ASEAN: Spades And Shovels Market 2024

Spades And Shovels Market Size in ASEAN

For the third year in a row, the ASEAN spades and shovels market recorded decline in sales value, which decreased by -5.9% to $X in 2021. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Spades And Shovels Production in ASEAN

In value terms, spades and shovels production reached $X in 2021 estimated in export price. The total production indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -8.4% against 2018 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 32%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Spades And Shovels Exports

Exports in ASEAN

In 2021, spades and shovels exports in ASEAN skyrocketed to X tons, increasing by 160% on 2020 figures. In general, exports recorded a remarkable increase. The pace of growth was the most pronounced in 2018 when exports increased by 180% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see steady growth in the immediate term.

In value terms, spades and shovels exports soared to $X in 2021. Over the period under review, exports enjoyed a strong increase. The pace of growth was the most pronounced in 2018 with an increase of 253%. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The biggest shipments were from Vietnam (X tons), together resulting at 96% of total export.

Vietnam was also the fastest-growing in terms of the spades and shovels exports, with a CAGR of +16.3% from 2012 to 2021. While the share of Vietnam (+19 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) also remains the largest spades and shovels supplier in ASEAN.

In Vietnam, spades and shovels exports expanded at an average annual rate of +21.1% over the period from 2012-2021.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2021, which is down by -35.6% against the previous year. Over the period under review, the export price, however, enjoyed a perceptible increase. The most prominent rate of growth was recorded in 2017 an increase of 36% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Vietnam.

From 2012 to 2021, the rate of growth in terms of prices for Vietnam amounted to +4.1% per year.

Spades And Shovels Imports

Imports in ASEAN

In 2021, imports of spades and shovels in ASEAN shrank modestly to X tons, with a decrease of -2.8% against the previous year. In general, imports showed a abrupt decrease. The most prominent rate of growth was recorded in 2013 when imports increased by 20% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, spades and shovels imports skyrocketed to $X in 2021. Overall, imports showed a slight reduction. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Malaysia (X tons) represented the main importer of spades and shovels, comprising 43% of total imports. The Philippines (X tons) held the second position in the ranking, followed by Myanmar (X tons), Thailand (X tons), Vietnam (X tons) and Cambodia (X tons). All these countries together took near 54% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to spades and shovels imports into Malaysia stood at -10.6%. At the same time, Myanmar (+43.6%), Thailand (+8.3%) and Cambodia (+6.3%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +43.6% from 2012-2021. Vietnam experienced a relatively flat trend pattern. By contrast, the Philippines (-6.2%) illustrated a downward trend over the same period. While the share of Myanmar (+11 p.p.), Thailand (+7.4 p.p.), Cambodia (+5 p.p.) and Vietnam (+3.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Malaysia (-26.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X), the Philippines ($X) and Vietnam ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 80% of total imports. These countries were followed by Thailand, Cambodia and Myanmar, which together accounted for a further 16%.

Myanmar, with a CAGR of +31.4%, saw the highest growth rate of 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

The import price in ASEAN stood at $X per ton in 2021, increasing by 36% against the previous year. In general, the import price saw a pronounced expansion. The growth pace was the most rapid in 2018 when the import price increased by 60% against the previous year. Over the period under review, import prices hit record highs in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: 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 (+30.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform