Vietnam: Wood Tool Market 2024

Wood Tool Market Size in Vietnam

In 2021, after three years of growth, there was significant decline in the Vietnamese wood tool market, when its value decreased by -13.3% to $X. In general, consumption saw a relatively flat trend pattern. Wood tool consumption peaked at $X in 2020, and then contracted in the following year.

Wood Tool Production in Vietnam

In value terms, wood tool production reduced to $X in 2021 estimated in export price. In general, the total production indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +2.8% 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 +20.5% against 2017 indices. The growth pace was the most rapid in 2015 when the production volume increased by 26% against the previous year. Over the period under review, production attained the peak level at $X in 2020, and then fell in the following year.

Wood Tool Exports

Exports from Vietnam

In 2021, shipments abroad of tools of wood was finally on the rise to reach X tons after four years of decline. In general, exports posted a buoyant expansion. The growth pace was the most rapid in 2013 when exports increased by 122%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, wood tool exports skyrocketed to $X in 2021. Over the period under review, exports saw a resilient increase. The most prominent rate of growth was recorded in 2014 with an increase of 50%. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

Egypt (X tons), India (X tons) and Lebanon (X tons) were the main destinations of wood tool exports from Vietnam, with a combined 63% share of total exports.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +52.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for wood tool exported from Vietnam were Egypt ($X), India ($X) and the United States ($X), with a combined 71% share of total exports.

India, with a CAGR of +102.3%, saw 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 2021, the average wood tool export price amounted to $X per ton, falling by -7.9% against the previous year. Over the period under review, the export price, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2020 an increase of 60% against the previous year. As a result, the export price reached the peak level of $X per ton, and then shrank in the following year.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Lebanon ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+33.1%), while the prices for the other major destinations experienced more modest paces of growth.

Wood Tool Imports

Imports into Vietnam

In 2021, the amount of tools of wood imported into Vietnam soared to X tons, growing by 50% on the previous year. In general, imports showed slight growth. The pace of growth appeared the most rapid in 2019 when imports increased by 392%. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, wood tool imports skyrocketed to $X in 2021. Overall, imports continue to indicate resilient growth. The growth pace was the most rapid in 2019 with an increase of 425%. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest wood tool supplier to Vietnam, accounting for a 53% share of total imports. Moreover, wood tool imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 9.8% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +14.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+32.9% per year) and Taiwan (Chinese) (-16.4% per year).

In value terms, China ($X) constituted the largest supplier of tools of wood to Vietnam, comprising 55% of total imports. The second position in the ranking was held by Japan ($X), with a 20% share of total imports. It was followed by Taiwan (Chinese), with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +19.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+43.9% per year) and Taiwan (Chinese) (-17.4% per year).

Import Prices by Country

In 2021, the average wood tool import price amounted to $X per ton, with an increase of 26% against the previous year. Over the last nine-year period, it increased at an average annual rate of +4.4%. The growth pace was the most rapid in 2013 an increase of 29% against the previous year. Over the period under review, average import prices attained the peak figure in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+8.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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