The import value of polymers of styrene to Vietnam has shown fluctuating trends from 2013 through 2023. The value stood at $753.73 million in 2023, experiencing a year-on-year increase of 3.37%. While the early part of the decade saw some declines, recent years have indicated a recovery, with the CAGR over the past five years clocking in at 3.79%. The significant growth periods include 2017 and 2021 with jumps of 44.86% and 18.77% respectively. Conversely, years like 2015 and 2020 saw marked decreases.
Looking ahead to the forecast period from 2024 to 2028, the annual imports are expected to grow, reaching $879.87 million by the end of the period. The forecasted five-year CAGR stands at 2.49%, underpinning steady growth.
Future trends to watch include potential impacts of global trade policies, developments in local manufacturing capabilities, and technological advancements in polymer production which may drive further demand. External economic factors and shifts in related industries could also influence import volumes and values.
