Mexico's Table Flatware Price Slumps 13% to $9,255 per Ton, Fluctuating Wildly over 2022

Mexico Table Flatware Import Price in July 2022

In July 2022, the table flatware price stood at $9,255 per ton (CIF, Mexico), dropping by -12.9% against the previous month. Overall, the import price recorded a noticeable decline. The pace of growth was the most pronounced in June 2022 an increase of 35% month-to-month. Over the period under review, average import prices attained the peak figure at $11,460 per ton in January 2022; however, from February 2022 to July 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In July 2022, the country with the highest price was Vietnam ($20,841 per ton), while the price for China ($8,495 per ton) was amongst the lowest.

From January 2022 to July 2022, the most notable rate of growth in terms of prices was attained by India (+4.4%), while the prices for the other major suppliers experienced a decline.

Mexico Table Flatware Import Prices by Type

There were significant differences in the average prices amongst the major supplied products. In July 2022, the product with the highest price was cutlery; (eg spoons, forks, ladles, skimmers, cake-servers, fish-knives, butter-knives, sugar tongs and similar), plated with precious metal, not in sets ($33.6 per kg), while the price for cutlery; sets of assorted articles (eg spoons, forks, ladles, skimmers, cake-servers, fish-knives, butter knives, sugar tongs and similar), not plated with precious metal ($6,283 per ton) was amongst the lowest.

From January 2022 to July 2022, the most notable rate of growth in terms of prices was attained by cutlery; other than plated with precious metal (+1.7%), while the prices for the other products experienced mixed trend patterns.

Mexico Table Flatware Imports

In July 2022, approximately 355 tons of table flatware were imported into Mexico; rising by 19% compared with June 2022 figures. Over the period under review, total imports indicated prominent growth from January 2022 to July 2022: its volume increased at an average monthly rate of +5.5% over the last six-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on July 2022 figures, imports decreased by -11.5% against March 2022 indices. The pace of growth appeared the most rapid in March 2022 with an increase of 83% against the previous month. As a result, imports reached the peak of 401 tons; afterwards, it flattened through to July 2022.

In value terms, table flatware imports amounted to $3.3M (IndexBox estimates) in July 2022. Overall, total imports indicated a slight increase from January 2022 to July 2022: its value increased at an average monthly rate of +1.8% over the last six months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on July 2022 figures, imports increased by +65.5% against April 2022 indices. The pace of growth appeared the most rapid in March 2022 when imports increased by 62% month-to-month. As a result, imports reached the peak of $3.9M. From April 2022 to July 2022, the growth of imports remained at a somewhat lower figure.

Mexico Table Flatware Imports by Type

Cutlery; sets of assorted articles (eg spoons, forks, ladles, skimmers, cake-servers, fish-knives, butter knives, sugar tongs and similar), not plated with precious metal (157 tons), cutlery; other than plated with precious metal (94 tons) and cutlery; sets of assorted articles (eg spoons, forks, ladles, skimmers, cake-servers, fish-knives, butter-knives, sugar tongs and similar), with at least one article plated with precious metal (87 tons) were the main products of table flatware imports to Mexico, together accounting for 95% of total imports.

From January 2022 to July 2022, the biggest increases were in cutlery; sets of assorted articles (eg spoons, forks, ladles, skimmers, cake-servers, fish-knives, butter-knives, sugar tongs and similar), with at least one article plated with precious metal (with a CAGR of +12.7%), while purchases for the other products experienced more modest paces of growth.

In value terms, the most traded types of table flatware in Mexico were cutlery; other than plated with precious metal ($1.2M), cutlery; sets of assorted articles (eg spoons, forks, ladles, skimmers, cake-servers, fish-knives, butter knives, sugar tongs and similar), not plated with precious metal ($986K) and cutlery; (eg spoons, forks, ladles, skimmers, cake-servers, fish-knives, butter-knives, sugar tongs and similar), plated with precious metal, not in sets ($580K), together accounting for 83% of total imports. Cutlery; sets of assorted articles (eg spoons, forks, ladles, skimmers, cake-servers, fish-knives, butter-knives, sugar tongs and similar), with at least one article plated with precious metal lagged somewhat behind, accounting for a further 17%.

Mexico Table Flatware Imports by Country

In July 2022, China (324 tons) was the main table flatware supplier to Mexico, accounting for a 91% share of total imports. Moreover, table flatware imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (12 tons), more than tenfold. Indonesia (6.6 tons) ranked third in terms of total imports with a 1.9% share.

From January 2022 to July 2022, the average monthly growth rate of volume from China amounted to +6.5%. The remaining supplying countries recorded the following average monthly rates of imports growth: Vietnam (+9.9% per month) and Indonesia (+4.7% per month).

In value terms, China ($2.7M) constituted the largest supplier of table flatware to Mexico, comprising 84% of total imports. The second position in the ranking was taken by Vietnam ($243K), with a 7.4% share of total imports. It was followed by Indonesia, with a 3.4% share.

From January 2022 to July 2022, the average monthly growth rate of value from China stood at +2.2%. The remaining supplying countries recorded the following average monthly rates of imports growth: Vietnam (+8.9% per month) and Indonesia (+3.3% per month).

Table Flatware Market Overview

The rising disposable incomes and changing lifestyle patterns of consumers are some of the primary factors driving the growth of the Mexican table flatware market.

In addition to this, the increasing popularity of formal dining occasions and growing tourism industry are expected to boost demand for table flatware over the forecast period.

The end user segments of this market are households and commercial establishments such as restaurants and hotels. Households account for the largest share of the table flatware market due to the growing number of nuclear families in Mexico. Commercial establishments are expected to witness significant growth during the forecast period owing to the booming tourism industry in Mexico.

Source: IndexBox Market Intelligence Platform