Vietnam: Spades And Shovels Market 2024

Spades And Shovels Market Size in Vietnam

In 2021, the Vietnamese spades and shovels market decreased by -34% to $X, falling for the second consecutive year after two years of growth. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Spades And Shovels Production in Vietnam

In value terms, spades and shovels production declined modestly to $X in 2021 estimated in export price. In general, production continues to indicate a resilient increase. The growth pace was the most rapid in 2016 when the production volume increased by 39% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Spades And Shovels Exports

Exports from Vietnam

In 2021, exports of spades and shovels from Vietnam surged to X tons, rising by 182% on the previous year's figure. Over the period under review, exports saw a buoyant expansion. The growth pace was the most rapid in 2018 with an increase of 193%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, spades and shovels exports surged to $X in 2021. In general, exports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2018 with an increase of 264%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for spades and shovels exports from Vietnam, accounting for a 85% share of total exports. Moreover, spades and shovels exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), more than tenfold. The third position in this ranking was held by the UK (X tons), with a 2.6% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +20.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+12.3% per year) and the UK (+29.6% per year).

In value terms, the United States ($X) remains the key foreign market for spades and shovels exports from Vietnam, comprising 85% of total exports. The second position in the ranking was held by Japan ($X), with a 3.6% share of total exports. It was followed by the UK, with a 2.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +25.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+11.4% per year) and the UK (+28.2% per year).

Export Prices by Country

The average spades and shovels export price stood at $X per ton in 2021, waning by -37.8% against the previous year. In general, the export price, however, posted a measured increase. The pace of growth was the most pronounced in 2017 when the average export price increased by 29% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the countries with the highest prices were Japan ($X per ton) and the Netherlands ($X per ton), while the average price for exports to Canada ($X per ton) and the UK ($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 Canada (+5.0%), while the prices for the other major destinations experienced more modest paces of growth.

Spades And Shovels Imports

Imports into Vietnam

In 2021, spades and shovels imports into Vietnam skyrocketed to X tons, rising by 54% on the previous year's figure. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 151% against the previous year. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, spades and shovels imports skyrocketed to $X in 2021. Overall, imports, however, continue to indicate a slight decline. The pace of growth appeared the most rapid in 2016 with an increase of 130% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) was the main supplier of spades and shovels to Vietnam, with a approx. 99% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from China was relatively modest.

In value terms, China ($X) constituted the largest supplier of spades and shovels to Vietnam.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to -1.2%.

Import Prices by Country

The average spades and shovels import price stood at $X per ton in 2021, almost unchanged from the previous year. Overall, the import price, however, saw a slight contraction. The pace of growth was the most pronounced in 2020 an increase of 22% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to -1.2% per year.

Source: IndexBox Platform

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