Vietnam: Explosives Market 2024

Explosives Market Size in Vietnam

After two years of growth, the Vietnamese explosives market decreased by -9.6% to $X in 2021. Overall, consumption recorded a abrupt slump. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Explosives Production in Vietnam

In value terms, explosives production contracted to $X in 2021 estimated in export price. Overall, production continues to indicate a abrupt downturn. The pace of growth was the most pronounced in 2013 when the production volume increased by 51%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Explosives Exports

Exports from Vietnam

In 2021, overseas shipments of prepared explosives decreased by -4.8% to X tons, falling for the second year in a row after six years of growth. Overall, exports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 153%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, explosives exports soared to $X in 2021. Over the period under review, exports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2017 when exports increased by 62%. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in the near future.

Exports by Country

Lao People's Democratic Republic (X tons), Ethiopia (X tons) and Kenya (X tons) were the main destinations of explosives exports from Vietnam, with a combined 98% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kenya (with a CAGR of +57.2%), while the other leaders experienced more modest paces of growth.

In value terms, Lao People's Democratic Republic ($X) remains the key foreign market for prepared explosives exports from Vietnam, comprising 76% of total exports. The second position in the ranking was held by Ethiopia ($X), with a 22% share of total exports. It was followed by Togo, with a 1.1% share.

From 2012 to 2021, the average annual growth rate of value to Lao People's Democratic Republic stood at +21.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ethiopia (+10.4% per year) and Togo (-54.8% per year).

Export Prices by Country

In 2021, the average explosives export price amounted to $X per ton, surging by 30% against the previous year. Overall, the export price, however, recorded a abrupt descent. The growth pace was the most rapid in 2013 when the average export price increased by 105%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lao People's Democratic Republic ($X per ton), while the average price for exports to Ethiopia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Togo (+52.9%), while the prices for the other major destinations experienced a decline.

Explosives Imports

Imports into Vietnam

In 2021, approx. X tons of prepared explosives were imported into Vietnam; waning by -88.1% against 2020. Over the period under review, imports continue to indicate a precipitous curtailment. The pace of growth appeared the most rapid in 2020 with an increase of 83% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, explosives imports dropped dramatically to $X in 2021. In general, imports continue to indicate a dramatic decrease. The growth pace was the most rapid in 2014 with an increase of 129%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, South Korea (X tons) constituted the largest supplier of explosives to Vietnam, with a 61% share of total imports. Moreover, explosives imports from South Korea exceeded the figures recorded by the second-largest supplier, India (X tons), twofold. The third position in this ranking was taken by the Philippines (X tons), with a 4.3% share.

From 2012 to 2021, the average annual growth rate of volume from South Korea amounted to -5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-20.0% per year) and the Philippines (-43.1% per year).

In value terms, the largest explosives suppliers to Vietnam were India ($X), South Korea ($X) and the United States ($X), together accounting for 62% of total imports.

India, with a CAGR of -14.5%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average explosives import price stood at $X per ton in 2021, waning by -28.2% against the previous year. Overall, the import price continues to indicate a perceptible downturn. The most prominent rate of growth was recorded in 2014 an increase of 122%. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Serbia (+120.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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