a 79% share of total imports. Moreover, oil dispensing pump imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), more than tenfold. The third position in this ranking was taken by Russia (X units), with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan totaled +7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-0.3% per year) and Russia (+115.7% per year).

In value terms, Japan ($X) constituted the largest supplier of petrol and oil dispensing pumps to Vietnam, comprising 79% of total imports. The second position in the ranking was held by China ($X), with a 6.7% share of total imports. It was followed by Russia, with a 6.5% share.

From 2012 to 2021, the average annual growth rate of value from Japan stood at +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-4.0% per year) and Russia (+99.8% per year).

Import Prices by Country

The average oil dispensing pump import price stood at $X per unit in 2021, waning by -4.4% against the previous year. Overall, the import price recorded a perceptible slump. The pace of growth appeared the most rapid in 2020 when the average import price increased by 54% against the previous year. The import price peaked at $X per unit in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were Russia ($X per unit) and Japan ($X per unit), while the price for China ($X per unit) and South Korea ($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 (-3.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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