ASEAN: Salt Market 2024

Salt Market Size in ASEAN

In 2022, the ASEAN salt market increased by 0.4% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Salt Production in ASEAN

In value terms, salt production dropped to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when the production volume increased by 22%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Salt Exports

Exports in ASEAN

In 2022, the amount of salt and pure sodium chloride exported in ASEAN soared to X tons, growing by 54% on the previous year's figure. Total exports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +8.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +108.0% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, salt exports soared to $X in 2022. Over the period under review, exports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2018 with an increase of 29% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Thailand dominates exports structure, reaching X tons, which was near 84% of total exports in 2022. It was distantly followed by Malaysia (X tons), comprising a 9.6% share of total exports. Vietnam (X tons) and Singapore (X tons) followed a long way behind the leaders.

Exports from Thailand increased at an average annual rate of +9.7% from 2012 to 2022. At the same time, Singapore (+12.3%), Vietnam (+4.0%) and Malaysia (+1.2%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +12.3% from 2012-2022. From 2012 to 2022, the share of Thailand increased by +13 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X), Singapore ($X) and Malaysia ($X) were the countries with the highest levels of exports in 2022, together comprising 95% of total exports.

Among the main exporting countries, Singapore, with a CAGR of +14.0%, recorded the highest rates of growth with regard to the value of exports, 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, reducing by -19.9% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the export price increased by 32% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: 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 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+3.2%), while the other leaders experienced more modest paces of growth.

Salt Imports

Imports in ASEAN

In 2022, purchases abroad of salt and pure sodium chloride increased by 6.9% to X tons, rising for the second year in a row after two years of decline. Total imports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +3.0% 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 +9.1% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 25% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, salt imports rose markedly to $X in 2022. The total import value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 with an increase of 14% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

Indonesia was the main importer of salt and pure sodium chloride in ASEAN, with the volume of imports amounting to X tons, which was near 63% of total imports in 2022. It was distantly followed by the Philippines (X tons), Vietnam (X tons) and Malaysia (X tons), together committing a 32% share of total imports. Singapore (X tons) and Thailand (X tons) took a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to salt imports into Indonesia stood at +2.4%. At the same time, the Philippines (+5.3%), Malaysia (+5.3%), Vietnam (+4.5%) and Thailand (+1.2%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +5.3% from 2012-2022. By contrast, Singapore (-3.5%) illustrated a downward trend over the same period. While the share of the Philippines (+3.2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Singapore (-2.4 p.p.) and Indonesia (-3.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported salt and pure sodium chloride in ASEAN, comprising 49% of total imports. The second position in the ranking was taken by the Philippines ($X), with a 15% share of total imports. It was followed by Singapore, with an 11% share.

In Indonesia, salt imports increased at an average annual rate of +1.5% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the Philippines (+4.6% per year) and Singapore (+5.0% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, surging by 1.9% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 9.2% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices stood 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 Singapore ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+8.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform