Vietnam: Market for Spindles And Spindle Flyers, Spinning Ring And Ring Travellers 2024

Market Size for Spindles And Spindle Flyers, Spinning Ring And Ring Travellers in Vietnam

The Vietnamese spindles and spindle flyer market fell to $X in 2022, reducing by -8.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a slight decline. Over the period under review, the market attained the maximum level at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Exports of Spindles And Spindle Flyers, Spinning Ring And Ring Travellers

Exports from Vietnam

In 2022, overseas shipments of spindles and spindle flyers, spinning ring and ring travellers were finally on the rise to reach X kg after three years of decline. Over the period under review, exports, however, continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 536%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, spindles and spindle flyer exports skyrocketed to $X in 2022. In general, exports, however, recorded a abrupt decrease. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

South Korea (X kg) and the United States (X kg) were the main destinations of spindles and spindle flyer exports from Vietnam.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +72.8%).

In value terms, the United States ($X) emerged as the key foreign market for spindles and spindle flyers, spinning ring and ring travellers exports from Vietnam, comprising 68% of total exports. The second position in the ranking was taken by South Korea ($X), with a 25% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +13.1%.

Export Prices by Country

In 2022, the average spindles and spindle flyer export price amounted to $X per ton, reducing by -44.6% against the previous year. In general, the export price continues to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2017 when the average export price increased by 332% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to South Korea stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+15.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Spindles And Spindle Flyers, Spinning Ring And Ring Travellers

Imports into Vietnam

Spindles and spindle flyer imports into Vietnam shrank to X tons in 2022, dropping by -10.3% against the year before. Over the period under review, imports recorded a deep downturn. The pace of growth appeared the most rapid in 2016 when imports increased by 69%. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, spindles and spindle flyer imports declined to $X in 2022. In general, imports, however, recorded a measured expansion. The pace of growth was the most pronounced in 2016 when imports increased by 90%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of spindles and spindle flyer to Vietnam, with a 55% share of total imports. Moreover, spindles and spindle flyer imports from China exceeded the figures recorded by the second-largest supplier, the Czech Republic (X tons), fivefold. India (X tons) ranked third in terms of total imports with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+3.1% per year) and India (-7.1% per year).

In value terms, China ($X), Switzerland ($X) and Germany ($X) appeared to be the largest spindles and spindle flyer suppliers to Vietnam, with a combined 44% share of total imports. The Czech Republic, India and South Korea lagged somewhat behind, together accounting for a further 24%.

South Korea, with a CAGR of +30.9%, saw the highest growth rate of the value of imports, in terms of 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 spindles and spindle flyer import price amounted to $X per ton, with an increase of 3.7% against the previous year. Overall, the import price recorded strong growth. The most prominent rate of growth was recorded in 2020 an increase of 56%. The import price peaked in 2022 and is expected to retain growth in the near future.

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 Switzerland ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+11.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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