Vietnam: Twine And Cordage Market 2024

Twine And Cordage Market Size in Vietnam

After two years of growth, the Vietnamese twine and cordage market decreased by -8.2% to $X in 2022. Over the period under review, consumption showed a noticeable decline. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Twine And Cordage Production in Vietnam

In value terms, twine and cordage production rose to $X in 2022 estimated in export price. Overall, the total production indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.5% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 26%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Twine And Cordage Exports

Exports from Vietnam

In 2022, twine and cordage exports from Vietnam expanded significantly to X tons, growing by 6.7% against 2021. In general, exports showed significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 56% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, twine and cordage exports shrank to $X in 2022. Over the period under review, exports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2013 when exports increased by 48%. Over the period under review, the exports reached the maximum at $X in 2021, and then shrank modestly in the following year.

Exports by Country

The United States (X tons) was the main destination for twine and cordage exports from Vietnam, accounting for a 53% share of total exports. Moreover, twine and cordage exports to the United States exceeded the volume sent to the second major destination, Chile (X tons), fivefold. Myanmar (X tons) ranked third in terms of total exports with an 8% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +27.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+35.7% per year) and Myanmar (+99.1% per year).

In value terms, the United States ($X) remains the key foreign market for twine, cordage, rope and cables exports from Vietnam, comprising 56% of total exports. The second position in the ranking was held by Chile ($X), with a 9% share of total exports. It was followed by Japan, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +25.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+33.7% per year) and Japan (+3.2% per year).

Export Prices by Country

In 2022, the average twine and cordage export price amounted to $X per ton, falling by -7.2% against the previous year. Over the period under review, the export price saw a noticeable descent. The most prominent rate of growth was recorded in 2021 an increase of 14%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a 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 Australia ($X per ton), while the average price for exports to Myanmar ($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 Indonesia (+14.1%), while the prices for the other major destinations experienced mixed trend patterns.

Twine And Cordage Imports

Imports into Vietnam

In 2022, approx. X tons of twine, cordage, rope and cables were imported into Vietnam; surging by 1.7% compared with 2021 figures. Overall, imports enjoyed a strong expansion. The growth pace was the most rapid in 2015 with an increase of 26%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, twine and cordage imports reduced to $X in 2022. In general, total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +27.2% against 2018 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 21%. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of twine and cordage to Vietnam, accounting for a 81% share of total imports. Moreover, twine and cordage imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X tons), more than tenfold. The third position in this ranking was held by Japan (X tons), with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +24.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+12.0% per year) and Japan (+3.3% per year).

In value terms, China ($X) constituted the largest supplier of twine, cordage, rope and cables to Vietnam, comprising 64% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 22% share of total imports. It was followed by Japan, with a 2.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +22.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+15.0% per year) and Japan (-2.9% per year).

Import Prices by Country

In 2022, the average twine and cordage import price amounted to $X per ton, falling by -8% against the previous year. In general, the import price recorded a perceptible downturn. The pace of growth appeared the most rapid in 2021 when the average import price increased by 21%. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :