Thailand Sees Modest Increase in Table Flatware Imports, Reaching $12M in 2023

Thailand Table Flatware Imports

In 2023, supplies from abroad of table flatware decreased by -1.1% to 4.9K tons for the first time since 2019, thus ending a three-year rising trend. In general, total imports indicated a buoyant expansion from 2013 to 2023: its volume increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by +56.4% against 2016 indices. The pace of growth appeared the most rapid in 2021 with an increase of 23%. Imports peaked at 4.9K tons in 2022, and then shrank slightly in the following year.

In value terms, table flatware imports stood at $12M (IndexBox estimates) in 2023. Over the period under review, total imports indicated a moderate expansion from 2013 to 2023: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by +28.2% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 47% against the previous year. Over the period under review, imports hit record highs at $16M in 2015; however, from 2016 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, China (4.8K tons) was the main table flatware supplier to Thailand, accounting for a 97% share of total imports. It was followed by Japan (38 tons), with a 0.8% share of total imports. The third position in this ranking was taken by India (14 tons), with a 0.3% share.

From 2013 to 2023, the average annual rate of growth in terms of volume from China stood at +6.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+3.6% per year) and India (-3.6% per year).

In value terms, China ($11M) constituted the largest supplier of table flatware to Thailand, comprising 88% of total imports. The second position in the ranking was held by Vietnam ($339K), with a 2.8% share of total imports. It was followed by India, with a 1.5% share.

From 2013 to 2023, the average annual rate of growth in terms of value from China amounted to +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (-10.6% per year) and India (-0.4% per year).

Imports by Type

In 2023, cutlery; other than plated with precious metal (4.4K tons) constituted the largest type of table flatware supplied to Thailand, accounting for a 90% share of total imports. Moreover, cutlery; other than plated with precious metal exceeded the figures recorded for the second-largest 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 (345 tons), more than tenfold. The third position in this ranking was held by cutlery; (eg spoons, forks, ladles, skimmers, cake-servers, fish-knives, butter-knives, sugar tongs and similar), plated with precious metal, not in sets (149 tons), with a 3.1% share.

From 2013 to 2023, the average annual rate of growth in terms of the volume of cutlery; other than plated with precious metal imports stood at +5.9%. With regard to the other supplied products, the following average annual rates of growth were recorded: 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 (+4.3% per year) and cutlery; (eg spoons, forks, ladles, skimmers, cake-servers, fish-knives, butter-knives, sugar tongs and similar), plated with precious metal, not in sets (+40.8% per year).

In value terms, cutlery; other than plated with precious metal ($10M) constituted the largest type of table flatware supplied to Thailand, comprising 82% of total imports. The second position in the ranking was taken by 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 ($1.6M), with a 13% share of total imports. It was followed by cutlery; (eg spoons, forks, ladles, skimmers, cake-servers, fish-knives, butter-knives, sugar tongs and similar), plated with precious metal, not in sets, with a 5.6% share.

Import Prices by Country

In 2023, the table flatware price stood at $2,519 per ton (CIF, Thailand), picking up by 3.9% against the previous year. In general, the import price, however, continues to indicate a pronounced reduction. The most prominent rate of growth was recorded in 2014 an increase of 21% against the previous year. Over the period under review, average import prices reached the peak figure at $4,742 per ton in 2015; however, from 2016 to 2023, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($25,387 per ton), while the price for China ($2,270 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Vietnam (+8.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform