Musical Instrument Strings Price in Vietnam - 2022

Contents:

1. Musical Instrument Strings Price in Vietnam (CIF) - 2022
2. Musical Instrument Strings Price in Vietnam (FOB) - 2022
3. Musical Instrument Strings Imports in Vietnam
4. Musical Instrument Strings Exports in Vietnam

Musical Instrument Strings Price in Vietnam (CIF) - 2022

The average musical instrument strings import price stood at $2.5 per unit in 2022, therefore, remained relatively stable against the previous year. Overall, the import price, however, saw a slight descent. The most prominent rate of growth was recorded in 2016 an increase of 40% against the previous year. Over the period under review, average import prices reached the maximum at $2.8 per unit in 2012; however, from 2013 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 South Korea ($3.3 per unit), while the price for Japan ($1.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+4.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Musical Instrument Strings Price in Vietnam (FOB) - 2022

The average musical instrument strings export price stood at $1 per unit in 2022, increasing by 6.7% against the previous year. In general, the export price, however, showed a pronounced decrease. The most prominent rate of growth was recorded in 2015 when the average export price increased by 101% against the previous year. As a result, the export price attained the peak level of $2.2 per unit. From 2016 to 2022, the average 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 Norway ($2.9 per unit), while the average price for exports to Luxembourg ($0.4 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 Switzerland (+9.1%), while the prices for the other major destinations experienced mixed trend patterns.

Musical Instrument Strings Imports in Vietnam

In 2022, purchases abroad of musical instrument stringses increased by 3% to 231K units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, recorded a deep contraction. Over the period under review, imports hit record highs at 281K units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, musical instrument strings imports expanded slightly to $580K in 2022. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 5.1% against the previous year. As a result, imports reached the peak of $601K. From 2021 to 2022, the growth of imports remained at a lower figure.

Top Suppliers of Musical Instrument Strings to Vietnam in 2022:

1. United States (120.8K units)
2. China (74.9K units)
3. Japan (9.2K units)
4. Thailand (2.4K units)

Musical Instrument Strings Exports in Vietnam

Musical instrument strings exports from Vietnam soared to 14K units in 2022, rising by 96% compared with the previous year. In general, exports enjoyed significant growth. The pace of growth was the most pronounced in 2020 with an increase of 259%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, musical instrument strings exports skyrocketed to $14K in 2022. Overall, exports recorded a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 574% against the previous year. As a result, the exports attained the peak of $21K. From 2021 to 2022, the growth of the exports failed to regain momentum.

Top Export Markets for Musical Instrument Strings from Vietnam in 2022:

1. Chile (6.2K units)
2. Switzerland (4.0K units)
3. Canada (1.1K units)
4. South Korea (0.9K units)
5. Luxembourg (0.4K units)
6. Dominican Republic (0.4K units)
7. Norway (0.3K units)

Source: IndexBox Market Intelligence Platform