Vietnam: Iron Household Articles Market 2024

Iron Household Articles Market Size in Vietnam

The Vietnamese iron household articles market expanded sharply to $X in 2021, increasing by 10% against the previous year. Overall, the total consumption indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +14.6% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Iron Household Articles Production in Vietnam

In value terms, iron household articles production contracted to $X in 2021 estimated in export price. Overall, the total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +8.1% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 60% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Iron Household Articles Exports

Exports from Vietnam

In 2021, shipments abroad of table, kitchen or household articles and parts of iron decreased by -69% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 113% against the previous year. As a result, the exports attained the peak of X tons, and then contracted rapidly in the following year.

In value terms, iron household articles exports declined markedly to $X in 2021. Over the period under review, exports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 103% against the previous year. As a result, the exports reached the peak of $X, and then declined markedly in the following year.

Exports by Country

The United States (X tons), Australia (X tons) and Japan (X tons) were the main destinations of iron household articles exports from Vietnam, with a combined 65% share of total exports. These countries were followed by Germany, the Netherlands, South Korea, Sweden, the UK and Italy, which together accounted for a further 26%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +62.8%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Australia ($X) and Japan ($X) constituted the largest markets for iron household articles exported from Vietnam worldwide, with a combined 65% share of total exports. These countries were followed by Germany, the Netherlands, South Korea, Sweden, the UK and Italy, which together accounted for a further 26%.

South Korea, with a CAGR of +74.6%, recorded the highest growth rate of 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 2021, the average iron household articles export price amounted to $X per ton, growing by 27% against the previous year. In general, export price indicated a resilient expansion from 2012 to 2021: its price increased at an average annual rate of +7.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major overseas markets. In 2021, amid the top suppliers, the countries with the highest prices were Australia ($X per ton) and the United States ($X per ton), while the average price for exports to the UK ($X per ton) and Italy ($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 Sweden (+7.3%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Household Articles Imports

Imports into Vietnam

In 2021, purchases abroad of table, kitchen or household articles and parts of iron decreased by -6.4% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, imports, however, continue to indicate a significant increase. The pace of growth was the most pronounced in 2014 when imports increased by 94%. Imports peaked at X tons in 2020, and then declined in the following year.

In value terms, iron household articles imports stood at $X in 2021. In general, imports, however, enjoyed significant growth. The pace of growth was the most pronounced in 2014 with an increase of 118% against the previous year. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, China (X tons) was the main supplier of iron household articles to Vietnam, with a 96% share of total imports. It was followed by South Korea (X tons), with a 0.5% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China stood at +23.9%.

In value terms, China ($X) constituted the largest supplier of table, kitchen or household articles and parts of iron to Vietnam, comprising 96% of total imports. The second position in the ranking was held by South Korea ($X), with a 0.5% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China stood at +25.5%.

Import Prices by Country

The average iron household articles import price stood at $X per ton in 2021, increasing by 11% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2014 when the average import price increased by 12% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for China amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+1.3%).

Source: IndexBox Platform

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