Vietnam: Tungsten Market 2024

Tungsten Market Size in Vietnam

The Vietnamese tungsten market soared to $X in 2022, rising by X% against the previous year. Over the period under review, consumption, however, showed a noticeable contraction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Tungsten Production in Vietnam

In value terms, tungsten production surged to $X in 2022 estimated in export price. Over the period under review, production enjoyed a mild increase. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

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Tungsten Exports

Exports from Vietnam

Tungsten exports from Vietnam skyrocketed to X tons in 2022, rising by X% compared with the previous year's figure. Overall, exports recorded prominent growth. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, tungsten exports soared to $X in 2022. Over the period under review, exports enjoyed a strong expansion. The pace of growth was the most pronounced in 2017 when exports increased by X%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The Netherlands (X tons), the United States (X tons) and Japan (X tons) were the main destinations of tungsten exports from Vietnam, with a combined X% share of total exports.

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

In value terms, the largest markets for tungsten exported from Vietnam were the Netherlands ($X), Hong Kong SAR ($X) and the United States ($X), together accounting for X% of total exports. Japan, Germany, the UK and India lagged somewhat behind, together comprising a further X%.

Japan, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of 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

The average tungsten export price stood at $X per ton in 2022, shrinking by X% against the previous year. Overall, the export price continues to indicate a perceptible slump. The pace of growth appeared the most rapid in 2018 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to India ($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 Hong Kong SAR (X%), while the prices for the other major destinations experienced mixed trend patterns.

Tungsten Imports

Imports into Vietnam

In 2022, overseas purchases of tungsten increased by X% to X tons, rising for the second year in a row after three years of decline. Overall, imports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, tungsten imports soared to $X in 2022. In general, imports, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2021 with an increase of X%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest tungsten supplier to Vietnam, with a X% share of total imports. Moreover, tungsten imports from China exceeded the figures recorded by the second-largest supplier, Italy (X tons), sevenfold. The third position in this ranking was held by South Korea (X kg), with a X% share.

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

In value terms, China ($X) constituted the largest supplier of tungsten to Vietnam, comprising X% of total imports. The second position in the ranking was taken by Italy ($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: Italy (X% per year) and South Korea (X% per year).

Import Prices by Country

The average tungsten import price stood at $X per ton in 2022, rising by X% against the previous year. Overall, the import price, however, showed a pronounced setback. The most prominent rate of growth was recorded in 2013 when the average import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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