ASEAN: Interchangeable Spanner Socket Market 2024

Interchangeable Spanner Socket Market Size in ASEAN

The ASEAN interchangeable spanner socket market was estimated at $X in 2022, leveling off at the previous year. The total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +39.2% against 2014 indices. The level of consumption peaked in 2022 and is likely to see steady growth in the near future.

Interchangeable Spanner Socket Production in ASEAN

In value terms, interchangeable spanner socket production shrank modestly to $X in 2022 estimated in export price. In general, production enjoyed buoyant growth. The growth pace was the most rapid in 2019 with an increase of 65% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Interchangeable Spanner Socket Exports

Exports in ASEAN

After two years of growth, shipments abroad of interchangeable spanner sockets decreased by -14.2% to X tons in 2022. Overall, exports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 77%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, interchangeable spanner socket exports dropped to $X in 2022. In general, exports, however, enjoyed strong growth. The pace of growth appeared the most rapid in 2021 with an increase of 85%. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

Singapore (X tons) and Vietnam (X tons) represented roughly 70% of total exports in 2022. Malaysia (X tons) took the next position in the ranking, followed by Thailand (X tons). All these countries together took near 26% share of total exports. Indonesia (X tons) took a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +46.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Singapore ($X) and Thailand ($X) were the countries with the highest levels of exports in 2022, together comprising 93% of total exports.

Vietnam, with a CAGR of +61.5%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, stabilizing at the previous year. Export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, interchangeable spanner socket export price increased by +28.3% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of 59%. The level of export peaked at $X per ton in 2019; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+10.2%), while the other leaders experienced more modest paces of growth.

Interchangeable Spanner Socket Imports

Imports in ASEAN

In 2022, overseas purchases of interchangeable spanner sockets increased by 3.3% to X tons, rising for the third year in a row after two years of decline. The total import volume increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 27%. The volume of import peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, interchangeable spanner socket imports totaled $X in 2022. Total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +41.9% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 33%. The level of import peaked in 2022 and is likely to continue growth in the immediate term.

Imports by Country

In 2022, Indonesia (X tons) and Thailand (X tons) were the largest importers of interchangeable spanner sockets in ASEAN, together resulting at near 70% of total imports. It was distantly followed by Malaysia (X tons), Singapore (X tons) and Vietnam (X tons), together mixing up a 24% share of total imports. The following importers - Cambodia (X tons) and the Philippines (X tons) - together made up 4.8% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Cambodia (with a CAGR of +39.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest interchangeable spanner socket importing markets in ASEAN were Indonesia ($X), Thailand ($X) and Malaysia ($X), with a combined 74% share of total imports. Singapore, Vietnam, the Philippines and Cambodia lagged somewhat behind, together comprising a further 25%.

Cambodia, with a CAGR of +30.9%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, surging by 3.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2018 an increase of 36%. The level of import peaked at $X per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+22.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform