Asia: Woven Carpet Market 2024

Woven Carpet Market Size in Asia

The Asian woven carpet market fell to $X in 2022, which is down by -6.5% against the previous year. The market value increased at an average annual rate of +1.0% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Woven Carpet Production in Asia

In value terms, woven carpet production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a resilient increase. The growth pace was the most rapid in 2018 when the production volume increased by 98% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Woven Carpet Exports

Exports in Asia

After six years of growth, shipments abroad of woven carpets and other woven textile coverings decreased by -8.8% to X square meters in 2022. Total exports indicated a temperate increase from 2012 to 2022: its volume increased at an average annual rate of +4.4% 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 +46.2% against 2015 indices. The most prominent rate of growth was recorded in 2017 with an increase of 17%. Over the period under review, the exports hit record highs at X square meters in 2021, and then shrank in the following year.

In value terms, woven carpet exports declined to $X in 2022. The total export value increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when exports increased by 23% against the previous year. As a result, the exports reached the peak of $X, and then reduced in the following year.

Exports by Country

Turkey represented the key exporting country with an export of about X square meters, which finished at 65% of total exports. It was distantly followed by China (X square meters), India (X square meters) and Iran (X square meters), together comprising a 29% share of total exports. Bangladesh (X square meters) took a little share of total exports.

Exports from Turkey increased at an average annual rate of +5.4% from 2012 to 2022. At the same time, Bangladesh (+24.5%), Iran (+6.7%) and India (+2.9%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing exporter exported in Asia, with a CAGR of +24.5% from 2012-2022. China experienced a relatively flat trend pattern. While the share of Turkey (+5.9 p.p.) and Bangladesh (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of India (-1.5 p.p.) and China (-6.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest woven carpet supplier in Asia, comprising 55% of total exports. The second position in the ranking was held by India ($X), with a 17% share of total exports. It was followed by China, with a 13% share.

From 2012 to 2022, the average annual growth rate of value in Turkey amounted to +3.1%. In the other countries, the average annual rates were as follows: India (+7.7% per year) and China (+2.6% per year).

Export Prices by Country

The export price in Asia stood at $X per square meter in 2022, waning by -3.5% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 9.5%. The level of export peaked at $X per square meter in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+4.7%), while the other leaders experienced more modest paces of growth.

Woven Carpet Imports

Imports in Asia

In 2022, imports of woven carpets and other woven textile coverings in Asia declined to X square meters, which is down by -8.7% on the year before. The total import volume increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 29%. As a result, imports attained the peak of X square meters, and then reduced in the following year.

In value terms, woven carpet imports declined modestly to $X in 2022. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 23%. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The purchases of the four major importers of woven carpets and other woven textile coverings, namely the United Arab Emirates, Iraq, Japan and Afghanistan, represented more than half of total import. It was distantly followed by Iran (X square meters), achieving a 5.3% share of total imports. Malaysia (X square meters), Kuwait (X square meters), Kazakhstan (X square meters), Kyrgyzstan (X square meters), Azerbaijan (X square meters), South Korea (X square meters), Yemen (X square meters) and China (X square meters) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Azerbaijan (with a CAGR of +41.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest woven carpet importing markets in Asia were Japan ($X), the United Arab Emirates ($X) and Afghanistan ($X), with a combined 33% share of total imports. Iraq, Kazakhstan, Kuwait, China, South Korea, Malaysia, Yemen, Iran, Azerbaijan and Kyrgyzstan lagged somewhat behind, together accounting for a further 29%.

Azerbaijan, with a CAGR of +36.1%, recorded the highest rates of growth with regard to 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

In 2022, the import price in Asia amounted to $X per square meter, increasing by 4.1% against the previous year. Over the period under review, the import price, however, showed a noticeable contraction. The most prominent rate of growth was recorded in 2019 when the import price increased by 6.2% against the previous year. Over the period under review, import prices hit record highs at $X per square meter 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 China ($X per square meter), while Iran ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kazakhstan (+5.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :