China: Rum Market 2024

Rum Market Size in China

The Chinese rum market was estimated at $X in 2022, with an increase of 3% against the previous year. In general, the total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.3% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2020; afterwards, it flattened through to 2022.

Rum Production in China

In value terms, rum production reached $X in 2022 estimated in export price. In general, the total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +10.7% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 24%. Rum production peaked at $X in 2018; afterwards, it flattened through to 2022.

Rum Exports

Exports from China

In 2022, rum exports from China surged to X litres, growing by 136% on 2021. In general, exports, however, recorded a dramatic contraction. The pace of growth appeared the most rapid in 2015 with an increase of 475% against the previous year. Over the period under review, the exports attained the maximum at X litres in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, rum exports skyrocketed to $X in 2022. Overall, exports, however, showed a abrupt decrease. The most prominent rate of growth was recorded in 2015 with an increase of 585%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Papua New Guinea (X litres) was the main destination for rum exports from China, with a 85% share of total exports. Moreover, rum exports to Papua New Guinea exceeded the volume sent to the second major destination, Australia (X litres), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Papua New Guinea totaled +72.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+9,805.0% per year) and Singapore (+15.7% per year).

In value terms, Papua New Guinea ($X) remains the key foreign market for rum exports from China, comprising 64% of total exports. The second position in the ranking was taken by Australia ($X), with a 26% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Papua New Guinea totaled +35.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+20,946.4% per year) and Singapore (+17.8% per year).

Export Prices by Country

The average rum export price stood at $X per litre in 2022, falling by -4.9% against the previous year. In general, the export price, however, saw strong growth. The most prominent rate of growth was recorded in 2014 when the average export price increased by 504% against the previous year. The export price peaked at $X per litre in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

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 Australia ($X per litre), while the average price for exports to Papua New Guinea ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+151.9%), while the prices for the other major destinations experienced more modest paces of growth.

Rum Imports

Imports into China

In 2022, supplies from abroad of rum decreased by -15.1% to X litres, falling for the second consecutive year after two years of growth. Over the period under review, imports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2017 when imports increased by 40%. Imports peaked at X litres in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, rum imports dropped dramatically to $X in 2022. In general, imports, however, recorded modest growth. The most prominent rate of growth was recorded in 2017 with an increase of 35%. Over the period under review, imports reached the maximum at $X in 2021, and then contracted remarkably in the following year.

Imports by Country

In 2022, Puerto Rico (X litres) constituted the largest supplier of rum to China, with a 53% share of total imports. Moreover, rum imports from Puerto Rico exceeded the figures recorded by the second-largest supplier, the UK (X litres), fivefold. The third position in this ranking was held by the United States (X litres), with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Puerto Rico totaled -9.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+5.9% per year) and the United States (-11.0% per year).

In value terms, Puerto Rico ($X) constituted the largest supplier of rum to China, comprising 39% of total imports. The second position in the ranking was held by the UK ($X), with a 9.5% share of total imports. It was followed by Cuba, with a 7.2% share.

From 2012 to 2022, the average annual growth rate of value from Puerto Rico amounted to -5.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+6.9% per year) and Cuba (-2.4% per year).

Import Prices by Country

In 2022, the average rum import price amounted to $X per litre, which is down by -6.2% against the previous year. Overall, import price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rum import price increased by +22.2% against 2020 indices. The growth pace was the most rapid in 2013 an increase of 73%. Over the period under review, average import prices attained the maximum at $X per litre in 2021, and then shrank in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Cuba ($X per litre), while the price for the United States ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Myanmar (+54.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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