Vietnam: Tin Market 2024

Tin Market Size in Vietnam

The Vietnamese tin market expanded slightly to $X in 2022, increasing by 1.6% against the previous year. Over the period under review, the total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +7.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -1.4% against 2020 indices. Tin consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Tin Production in Vietnam

In value terms, tin production rose to $X in 2022 estimated in export price. In general, the total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +7.3% 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 -3.6% against 2020 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 68%. Tin production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Tin Exports

Exports from Vietnam

In 2022, overseas shipments of tin increased by 7.4% to X tons for the first time since 2016, thus ending a five-year declining trend. Overall, exports, however, continue to indicate a deep slump. The most prominent rate of growth was recorded in 2016 when exports increased by 66% 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, tin exports declined slightly to $X in 2022. Over the period under review, exports, however, faced a abrupt contraction. The most prominent rate of growth was recorded in 2013 when exports increased by 62% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Thailand (X tons) was the main destination for tin exports from Vietnam, with a 37% share of total exports. Moreover, tin exports to Thailand exceeded the volume sent to the second major destination, Malaysia (X tons), threefold. The third position in this ranking was held by Russia (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Thailand stood at +10.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-20.6% per year) and Russia (-5.9% per year).

In value terms, Thailand ($X), Russia ($X) and Malaysia ($X) were the largest markets for tin exported from Vietnam worldwide, with a combined 62% share of total exports.

In terms of the main countries of destination, Thailand, with a CAGR of +11.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average tin export price stood at $X per ton in 2022, shrinking by -10.5% against the previous year. Overall, export price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tin export price increased by +44.6% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 27% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2021, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to South Korea ($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 Russia (+11.6%), while the prices for the other major destinations experienced more modest paces of growth.

Tin Imports

Imports into Vietnam

Tin imports into Vietnam fell to X tons in 2022, shrinking by -8.8% on 2021 figures. In general, imports saw a abrupt setback. The pace of growth was the most pronounced in 2019 with an increase of 66%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, tin imports contracted significantly to $X in 2022. Over the period under review, imports showed a abrupt setback. The growth pace was the most rapid in 2021 with an increase of 60% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Lao People's Democratic Republic (X tons), Indonesia (X tons) and Hong Kong SAR (X tons) were the main suppliers of tin imports to Vietnam, together comprising 68% of total imports. Malaysia, Thailand, Taiwan (Chinese), China and Japan lagged somewhat behind, together comprising a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +42.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Hong Kong SAR ($X) and Malaysia ($X) were the largest tin suppliers to Vietnam, together comprising 64% of total imports. China, Thailand, Japan, Taiwan (Chinese) and Lao People's Democratic Republic lagged somewhat behind, together accounting for a further 27%.

In terms of the main suppliers, China, with a CAGR of +51.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average tin import price stood at $X per ton in 2022, with a decrease of -10.9% against the previous year. Over the last decade, it increased at an average annual rate of +3.8%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 53%. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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 Japan ($X per ton), while the price for Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+12.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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