Vietnam: Sisal Binder Market 2024

Sisal Binder Market Size in Vietnam

The Vietnamese sisal binder market surged to $X in 2022, jumping by 17% against the previous year. Overall, the total consumption indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -12.6% against 2020 indices. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Sisal Binder Production in Vietnam

In value terms, sisal binder production skyrocketed to $X in 2022 estimated in export price. In general, the total production indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -13.4% against 2020 indices. The pace of growth appeared the most rapid in 2020 when the production volume increased by 115%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Sisal Binder Exports

Exports from Vietnam

After five years of decline, overseas shipments of sisal binder or baler (agricultural) twines increased by 16% to X kg in 2022. In general, exports, however, showed a drastic downturn. Over the period under review, the exports attained the peak figure at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, sisal binder exports reached $X in 2022. Over the period under review, exports, however, saw a abrupt decrease. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Lao People's Democratic Republic (X kg) was the main destination for sisal binder exports from Vietnam, with a 59% share of total exports. Moreover, sisal binder exports to Lao People's Democratic Republic exceeded the volume sent to the second major destination, the United States (X kg), threefold. The third position in this ranking was held by Oman (X kg), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume to Lao People's Democratic Republic amounted to +32.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+24.1% per year) and Oman (-11.5% per year).

In value terms, Lao People's Democratic Republic ($X), Indonesia ($X) and the United States ($X) constituted the largest markets for sisal binder exported from Vietnam worldwide, together accounting for 88% of total exports.

Lao People's Democratic Republic, with a CAGR of +30.1%, recorded the highest rates of growth with regard to 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 2022, the average sisal binder export price amounted to $X per ton, shrinking by -4.4% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the average export price increased by 4.8% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then contracted modestly in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Lao People's Democratic Republic ($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 Indonesia (+24.8%), while the prices for the other major destinations experienced mixed trend patterns.

Sisal Binder Imports

Imports into Vietnam

In 2022, overseas purchases of sisal binder or baler (agricultural) twines decreased by -20.2% to X tons for the first time since 2014, thus ending a seven-year rising trend. Over the period under review, imports, however, saw a prominent increase. The most prominent rate of growth was recorded in 2019 with an increase of 119%. Over the period under review, imports reached the maximum at X tons in 2021, and then declined remarkably in the following year.

In value terms, sisal binder imports fell sharply to $X in 2022. In general, imports, however, showed a strong expansion. The growth pace was the most rapid in 2019 with an increase of 105% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then contracted notably in the following year.

Imports by Country

In 2022, Brazil (X tons) constituted the largest supplier of sisal binder to Vietnam, accounting for a 81% share of total imports. Moreover, sisal binder imports from Brazil exceeded the figures recorded by the second-largest supplier, China (X tons), sixfold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 3.2% share.

From 2012 to 2022, the average annual growth rate of volume from Brazil totaled +42.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+3.0% per year) and Taiwan (Chinese) (-13.1% per year).

In value terms, Brazil ($X) constituted the largest supplier of sisal binder or baler (agricultural) twines to Vietnam, comprising 67% of total imports. The second position in the ranking was held by China ($X), with a 26% share of total imports. It was followed by Taiwan (Chinese), with a 3.1% share.

From 2012 to 2022, the average annual growth rate of value from Brazil totaled +48.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+13.8% per year) and Taiwan (Chinese) (-10.4% per year).

Import Prices by Country

In 2022, the average sisal binder import price amounted to $X per ton, dropping by -4.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2016 an increase of 21%. The import price peaked at $X per ton in 2021, and then fell slightly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bangladesh (+43.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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