ASEAN: Tin Market 2024

Tin Market Size in ASEAN

In 2022, the ASEAN tin market decreased by -7.2% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then dropped in the following year.

Tin Production in ASEAN

In value terms, tin production shrank slightly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a noticeable decline. The growth pace was the most rapid in 2017 with an increase of 24%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Tin Exports

Exports in ASEAN

In 2022, shipments abroad of tin increased by 4.8% to X tons, rising for the second year in a row after three years of decline. Overall, exports, however, showed a perceptible setback. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, tin exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate a pronounced expansion. The most prominent rate of growth was recorded in 2021 with an increase of 89% against the previous year. The level of export peaked in 2022 and is likely to continue growth in the near future.

Exports by Country

In 2022, Indonesia (X tons) was the main exporter of tin, comprising 67% of total exports. Malaysia (X tons) ranks second in terms of the total exports with a 15% share, followed by Singapore (14%). Thailand (X tons) held a minor share of total exports.

Indonesia was also the fastest-growing in terms of the tin exports, with a CAGR of -2.4% from 2012 to 2022. Singapore (-5.5%), Malaysia (-7.1%) and Thailand (-13.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Indonesia increased by +13 percentage points.

In value terms, Indonesia ($X) remains the largest tin supplier in ASEAN, comprising 81% of total exports. The second position in the ranking was held by Singapore ($X), with a 9.3% share of total exports. It was followed by Malaysia, with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Indonesia totaled +8.2%. In the other countries, the average annual rates were as follows: Singapore (-1.2% per year) and Malaysia (-6.9% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, rising by 51% against the previous year. Overall, the export price enjoyed a strong expansion. The pace of growth was the most pronounced in 2021 when the export price increased by 83% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while Malaysia ($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 (+10.9%), while the other leaders experienced more modest paces of growth.

Tin Imports

Imports in ASEAN

Tin imports contracted sharply to X tons in 2022, which is down by -16.9% compared with 2021 figures. Over the period under review, imports continue to indicate a pronounced descent. The most prominent rate of growth was recorded in 2021 with an increase of 155%. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, tin imports shrank remarkably to $X in 2022. In general, imports recorded a deep setback. The pace of growth appeared the most rapid in 2021 when imports increased by 121%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Singapore dominates imports structure, finishing at X tons, which was near 84% of total imports in 2022. It was distantly followed by Malaysia (X tons), achieving an 8.6% share of total imports. The following importers - Thailand (X tons) and the Philippines (X tons) - together made up 6% of total imports.

Imports into Singapore increased at an average annual rate of +2.7% from 2012 to 2022. At the same time, the Philippines (+19.2%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +19.2% from 2012-2022. By contrast, Malaysia (-13.7%) and Thailand (-21.0%) illustrated a downward trend over the same period. Singapore (+41 p.p.) and the Philippines (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while Malaysia and Thailand saw its share reduced by -16.4% and -25.7% from 2012 to 2022, respectively.

In value terms, Singapore ($X) constitutes the largest market for imported tin in ASEAN, comprising 73% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 13% share of total imports. It was followed by Thailand, with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore amounted to -1.7%. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (-12.9% per year) and Thailand (-20.1% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, flattening at the previous year. In general, the import price showed a noticeable reduction. The most prominent rate of growth was recorded in 2017 when the import price increased by 16% 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 failed to regain momentum.

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 the Philippines ($X per ton), while Singapore ($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 (+7.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform