Asia-Pacific: Woolen Fabric Market 2022

Woolen Fabric Market Size in Asia-Pacific

In 2021, the Asia-Pacific woolen fabric market increased by 7.3% to $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption, however, saw a perceptible contraction. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Woolen Fabric Production in Asia-Pacific

In value terms, woolen fabric production expanded notably to $X in 2021 estimated in export price. Overall, production, however, saw a pronounced curtailment. The most prominent rate of growth was recorded in 2014 when the production volume increased by 18%. As a result, production attained the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Woolen Fabric Exports

Exports in Asia-Pacific

Woolen fabric exports soared to X square meters in 2021, rising by 15% compared with 2020. In general, exports, however, continue to indicate a deep slump. The volume of export peaked at X square meters in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, woolen fabric exports expanded remarkably to $X in 2021. Over the period under review, exports, however, showed a deep slump. The pace of growth was the most pronounced in 2018 when exports increased by 8.4% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

In 2021, China (X square meters) represented the key exporter of woven woolen fabrics, constituting 65% of total exports. Japan (X square meters) ranks second in terms of the total exports with a 13% share, followed by South Korea (8.9%), India (5.8%) and Hong Kong SAR (3.2%). India (X square meters) and Hong Kong SAR (X square meters) held a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to woolen fabric exports from China stood at -9.6%. India experienced a relatively flat trend pattern. South Korea (-4.1%), Japan (-9.4%) and Hong Kong SAR (-15.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of India and South Korea increased by +3.5 and +3.3 percentage points, respectively. Hong Kong SAR (-3.2 p.p.) and China (-4.4 p.p.) saw their shares reduced. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest woolen fabric supplier in Asia-Pacific, comprising 52% of total exports. The second position in the ranking was held by Japan ($X), with a 23% share of total exports. It was followed by South Korea, with a 7.5% share.

In China, woolen fabric exports plunged by an average annual rate of -11.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Japan (-10.7% per year) and South Korea (-4.4% per year).

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per square meter, with a decrease of -6.5% against the previous year. In general, the export price recorded a mild descent. The growth pace was the most rapid in 2014 when the export price increased by 26%. As a result, the export price reached the peak level of $X per square meter. From 2015 to 2021, the the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Hong Kong SAR ($X per square meter), while China ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+4.6%), while the other leaders experienced a decline in the export price figures.

Woolen Fabric Imports

Imports in Asia-Pacific

After two years of decline, supplies from abroad of woven woolen fabrics increased by 37% to X square meters in 2021. Overall, imports, however, recorded a noticeable setback. Over the period under review, imports reached the peak figure at X square meters in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, woolen fabric imports expanded sharply to $X in 2021. Over the period under review, imports, however, saw a drastic downturn. The pace of growth was the most pronounced in 2018 when imports increased by 12%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

China represented the largest importer of woven woolen fabrics in Asia-Pacific, with the volume of imports reaching X square meters, which was approx. 47% of total imports in 2021. Vietnam (X square meters) took the second position in the ranking, followed by Indonesia (X square meters), Japan (X square meters), South Korea (X square meters) and Hong Kong SAR (X square meters). All these countries together took approx. 33% share of total imports. The Philippines (X square meters), India (X square meters), Myanmar (X square meters), Hong Kong SAR (X square meters), Bangladesh (X square meters), Cambodia (X square meters), Democratic People's Republic of Korea (X square meters) and Thailand (X square meters) took a little share of total imports.

Imports into China decreased at an average annual rate of -1.3% from 2012 to 2021. At the same time, Cambodia (+8.6%) and Bangladesh (+1.9%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +8.6% from 2012-2021. By contrast, Democratic People's Republic of Korea (-1.5%), Thailand (-2.1%), South Korea (-2.1%), Indonesia (-2.1%), Vietnam (-2.7%), Myanmar (-7.8%), India (-9.7%), Japan (-12.1%), Hong Kong SAR (-15.3%) and the Philippines (-20.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China, Cambodia and Vietnam increased by +11, +2.2 and +1.6 percentage points, respectively. The Philippines (-2.4 p.p.), Japan (-6.2 p.p.) and Hong Kong SAR (-6.9 p.p.) saw their shares reduced. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported woven woolen fabrics in Asia-Pacific, comprising 38% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 14% share of total imports. It was followed by South Korea, with an 11% share.

In China, woolen fabric imports declined by an average annual rate of -5.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Vietnam (-0.2% per year) and South Korea (+0.6% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per square meter in 2021, declining by -18.5% against the previous year. In general, the import price recorded a slight reduction. The pace of growth appeared the most rapid in 2018 an increase of 12% against the previous year. Over the period under review, import prices attained the peak figure at $X per square meter in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was South Korea ($X per square meter), while Myanmar ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+4.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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