Vietnam: Granite Building Stone Market 2024

Granite Building Stone Market Size in Vietnam

The Vietnamese granite building stone market fell to $X in 2021, with a decrease of -7.8% against the previous year. Overall, the total consumption indicated a slight increase from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +4.1% against 2019 indices. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Granite Building Stone Production in Vietnam

In value terms, granite building stone production dropped to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the production volume increased by 29% against the previous year. Granite building stone production peaked at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

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Granite Building Stone Exports

Exports from Vietnam

In 2021, after two years of growth, there was significant decline in overseas shipments of granite building stone, when their volume decreased by -19.5% to X tons. In general, exports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 94% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, granite building stone exports declined notably to $X in 2021. Overall, total exports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +8.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +24.9% against 2017 indices. The most prominent rate of growth was recorded in 2013 with an increase of 71%. The exports peaked at $X in 2020, and then reduced remarkably in the following year.

Exports by Country

Turkey (X tons) was the main destination for granite building stone exports from Vietnam, accounting for a 39% share of total exports. Moreover, granite building stone exports to Turkey exceeded the volume sent to the second major destination, Romania (X tons), threefold. Taiwan (Chinese) (X tons) ranked third in terms of total exports with a 9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Turkey amounted to +17.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+49.8% per year) and Taiwan (Chinese) (+7.9% per year).

In value terms, Turkey ($X) remains the key foreign market for granite building stone exports from Vietnam, comprising 39% of total exports. The second position in the ranking was taken by Romania ($X), with a 17% share of total exports. It was followed by Taiwan (Chinese), with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Turkey totaled +16.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+49.8% per year) and Taiwan (Chinese) (+3.7% per year).

Export Prices by Country

In 2021, the average granite building stone export price amounted to $X per ton, shrinking by -4.8% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 29% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Romania ($X per ton), while the average price for exports to Singapore ($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 Belgium (+5.9%), while the prices for the other major destinations experienced more modest paces of growth.

Granite Building Stone Imports

Imports into Vietnam

In 2021, supplies from abroad of granite building stone decreased by -5.5% to X tons, falling for the third year in a row after seven years of growth. Overall, imports, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2018 with an increase of 263% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, granite building stone imports expanded modestly to $X in 2021. In general, imports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2018 when imports increased by 188% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, India (X tons) constituted the largest supplier of granite building stone to Vietnam, with a 76% share of total imports. Moreover, granite building stone imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), fivefold. The third position in this ranking was held by Cambodia (X tons), with a 4.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from India stood at +77.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-6.5% per year) and Cambodia (+42.7% per year).

In value terms, India ($X) constituted the largest supplier of granite building stone to Vietnam, comprising 77% of total imports. The second position in the ranking was taken by China ($X), with a 15% share of total imports. It was followed by Cambodia, with a 5% share.

From 2012 to 2021, the average annual growth rate of value from India totaled +67.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-5.2% per year) and Cambodia (+40.6% per year).

Import Prices by Country

In 2021, the average granite building stone import price amounted to $X per ton, rising by 8.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.2%. The growth pace was the most rapid in 2019 an increase of 36% against the previous year. Over the period under review, average import prices reached the peak figure in 2021 and is likely to see steady growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Brazil ($X per ton) and India ($X per ton), while the price for China ($X per ton) and Cambodia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+1.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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