Gold Rush: The Lucrative Investment Targeted by the US, Japan, and Thailand: Projected to Generate Over $500 Million in 2023, Ranking 9th Worldwide

In December alone, this product raked in over 63 million USD.

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Vietnam possesses a product that ranks 9th in the world with an average annual growth rate of 8.2%: ceramics and porcelain. According to preliminary statistics from the General Department of Customs, ceramic and porcelain exports in December earned over $63 million, a 4.9% increase compared to November. For the whole year of 2023, this product earned over $618 million, a decrease of 13% compared to 2022.

In terms of markets, the United States is the largest market for Vietnamese ceramics and porcelain, with over $132 million in 2023, although decreased by 15% compared to 2022. Japan is the second largest market with over $93 million, a 10% decrease compared to the same period. The third is Taiwan (China) with over $68 million, a 1% increase compared to last year.

Source: General Department of Customs

Thailand has remarkably emerged as the 4th largest export market for Vietnamese ceramics and porcelain, earning over $39 million, with a growth rate of 19% compared to 2022.

Source: General Department of Customs

On average per year, the ceramic and porcelain production industry has contributed over $3 billion per year to Vietnam’s GDP. According to the Ministry of Construction, with the current production capacity and technological level, Vietnam is one of the top 10 countries in the world in terms of ceramic and porcelain production, as well as the fourth largest country in terms of tile production. In addition to supplying the domestic market, Vietnam’s ceramic and porcelain products have been exported to many countries around the world, including ASEAN, Northeast Asia, Europe, and the United States. In particular, in 2022, export revenue reached over $220 million.

According to Eurostat, Vietnam is currently the second largest external supplier of artistic ceramics for the European market in the first half of 2023. The implementation of the Vietnam-EU Free Trade Agreement (EVFTA) has opened up many export opportunities for handicraft products in general and artistic ceramics in particular. Vietnamese ceramics have been present in 27 countries and territories.

In 2022, ceramic and porcelain exports brought in over $710 million for Vietnam, an increase of 5.3% compared to 2021. Moving to 2023, due to the impact of the global economic situation, handicraft and artistic products faced many difficulties as they are not essential consumer goods in the context of people in all countries tightening their spending due to concerns about inflation and economic recession.

It is forecasted that Vietnamese artistic ceramic exports in the coming months will continue to face many difficulties. Therefore, in addition to traditional export markets, businesses should focus on exploring other markets such as China, India, South Korea, Taiwan (China), Brazil, etc.

According to experts, the export potential of construction ceramics is huge due to the increasing demand for new building materials. Ceramic materials are widely used in the structural details of construction projects, from construction blocks, floor tiles, wall cladding to hollow aggregate for lightweight concrete. 

SOURCEcafef
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