Vietnam: Sunflower Seed Market 2024

Sunflower Seed Market Size in Vietnam

The Vietnamese sunflower seed market was finally on the rise to reach $X in 2022, after two years of decline. In general, consumption, however, continues to indicate a noticeable setback. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Sunflower Seed Exports

Exports from Vietnam

In 2022, overseas shipments of sunflower seed decreased by -34.3% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports recorded a pronounced decrease. The most prominent rate of growth was recorded in 2020 when exports increased by 291% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, sunflower seed exports dropped dramatically to $X in 2022. Over the period under review, exports, however, continue to indicate pronounced growth. The most prominent rate of growth was recorded in 2013 when exports increased by 577% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Canada (X tons) was the main destination for sunflower seed exports from Vietnam, accounting for a 67% share of total exports. Moreover, sunflower seed exports to Canada exceeded the volume sent to the second major destination, Spain (X tons), fivefold. Singapore (X tons) ranked third in terms of total exports with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada amounted to +12.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (0.0% per year) and Singapore (+33.1% per year).

In value terms, Canada ($X) emerged as the key foreign market for sunflower seed exports from Vietnam, comprising 61% of total exports. The second position in the ranking was taken by Spain ($X), with a 20% share of total exports. It was followed by Singapore, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Canada totaled +4.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (0.0% per year) and Singapore (+36.6% per year).

Export Prices by Country

The average sunflower seed export price stood at $X per ton in 2022, with a decrease of -6.6% against the previous year. In general, the export price, however, showed a strong increase. The pace of growth appeared the most rapid in 2013 when the average export price increased by 140% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

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 Singapore ($X per ton), while the average price for exports to Lao People's Democratic Republic ($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 Singapore (+2.6%), while the prices for the other major destinations experienced a decline.

Sunflower Seed Imports

Imports into Vietnam

After two years of decline, overseas purchases of sunflower seed increased by 44% to X tons in 2022. Over the period under review, imports, however, saw a pronounced descent. The pace of growth was the most pronounced in 2015 with an increase of 91%. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, sunflower seed imports skyrocketed to $X in 2022. Overall, imports, however, saw a perceptible decrease. The pace of growth appeared the most rapid in 2013 with an increase of 52% against the previous year. Over the period under review, imports reached the maximum at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) was the main sunflower seed supplier to Vietnam, accounting for a 98% share of total imports. It was followed by Japan (X tons), with a 0.7% share of total imports. Bulgaria (X tons) ranked third in terms of total imports with a 0.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +17.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+27.8% per year) and Bulgaria (-46.5% per year).

In value terms, China ($X) constituted the largest supplier of sunflower seed to Vietnam, comprising 99% of total imports. The second position in the ranking was taken by Japan ($X), with a 0.6% share of total imports. It was followed by Bulgaria, with a 0.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +11.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+9.8% per year) and Bulgaria (-49.5% per year).

Import Prices by Country

In 2022, the average sunflower seed import price amounted to $X per ton, picking up by 5.6% against the previous year. Over the period under review, the import price, however, saw a slight descent. The most prominent rate of growth was recorded in 2017 an increase of 39% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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 Moldova ($X per ton), while the price for Bulgaria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Moldova (+37.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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