Eastern Asia: Twig Broom Market 2024

Twig Broom Market Size in Eastern Asia

In 2021, after two years of growth, there was decline in the East Asian twig broom market, when its value decreased by -4.8% to $X. The market value increased at an average annual rate of +2.9% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Twig Broom Production in Eastern Asia

In value terms, twig broom production contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.0% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when the production volume increased by 24%. The level of production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Twig Broom Exports

Exports in Eastern Asia

In 2021, shipments abroad of brooms and brushes of twigs decreased by -7.6% to X units for the first time since 2017, thus ending a three-year rising trend. In general, exports continue to indicate a noticeable decline. The growth pace was the most rapid in 2018 with an increase of 45%. The volume of export peaked at X units in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, twig broom exports reduced modestly to $X in 2021. Over the period under review, exports saw a perceptible slump. The most prominent rate of growth was recorded in 2013 with an increase of 6.7% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

China prevails in exports structure, accounting for X units, which was approx. 94% of total exports in 2021. The following exporters - South Korea (X units) and Hong Kong SAR (X units) - each accounted for a 3.5% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to twig broom exports from China stood at -3.7%. At the same time, South Korea (+22.6%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +22.6% from 2012-2021. By contrast, Hong Kong SAR (-20.3%) illustrated a downward trend over the same period. While the share of China (+8.4 p.p.) and South Korea (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Hong Kong SAR (-6.7 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest twig broom supplier in Eastern Asia, comprising 91% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 2.1% share of total exports.

From 2012 to 2021, the average annual growth rate of value in China totaled -1.3%. In the other countries, the average annual rates were as follows: Hong Kong SAR (-15.1% per year) and South Korea (+21.8% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per unit in 2021, picking up by 7% against the previous year. Export price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +2.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, twig broom export price increased by +12.3% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the export price increased by 37% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2018 to 2021, the export prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+6.5%), while the other leaders experienced mixed trends in the export price figures.

Twig Broom Imports

Imports in Eastern Asia

In 2021, approx. X units of brooms and brushes of twigs were imported in Eastern Asia; reducing by -8.3% compared with 2020. Overall, imports recorded a perceptible downturn. The most prominent rate of growth was recorded in 2016 when imports increased by 41%. As a result, imports reached the peak of X units. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, twig broom imports rose markedly to $X in 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 16% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Japan (X units) and South Korea (X units) represented the largest importers of brooms and brushes of twigs in Eastern Asia, together making up 70% of total imports. It was distantly followed by Taiwan (Chinese) (X units), China (X units) and Hong Kong SAR (X units), together creating a 30% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Taiwan (Chinese) (with a CAGR of +16.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constitutes the largest market for imported brooms and brushes of twigs in Eastern Asia, comprising 60% of total imports. The second position in the ranking was taken by South Korea ($X), with a 22% share of total imports. It was followed by Taiwan (Chinese), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Japan was relatively modest. In the other countries, the average annual rates were as follows: South Korea (+0.8% per year) and Taiwan (Chinese) (+15.1% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per unit in 2021, growing by 15% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.6%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+6.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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