ASEAN: Sewing Machine Needle Market 2024

Sewing Machine Needle Market Size in ASEAN

In 2022, the ASEAN sewing machine needle market decreased by -39.7% to $X, falling for the third consecutive year after three years of growth. Over the period under review, consumption continues to indicate a abrupt contraction. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Sewing Machine Needle Production in ASEAN

In value terms, sewing machine needle production shrank modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2014 with an increase of 7.8%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Sewing Machine Needle Exports

Exports in ASEAN

In 2022, overseas shipments of sewing machine needles increased by 34% to X units, rising for the third year in a row after three years of decline. Total exports indicated buoyant 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 +100.3% against 2019 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 45%. The volume of export peaked in 2022 and is expected to retain growth in years to come.

In value terms, sewing machine needle exports skyrocketed to $X in 2022. In general, exports enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 60% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

The shipments of the two major exporters of sewing machine needles, namely Singapore and Vietnam, represented more than two-thirds of total export.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Singapore (with a CAGR of +11.8%).

In value terms, Singapore ($X) emerged as the largest sewing machine needle supplier in ASEAN, comprising 71% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 29% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore stood at +15.4%.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per thousand units, rising by 16% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.1%. The pace of growth was the most pronounced in 2019 an increase of 22% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the near future.

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 Singapore ($X per thousand units), while Vietnam amounted to $X per thousand units.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.3%).

Sewing Machine Needle Imports

Imports in ASEAN

In 2022, the amount of sewing machine needles imported in ASEAN declined modestly to X units, approximately mirroring 2021. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 31% against the previous year. Over the period under review, imports reached the peak figure at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, sewing machine needle imports surged to $X in 2022. The total import value increased at an average annual rate of +4.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 with an increase of 23%. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

Singapore was the main importer of sewing machine needles in ASEAN, with the volume of imports reaching X units, which was approx. 53% of total imports in 2022. Indonesia (X units) ranks second in terms of the total imports with a 27% share, followed by Vietnam (5.1%). Cambodia (X units), Myanmar (X units), Thailand (X units) and the Philippines (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +21.3%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Singapore ($X) constitutes the largest market for imported sewing machine needles in ASEAN, comprising 72% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 10% share of total imports. It was followed by Indonesia, with a 6.4% share.

In Singapore, sewing machine needle imports expanded at an average annual rate of +6.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Vietnam (-2.0% per year) and Indonesia (+11.1% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per thousand units, growing by 20% against the previous year. Import price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sewing machine needle import price increased by +96.4% against 2019 indices. The pace of growth appeared the most rapid in 2020 an increase of 88%. The level of import peaked in 2022 and is expected to retain growth in years to come.

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 Vietnam ($X per thousand units), while Indonesia ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+32.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform