Vietnam: Winding Wire Market 2024

Winding Wire Market Size in Vietnam

After six years of growth, the Vietnamese winding wire market decreased by -33.3% to $X in 2022. Over the period under review, consumption, however, enjoyed pronounced growth. Over the period under review, the market attained the peak level at $X in 2021, and then dropped markedly in the following year.

Winding Wire Exports

Exports from Vietnam

In 2022, approx. X tons of winding wire for electrical purposes were exported from Vietnam; surging by 5.7% against the previous year's figure. In general, exports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2021 with an increase of 55%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, winding wire exports rose notably to $X in 2022. Over the period under review, exports posted buoyant growth. The pace of growth was the most pronounced in 2021 with an increase of 60%. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in years to come.

Exports by Country

The Philippines (X tons), the United States (X tons) and Singapore (X tons) were the main destinations of winding wire exports from Vietnam, together comprising 54% of total exports. China, South Korea, Thailand, Indonesia, Japan, Cambodia, Malaysia, Bangladesh, Taiwan (Chinese) and Mozambique lagged somewhat behind, together accounting for a further 37%.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +69.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for winding wire exported from Vietnam were the United States ($X), the Philippines ($X) and Bangladesh ($X), together comprising 40% of total exports. Singapore, Indonesia, China, Japan, South Korea, Thailand, Cambodia, Malaysia, Taiwan (Chinese) and Mozambique lagged somewhat behind, together comprising a further 49%.

In terms of the main countries of destination, China, with a CAGR of +64.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average winding wire export price amounted to $X per ton, increasing by 8.7% against the previous year. Over the period under review, the export price, however, recorded a slight reduction. The growth pace was the most rapid in 2018 an increase of 19% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

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 Bangladesh ($X per ton), while the average price for exports to Singapore ($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 Mozambique (+18.6%), while the prices for the other major destinations experienced more modest paces of growth.

Winding Wire Imports

Imports into Vietnam

In 2022, supplies from abroad of winding wire for electrical purposes decreased by -29.8% to X tons, falling for the second year in a row after nine years of growth. Over the period under review, imports, however, continue to indicate moderate growth. The most prominent rate of growth was recorded in 2016 when imports increased by 34%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, winding wire imports declined rapidly to $X in 2022. Overall, imports, however, posted a buoyant expansion. The pace of growth appeared the most rapid in 2017 with an increase of 24% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then fell markedly in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest winding wire supplier to Vietnam, with a 51% share of total imports. Moreover, winding wire imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), fourfold. The third position in this ranking was taken by South Korea (X tons), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +15.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-0.9% per year) and South Korea (+2.1% per year).

In value terms, China ($X) constituted the largest supplier of winding wire for electrical purposes to Vietnam, comprising 52% of total imports. The second position in the ranking was taken by Thailand ($X), with an 11% share of total imports. It was followed by South Korea, with a 9.1% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +14.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-0.0% per year) and South Korea (+5.4% per year).

Import Prices by Country

The average winding wire import price stood at $X per ton in 2022, increasing by 4.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 33%. The import price peaked in 2022 and is expected to retain growth in the near future.

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 ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+10.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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