November 2024 witnessed many fluctuations in the packaging export market, when businesses in the industry not only faced development opportunities but also faced a number of major challenges. In the context of the world economy still recovering from the pandemic and the political and social situation in many regions is still unstable, the packaging market is no exception. Below are updates on the packaging export situation in November.
1. Packaging export growth: A positive sign
According to a report from the General Department of Vietnam Customs and the Import-Export Department – Ministry of Industry and Trade, Vietnam’s packaging export market in November continued to maintain a stable growth rate. Plastic packaging products are exported to many markets such as the US, Japan, EU countries and Southeast Asia.
Potential markets such as the US and Japan have become important partners of the Vietnamese packaging industry, with demand for high-quality packaging that meets strict standards. This is an opportunity for packaging manufacturers, including Hanpak, to continue to affirm their position and develop more strongly.
2. Challenges: Fluctuations in raw materials and prices
One of the biggest problems that packaging companies faced in November was the fluctuation in input material prices. According to a report by the Vietnam Packaging Association (VPA), the prices of plastics and other materials used in packaging production have increased sharply, putting significant pressure on packaging companies. This has led to some manufacturers having to adjust their pricing strategies and find ways to save production costs while still ensuring product quality.
In addition, the shortage of raw materials, especially recycled plastics, has also caused many businesses to face difficulties in maintaining production progress. These factors have significantly impacted the supply capacity of packaging companies, and especially the fierce competition in winning export contracts.
3. Prospects in the coming time
In general, despite facing certain difficulties, the packaging export market is still on the path of positive development. With positive signals from major markets, combined with a strong shift to sustainable packaging, Vietnamese packaging enterprises will continue to have the opportunity to expand market share and increase exports in the last month of 2024.
Hanpak, with its many years of experience in the packaging industry and its commitment to providing high-quality products, will continue to stay ahead of market trends, promote the application of green packaging solutions and meet the strict demands of international customers. We believe that, with its relentless efforts, the Vietnamese packaging industry will reach further on the global export map.
For more information about bags made by Hanpak, a leading manufcaturer in Vietnam or other plastic bag products, please feel free to contact us.
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References:
- Report from the General Department of Vietnam Customs (2024)
- Vietnam Packaging Association (VPA) (2024)
- United Nations Environment Program (UNEP) – Sustainable Packaging Trends Report 2024.