Vietnam: Stranded Wire Market 2024

Stranded Wire Market Size in Vietnam

The Vietnamese stranded wire market fell to $X in 2022, shrinking by X% against the previous year. Overall, consumption faced a drastic downturn. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Stranded Wire Production in Vietnam

In value terms, stranded wire production rose to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Stranded wire production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

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Stranded Wire Exports

Exports from Vietnam

In 2022, stranded wire exports from Vietnam was estimated at X tons, growing by X% compared with 2021 figures. Overall, exports saw a strong increase. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in the immediate term.

In value terms, stranded wire exports surged to $X in 2022. In general, exports saw a prominent increase. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in years to come.

Exports by Country

The United States (X tons) was the main destination for stranded wire exports from Vietnam, accounting for a X% share of total exports. Moreover, stranded wire exports to the United States exceeded the volume sent to the second major destination, South Korea (X tons), sixfold. Belgium (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (X% per year) and Belgium (X% per year).

In value terms, the United States ($X) remains the key foreign market for stranded wire, ropes and cables exports from Vietnam, comprising X% of total exports. The second position in the ranking was held by the Philippines ($X), with a X% share of total exports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (X% per year) and South Korea (X% per year).

Export Prices by Country

In 2022, the average stranded wire export price amounted to $X per ton, rising by X% against the previous year. In general, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average export price increased by X%. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

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 the Philippines ($X per ton), while the average price for exports to Finland ($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 the Philippines (X%), while the prices for the other major destinations experienced more modest paces of growth.

Stranded Wire Imports

Imports into Vietnam

In 2022, after four years of growth, there was decline in purchases abroad of stranded wire, ropes and cables, when their volume decreased by X% to X tons. Over the period under review, imports, however, posted a remarkable increase. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then contracted in the following year.

In value terms, stranded wire imports soared to $X in 2022. Overall, total imports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2017 indices. The pace of growth was the most pronounced in 2018 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest stranded wire supplier to Vietnam, accounting for a X% share of total imports. Moreover, stranded wire imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), more than tenfold. South Korea (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and South Korea (X% per year).

In value terms, China ($X) constituted the largest supplier of stranded wire, ropes and cables to Vietnam, comprising X% of total imports. The second position in the ranking was held by Thailand ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

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

Import Prices by Country

In 2022, the average stranded wire import price amounted to $X per ton, jumping by X% against the previous year. Overall, the import price, however, showed a perceptible decline. The import price peaked at $X per ton in 2014; however, from 2015 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 Japan ($X per ton), while the price for Indonesia ($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 (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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