ASEAN: Raw Silk Market 2024

Raw Silk Market Size in ASEAN

In 2022, the ASEAN raw silk market decreased by -1.6% to $X, falling for the ninth consecutive year after two years of growth. In general, consumption faced a deep contraction. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Raw Silk Production in ASEAN

In value terms, raw silk production declined modestly to $X in 2022 estimated in export price. Over the period under review, production showed a pronounced setback. The most prominent rate of growth was recorded in 2017 when the production volume increased by 80%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

The countries with the highest volumes of production in 2022 were Vietnam (X tons), Thailand (X tons) and Malaysia (X tons), together comprising 98% of total production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Malaysia (with a CAGR of +1.0%), while production for the other leaders experienced a decline in the production figures.

Raw Silk Exports

Exports in ASEAN

In 2022, after two years of growth, there was significant decline in shipments abroad of raw silk, when their volume decreased by -13.6% to X tons. Over the period under review, exports, however, showed a significant increase. The growth pace was the most rapid in 2015 when exports increased by 314%. Over the period under review, the exports reached the maximum at X tons in 2021, and then shrank in the following year.

In value terms, raw silk exports dropped notably to $X in 2022. In general, exports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2015 with an increase of 295% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then contracted dramatically in the following year.

Exports by Country

Vietnam represented the main exporter of raw silk in ASEAN, with the volume of exports resulting at X tons, which was near 88% of total exports in 2022. It was distantly followed by Malaysia (X tons), making up an 11% share of total exports.

Vietnam was also the fastest-growing in terms of the raw silk exports, with a CAGR of +55.3% from 2012 to 2022. At the same time, Malaysia (+28.5%) displayed positive paces of growth. Vietnam (+39 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia saw its share reduced by -28.8% from 2012 to 2022, respectively.

In value terms, Vietnam ($X) remains the largest raw silk supplier in ASEAN, comprising 87% of total exports. The second position in the ranking was taken by Malaysia ($X), with an 11% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Vietnam stood at +56.1%.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, with a decrease of -9.1% against the previous year. Export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, raw silk export price increased by +16.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 28%. Over the period under review, the export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while Vietnam amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+3.8%).

Raw Silk Imports

Imports in ASEAN

In 2022, imports of raw silk in ASEAN dropped to X tons, falling by -10.5% on the year before. Over the period under review, imports saw a abrupt slump. The pace of growth was the most pronounced in 2013 when imports increased by 42% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, raw silk imports fell to $X in 2022. Overall, imports showed a drastic downturn. The growth pace was the most rapid in 2013 when imports increased by 47% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Vietnam prevails in imports structure, accounting for X tons, which was approx. 96% of total imports in 2022. Malaysia (X tons) followed a long way behind the leaders.

Imports into Vietnam decreased at an average annual rate of -10.8% from 2012 to 2022. At the same time, Malaysia (+24.3%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +24.3% from 2012-2022. Malaysia (+3 p.p.) and Vietnam (+2.9 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported raw silk in ASEAN, comprising 95% of total imports. The second position in the ranking was held by Malaysia ($X), with a 4.7% share of total imports.

In Vietnam, raw silk imports shrank by an average annual rate of -9.3% over the period from 2012-2022.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, surging by 2.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.4%. The growth pace was the most rapid in 2018 an increase of 37% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2022, the import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+17.3%).

Source: IndexBox Platform