Vietnam: Other Chemical Products Market 2024

Other Chemical Products Market Size in Vietnam

The Vietnamese other chemical products market contracted modestly to $X in 2022, falling by -1.9% against the previous year. Overall, consumption saw a abrupt curtailment. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Other Chemical Products Production in Vietnam

In value terms, other chemical products production shrank to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2014 with an increase of 38% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Other Chemical Products Exports

Exports from Vietnam

Other chemical products exports from Vietnam reached X tons in 2022, growing by 13% on the previous year. In general, exports, however, faced a dramatic decrease. The most prominent rate of growth was recorded in 2017 with an increase of 137% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, other chemical products exports amounted to $X in 2022. Overall, exports, however, saw a sharp setback. The pace of growth appeared the most rapid in 2016 when exports increased by 49%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for other chemical products exports from Vietnam, with a 15% share of total exports. Moreover, other chemical products exports to Japan exceeded the volume sent to the second major destination, China (X tons), twofold. The third position in this ranking was held by the Philippines (X tons), with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan amounted to -35.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-41.3% per year) and the Philippines (-16.8% per year).

In value terms, the largest markets for other chemical products exported from Vietnam were Japan ($X), China ($X) and Russia ($X), together comprising 38% of total exports.

Russia, with a CAGR of +19.2%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average other chemical products export price amounted to $X per ton, dropping by -5.2% against the previous year. Over the period under review, the export price recorded a perceptible decrease. The most prominent rate of growth was recorded in 2013 an increase of 156%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+13.1%), while the prices for the other major destinations experienced more modest paces of growth.

Other Chemical Products Imports

Imports into Vietnam

In 2022, supplies from abroad of other chemical products decreased by -4% to X tons for the first time since 2017, thus ending a four-year rising trend. The total import volume increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2015 when imports increased by 26%. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, other chemical products imports shrank to $X in 2022. Over the period under review, imports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of 27%. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

China (X tons), South Korea (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of other chemical products imports to Vietnam, together accounting for 57% of total imports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +16.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), South Korea ($X) and Japan ($X) were the largest other chemical products suppliers to Vietnam, together accounting for 48% of total imports.

South Korea, with a CAGR of +21.2%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average other chemical products import price amounted to $X per ton, approximately mirroring the previous year. Over the period under review, import price indicated prominent growth from 2012 to 2022: its price increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, other chemical products import price increased by +98.4% against 2012 indices. The growth pace was the most rapid in 2016 an increase of 32%. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then dropped modestly 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 Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+12.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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