ASEAN: Direction Finding Compass Market 2024

Direction Finding Compass Market Size in ASEAN

In 2021, after two years of growth, there was significant decline in the ASEAN direction finding compass market, when its value decreased by -20.9% to $X. Overall, consumption, however, posted a prominent expansion. As a result, consumption attained the peak level of $X, and then fell rapidly in the following year.

Direction Finding Compass Production in ASEAN

In value terms, direction finding compass production shrank slightly to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a measured expansion. The pace of growth was the most pronounced in 2013 when the production volume increased by 606%. The level of production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Direction Finding Compass Exports

Exports in ASEAN

In 2021, shipments abroad of direction finding compasses increased by 15% to X units, rising for the second consecutive year after two years of decline. In general, exports, however, saw a abrupt descent. The pace of growth was the most pronounced in 2013 when exports increased by 23% against the previous year. As a result, the exports attained the peak of X units. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, direction finding compass exports soared to $X in 2021. Overall, exports continue to indicate perceptible growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Singapore prevails in exports structure, resulting at X units, which was near 76% of total exports in 2021. It was distantly followed by Indonesia (X units), Thailand (X units) and Vietnam (X units), together creating a 21% share of total exports. Malaysia (X units) followed a long way behind the leaders.

Exports from Singapore decreased at an average annual rate of -9.5% from 2012 to 2021. At the same time, Thailand (+29.7%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +29.7% from 2012-2021. Vietnam experienced a relatively flat trend pattern. By contrast, Indonesia (-2.4%) and Malaysia (-6.9%) illustrated a downward trend over the same period. Thailand (+5.8 p.p.), Indonesia (+4 p.p.) and Vietnam (+2.3 p.p.) significantly strengthened its position in terms of the total exports, while Singapore saw its share reduced by -12.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) remains the largest direction finding compass supplier in ASEAN, comprising 95% of total exports. The second position in the ranking was held by Thailand ($X), with a 2.2% share of total exports. It was followed by Indonesia, with a 2% share.

In Singapore, direction finding compass exports increased at an average annual rate of +5.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+30.4% per year) and Indonesia (-15.0% per year).

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2021, with an increase of 47% against the previous year. Overall, the export price saw strong growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Singapore ($X per unit), while Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+17.0%), while the other leaders experienced mixed trends in the export price figures.

Direction Finding Compass Imports

Imports in ASEAN

In 2021, supplies from abroad of direction finding compasses decreased by -5.6% to X units for the first time since 2018, thus ending a two-year rising trend. Total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +81.7% against 2015 indices. The pace of growth was the most pronounced in 2019 with an increase of 32% against the previous year. Over the period under review, imports reached the maximum at X units in 2020, and then declined in the following year.

In value terms, direction finding compass imports soared to $X in 2021. Total imports indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +64.0% against 2018 indices. The pace of growth appeared the most rapid in 2013 with an increase of 30% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Imports by Country

In 2021, Indonesia (X units) represented the largest importer of direction finding compasses, making up 55% of total imports. Singapore (X units) ranks second in terms of the total imports with a 20% share, followed by Thailand (14%) and Vietnam (4.8%). The following importers - Malaysia (X units) and the Philippines (X units) - together made up 6.4% of total imports.

From 2012 to 2021, average annual rates of growth with regard to direction finding compass imports into Indonesia stood at +4.7%. At the same time, Thailand (+25.1%), Vietnam (+7.2%), the Philippines (+5.5%) and Malaysia (+2.0%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +25.1% from 2012-2021. Singapore experienced a relatively flat trend pattern. Thailand (+11 p.p.) significantly strengthened its position in terms of the total imports, while Singapore saw its share reduced by -8.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) constitutes the largest market for imported direction finding compasses in ASEAN, comprising 50% of total imports. The second position in the ranking was taken by Indonesia ($X), with an 18% share of total imports. It was followed by Malaysia, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Singapore amounted to +3.0%. In the other countries, the average annual rates were as follows: Indonesia (+13.0% per year) and Malaysia (+5.4% per year).

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2021, jumping by 35% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The level of import peaked at $X per unit in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Malaysia ($X per unit), while Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+7.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform