ASEAN: Household Hand Tools Market 2024

Household Hand Tools Market Size in ASEAN

In 2021, the ASEAN household hand tools market decreased by -9.7% to $X for the first time since 2018, thus ending a two-year rising trend. In general, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then reduced in the following year.

Household Hand Tools Production in ASEAN

In value terms, household hand tools production contracted rapidly to $X in 2021 estimated in export price. Overall, production, however, posted a modest increase. The most prominent rate of growth was recorded in 2020 when the production volume increased by 83%. As a result, production attained the peak level of $X, and then declined markedly in the following year.

Household Hand Tools Exports

Exports in ASEAN

In 2021, shipments abroad of household hand tools increased by 0.8% to X tons, rising for the fourth year in a row after two years of decline. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 67%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, household hand tools exports fell to $X in 2021. In general, exports, however, continue to indicate a pronounced decrease. The pace of growth appeared the most rapid in 2020 with an increase of 31% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Vietnam represented the key exporter of household hand tools in ASEAN, with the volume of exports reaching X tons, which was approx. 66% of total exports in 2021. It was distantly followed by Singapore (X tons) and Thailand (X tons), together constituting a 29% share of total exports. Indonesia (X tons) and Malaysia (X tons) took a relatively small share of total exports.

Vietnam was also the fastest-growing in terms of the household hand tools exports, with a CAGR of +23.7% from 2012 to 2021. At the same time, Thailand (+2.0%) displayed positive paces of growth. By contrast, Malaysia (-4.6%), Singapore (-12.3%) and Indonesia (-12.6%) illustrated a downward trend over the same period. Vietnam (+56 p.p.) and Thailand (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while Indonesia and Singapore saw its share reduced by -7.8% and -40.1% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) remains the largest household hand tools supplier in ASEAN, comprising 70% of total exports. The second position in the ranking was taken by Singapore ($X), with a 22% share of total exports. It was followed by Thailand, with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Vietnam amounted to +21.3%. In the other countries, the average annual rates were as follows: Singapore (-11.9% per year) and Thailand (-6.7% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, with a decrease of -3.7% against the previous year. In general, the export price showed a perceptible reduction. The most prominent rate of growth was recorded in 2016 an increase of 22%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the export prices remained at a somewhat lower figure.

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 ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+2.3%), while the other leaders experienced more modest paces of growth.

Household Hand Tools Imports

Imports in ASEAN

In 2021, supplies from abroad of household hand tools increased by 53% to X tons for the first time since 2017, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +3.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, household hand tools imports skyrocketed to $X in 2021. Overall, imports, however, saw a perceptible descent. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Malaysia was the largest importer of household hand tools in ASEAN, with the volume of imports resulting at X tons, which was near 53% of total imports in 2021. Thailand (X tons) took the second position in the ranking, followed by Indonesia (X tons) and Singapore (X tons). All these countries together took approx. 41% share of total imports. The following importers - the Philippines (X tons) and Myanmar (X tons) - each finished at a 4% share of total imports.

Imports into Malaysia increased at an average annual rate of +31.8% from 2012 to 2021. At the same time, Myanmar (+35.9%), Indonesia (+18.7%) and Thailand (+6.1%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +35.9% from 2012-2021. By contrast, Singapore (-5.9%) and the Philippines (-21.1%) illustrated a downward trend over the same period. While the share of Malaysia (+47 p.p.), Indonesia (+9.7 p.p.), Thailand (+3.3 p.p.) and Myanmar (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Singapore (-14.9 p.p.) and the Philippines (-23.6 p.p.) displayed negative dynamics.

In value terms, Singapore ($X), Thailand ($X) and Malaysia ($X) were the countries with the highest levels of imports in 2021, with a combined 79% share of total imports.

Among the main importing countries, Malaysia, with a CAGR of +16.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per ton, waning by -8.7% against the previous year. Over the period under review, the import price continues to indicate a abrupt setback. The pace of growth was the most pronounced in 2018 an increase of 12% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was the Philippines ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+30.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform