Vietnam: Timer Market 2024

Timer Market Size in Vietnam

The Vietnamese timer market skyrocketed to $X in 2022, surging by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a significant expansion. Timer consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Timer Exports

Exports from Vietnam

In 2022, shipments abroad of timers increased by X% to X units, rising for the second year in a row after three years of decline. Overall, exports, however, saw a perceptible contraction. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, timer exports surged to $X in 2022. Over the period under review, exports, however, recorded a abrupt setback. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Singapore (X units) was the main destination for timer exports from Vietnam, accounting for a X% share of total exports. Moreover, timer exports to Singapore exceeded the volume sent to the second major destination, Malaysia (X units), more than tenfold. Lao People's Democratic Republic (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Singapore amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and Lao People's Democratic Republic (X% per year).

In value terms, the largest markets for timer exported from Vietnam were Singapore ($X), Malaysia ($X) and Lao People's Democratic Republic ($X), together accounting for X% of total exports.

Singapore, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main countries of destination 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 timer export price amounted to $X per unit, declining by X% against the previous year. Overall, the export price showed a noticeable curtailment. The pace of growth was the most pronounced in 2018 an increase of X%. As a result, the export price reached the peak level of $X per unit. From 2019 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Myanmar ($X per unit), while the average price for exports to Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Timer Imports

Imports into Vietnam

In 2022, purchases abroad of timers was finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports continue to indicate significant growth. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, timer imports soared to $X in 2022. In general, imports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2017 when imports increased by X%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of timer to Vietnam, with a X% share of total imports. Moreover, timer imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X units), fourfold. The third position in this ranking was taken by Indonesia (X units), 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: South Korea (X% per year) and Indonesia (X% per year).

In value terms, China ($X) constituted the largest supplier of timers to Vietnam, comprising X% of total imports. The second position in the ranking was taken by South Korea ($X), with an X% share of total imports. It was followed by Indonesia, with a X% share.

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

Import Prices by Country

The average timer import price stood at $X per unit in 2022, approximately reflecting the previous year. Overall, the import price continues to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2014 when the average import price increased by X% against the previous year. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were China ($X per unit) and South Korea ($X per unit), while the price for Taiwan (Chinese) ($X per unit) and Indonesia ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform