Eastern Asia: Wood Flat Pallet Market 2024

Wood Flat Pallet Market Size in Eastern Asia

For the seventh consecutive year, the East Asian wood flat pallet market recorded growth in sales value, which increased by 9.1% to $X in 2021. The total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +62.4% against 2012 indices. The level of consumption peaked in 2021 and is expected to retain growth in years to come.

Wood Flat Pallet Production in Eastern Asia

In value terms, wood flat pallet production rose rapidly to $X in 2021 estimated in export price. The total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +63.2% against 2012 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 14%. The level of production peaked in 2021 and is likely to continue growth in years to come.

Wood Flat Pallet Exports

Exports in Eastern Asia

After nine years of growth, shipments abroad of flat pallets and pallet collars of wood decreased by -16.3% to X units in 2021. In general, exports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2020 when exports increased by 31% against the previous year. As a result, the exports attained the peak of X units, and then declined significantly in the following year.

In value terms, wood flat pallet exports rose modestly to $X in 2021. Overall, exports, however, showed prominent growth. The pace of growth appeared the most rapid in 2020 when exports increased by 24% against the previous year. The level of export peaked in 2021 and is likely to continue growth in the near future.

Exports by Country

China represented the key exporting country with an export of about X units, which amounted to 75% of total exports. South Korea (X units) took a 16% share (based on physical terms) of total exports, which put it in second place, followed by Hong Kong SAR (5.8%). Taiwan (Chinese) (X units) followed a long way behind the leaders.

China was also the fastest-growing in terms of the flat pallets and pallet collars of wood exports, with a CAGR of +10.1% from 2012 to 2021. At the same time, Hong Kong SAR (+9.2%), Taiwan (Chinese) (+5.8%) and South Korea (+2.8%) displayed positive paces of growth. From 2012 to 2021, the share of China increased by +12 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest wood flat pallet supplier in Eastern Asia, comprising 77% of total exports. The second position in the ranking was taken by South Korea ($X), with a 16% share of total exports. It was followed by Hong Kong SAR, with a 3.1% share.

In China, wood flat pallet exports expanded at an average annual rate of +11.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: South Korea (+1.2% per year) and Hong Kong SAR (+16.1% per year).

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per unit, rising by 25% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per unit), while Hong Kong SAR ($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 (+6.3%), while the other leaders experienced more modest paces of growth.

Wood Flat Pallet Imports

Imports in Eastern Asia

In 2021, supplies from abroad of flat pallets and pallet collars of wood increased by 13% to X units, rising for the fifth consecutive year after two years of decline. Total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +5.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +54.3% against 2016 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 24%. The volume of import peaked in 2021 and is likely to see gradual growth in the near future.

In value terms, wood flat pallet imports soared to $X in 2021. The total import value increased at an average annual rate of +4.8% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 with an increase of 27% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

Imports by Country

The purchases of the five major importers of flat pallets and pallet collars of wood, namely South Korea, Hong Kong SAR, China, Japan and Taiwan (Chinese), represented more than two-thirds of total import.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +10.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Hong Kong SAR ($X) and China ($X) constituted the countries with the highest levels of imports in 2021, together accounting for 69% of total imports.

Among the main importing countries, China, with a CAGR of +11.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per unit, picking up by 12% against the previous year. In general, the import price, however, recorded a mild downturn. Over the period under review, import prices hit record highs at $X per unit in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Japan ($X per unit) and Taiwan (Chinese) ($X per unit), while Hong Kong SAR ($X per unit) and South Korea ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+1.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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