Asia: Plough Market 2024

Plough Market Size in Asia

The Asian plough market shrank to $X in 2022, dropping by -9.6% against the previous year. In general, consumption continues to indicate a pronounced setback. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Plough Production in Asia

In value terms, plough production totaled $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 29% against the previous year. The level of production peaked at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Plough Exports

Exports in Asia

In 2022, shipments abroad of ploughs for agricultural purposes increased by 16% to X units, rising for the second consecutive year after two years of decline. The total export volume increased at an average annual rate of +4.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 30%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in the immediate term.

In value terms, plough exports rose slightly to $X in 2022. Total exports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.8% 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 +54.6% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 49% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the near future.

Exports by Country

China was the key exporting country with an export of about X units, which resulted at 45% of total exports. Turkey (X units) took a 30% share (based on physical terms) of total exports, which put it in second place, followed by India (13%) and Thailand (6.6%). Vietnam (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +11.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, India ($X), China ($X) and Turkey ($X) were the countries with the highest levels of exports in 2022, together comprising 90% of total exports.

In terms of the main exporting countries, India, with a CAGR of +14.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per unit in 2022, declining by -10% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the export price increased by 15%. As a result, the export price attained the peak level of $X per unit, and then contracted in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was India ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+2.8%), while the other leaders experienced mixed trends in the export price figures.

Plough Imports

Imports in Asia

In 2022, the amount of ploughs for agricultural purposes imported in Asia declined modestly to X units, dropping by -4.9% against the previous year's figure. In general, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by 16%. The volume of import peaked at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, plough imports reduced to $X in 2022. Over the period under review, imports saw a noticeable curtailment. The most prominent rate of growth was recorded in 2014 with an increase of 17% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Kazakhstan (X units), distantly followed by Iraq (X units), Turkmenistan (X units), Cambodia (X units), India (X units) and Georgia (X units) represented the key importers of ploughs for agricultural purposes, together committing 61% of total imports. Japan (X units), Indonesia (X units), Thailand (X units), Azerbaijan (X units), Uzbekistan (X units), Lebanon (X units) and Vietnam (X units) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Uzbekistan (with a CAGR of +52.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Kazakhstan ($X), Turkmenistan ($X) and India ($X) constituted the countries with the highest levels of imports in 2022, with a combined 40% share of total imports. These countries were followed by Japan, Iraq, Uzbekistan, Thailand, Cambodia, Vietnam, Indonesia, Georgia, Azerbaijan and Lebanon, which together accounted for a further 36%.

Uzbekistan, with a CAGR of +51.3%, saw the highest growth rate of the value of imports, among 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 Asia stood at $X per unit in 2022, shrinking by -3% against the previous year. Overall, the import price recorded a pronounced slump. The growth pace was the most rapid in 2018 an increase of 2.1% against the previous year. Over the period under review, import prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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 India ($X per unit), while Iraq ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+5.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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