Vietnam’s import of aluminium stranded wire during 2019-21 unveils rise in import demand followed by de-growth

The Delta variant of COVID-19 impacted the stride of Vietnam’s economic growth, as it is envisioned to remain moderate at 2.3% in 2021 when compared to the 2.9% growth rate record in 2020. However, a strong recovery in GDP growth momentum is forecasted for 2022, at a rate of 6.3% Y-o-Y, due to an increase in vaccine rollout supported gradually restricts the pandemic and permits a gradual reopening of international tourism.

The Southeast Asian country, Vietnam imported 22,595 tonnes of aluminium stranded wire during 2019-20 incurring revenue expenditure of $66.98 million for the import.

In 2019, Vietnam’s import of aluminium stranded wire was registered at 10,382 tonnes and the expenditure occurred was $27.14 million, whereas, in 2020, the import witnessed growth by 17.63%, as the import volume surged to 12,213 tonnes and expenditure accounted to $39.84 million.

The import of aluminium stranded wire in 2021 is anticipated to drop by 20.76%, as the import volume is predicted to dip at 9677 tonnes, while the expenditure remains at $39.52 million.

The major trading destinations for Vietnam's import of aluminium stranded wire are China, Germany, Indonesia, Japan, Singapore, Taiwan, etc.