Asia-Pacific: Woolen Yarn Market 2024

Woolen Yarn Market Size in Asia-Pacific

The Asia-Pacific woolen yarn market expanded slightly to $X in 2021, increasing by 2.8% against the previous year. Overall, consumption recorded a slight descent. The growth pace was the most rapid in 2018 with an increase of 5.2%. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Woolen Yarn Production in Asia-Pacific

In value terms, woolen yarn production expanded significantly to $X in 2021 estimated in export price. In general, production, however, showed a slight contraction. The pace of growth was the most pronounced in 2018 when the production volume increased by 7.9% against the previous year. Over the period under review, production attained the peak level at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Woolen Yarn Exports

Exports in Asia-Pacific

In 2021, shipments abroad of yarn of wool was finally on the rise to reach X tons after two years of decline. In general, exports, however, continue to indicate a pronounced shrinkage. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, woolen yarn exports soared to $X in 2021. Over the period under review, exports, however, continue to indicate a noticeable slump. The most prominent rate of growth was recorded in 2018 when exports increased by 20% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, China (X tons) represented the main exporter of yarn of wool, mixing up 55% of total exports. India (X tons) held a 14% share (based on physical terms) of total exports, which put it in second place, followed by Hong Kong SAR (13%). New Zealand (X tons), Thailand (X tons), Vietnam (X tons) and South Korea (X tons) took a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to woolen yarn exports from China stood at -3.2%. At the same time, Vietnam (+18.6%) and Thailand (+10.6%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +18.6% from 2012-2021. India experienced a relatively flat trend pattern. By contrast, South Korea (-8.3%), New Zealand (-9.8%) and Hong Kong SAR (-10.3%) illustrated a downward trend over the same period. While the share of China (+5.8 p.p.), India (+4.6 p.p.), Thailand (+2.3 p.p.) and Vietnam (+1.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of New Zealand (-3 p.p.) and Hong Kong SAR (-10.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest woolen yarn supplier in Asia-Pacific, comprising 71% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 13% share of total exports. It was followed by India, with a 6.1% share.

From 2012 to 2021, the average annual growth rate of value in China stood at -1.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Hong Kong SAR (-8.2% per year) and India (-0.9% per year).

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, remaining stable against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.8%. The pace of growth appeared the most rapid in 2018 an increase of 11%. Over the period under review, the export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while New Zealand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+3.7%), while the other leaders experienced more modest paces of growth.

Woolen Yarn Imports

Imports in Asia-Pacific

In 2021, overseas purchases of yarn of wool were finally on the rise to reach X tons after two years of decline. Over the period under review, imports, however, recorded a perceptible contraction. The most prominent rate of growth was recorded in 2018 when imports increased by 6.8%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, woolen yarn imports rose remarkably to $X in 2021. Overall, imports, however, continue to indicate a noticeable setback. The pace of growth was the most pronounced in 2018 with an increase of 16%. 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

Hong Kong SAR (X tons) and Vietnam (X tons) were the main importers of yarn of wool in 2021, recording approx. 22% and 17% of total imports, respectively. It was distantly followed by Australia (X tons), Japan (X tons), South Korea (X tons), Bangladesh (X tons), Cambodia (X tons), Thailand (X tons) and China (X tons), together comprising a 47% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Cambodia (with a CAGR of +20.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) constitutes the largest market for imported yarn of wool in Asia-Pacific, comprising 33% of total imports. The second position in the ranking was held by Vietnam ($X), with a 15% share of total imports. It was followed by Cambodia, with a 9.3% share.

In Hong Kong SAR, woolen yarn imports decreased by an average annual rate of -8.0% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Vietnam (+19.3% per year) and Cambodia (+18.8% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, standing approx. at the previous year. In general, the import price, however, saw a slight expansion. The most prominent rate of growth was recorded in 2018 an increase of 8.7% against the previous year. The level of import peaked at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Cambodia ($X per ton), while Australia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+6.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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