Bangladesh: Industrial Sewing Machine Market 2024

Industrial Sewing Machine Market Size in Bangladesh

The Bangladeshi industrial sewing machine market fell sharply to $X in 2022, which is down by -30.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, posted a noticeable expansion. As a result, consumption attained the peak level of $X, and then reduced remarkably in the following year.

Industrial Sewing Machine Exports

Exports from Bangladesh

In 2022, the amount of industrial sewing machines exported from Bangladesh shrank notably to X units, waning by -40.5% compared with 2021 figures. Overall, exports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 437% against the previous year. As a result, the exports attained the peak of X units, and then fell significantly in the following year.

In value terms, industrial sewing machine exports declined markedly to $X in 2022. In general, exports, however, showed a remarkable increase. The pace of growth appeared the most rapid in 2021 when exports increased by 582%. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

China (X units) was the main destination for industrial sewing machine exports from Bangladesh, accounting for a 11% share of total exports. Moreover, industrial sewing machine exports to China exceeded the volume sent to the second major destination, Hong Kong SAR (X units), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at -1.2%.

In value terms, Hong Kong SAR ($X) emerged as the key foreign market for industrial sewing machines exports from Bangladesh, comprising 16% of total exports. The second position in the ranking was held by China ($X), with a 2.5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Hong Kong SAR totaled +5.4%.

Export Prices by Country

The average industrial sewing machine export price stood at $X per unit in 2022, reducing by -3.6% against the previous year. Over the period under review, the export price, however, posted a measured expansion. The growth pace was the most rapid in 2018 when the average export price increased by 106% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2019 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to China amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+7.5%).

Industrial Sewing Machine Imports

Imports into Bangladesh

In 2022, industrial sewing machine imports into Bangladesh dropped dramatically to X units, with a decrease of -27% compared with the year before. Over the period under review, imports, however, enjoyed a perceptible expansion. The pace of growth appeared the most rapid in 2021 with an increase of 127% against the previous year. As a result, imports attained the peak of X units, and then reduced sharply in the following year.

In value terms, industrial sewing machine imports declined remarkably to $X in 2022. In general, imports, however, showed perceptible growth. The pace of growth was the most pronounced in 2021 with an increase of 193% against the previous year. As a result, imports attained the peak of $X, and then shrank rapidly in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of industrial sewing machine to Bangladesh, accounting for a 49% share of total imports. Moreover, industrial sewing machine imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X units), threefold. The third position in this ranking was held by Hong Kong SAR (X units), with a 2.7% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-7.0% per year) and Hong Kong SAR (-4.6% per year).

In value terms, the largest industrial sewing machine suppliers to Bangladesh were Singapore ($X), China ($X) and Hong Kong SAR ($X), together comprising 59% of total imports.

Among the main suppliers, China, with a CAGR of +11.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average industrial sewing machine import price stood at $X per unit in 2022, with a decrease of -8.1% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the average import price increased by 29% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Hong Kong SAR ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+6.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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