Eastern Asia: Sewing Machine Furniture Market 2024

Sewing Machine Furniture Market Size in Eastern Asia

The East Asian sewing machine furniture market rose notably to $X in 2022, picking up by 5.2% against the previous year. Overall, consumption showed strong growth. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Sewing Machine Furniture Production in Eastern Asia

In value terms, sewing machine furniture production reached $X in 2022 estimated in export price. Overall, production continues to indicate a remarkable increase. The pace of growth appeared the most rapid in 2017 with an increase of 84%. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Sewing Machine Furniture Exports

Exports in Eastern Asia

In 2022, sewing machine furniture exports in Eastern Asia fell to X tons, flattening at the previous year. The total export volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 19%. As a result, the exports attained the peak of X tons, and then declined modestly in the following year.

In value terms, sewing machine furniture exports reduced slightly to $X in 2022. The total export value increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2021 when exports increased by 25%. As a result, the exports attained the peak of $X, leveling off in the following year.

Exports by Country

China prevails in exports structure, resulting at X tons, which was approx. 89% of total exports in 2022. It was distantly followed by Taiwan (Chinese) (X tons), comprising a 6.3% share of total exports. Hong Kong SAR (X tons) took a little share of total exports.

China was also the fastest-growing in terms of the furniture, bases and covers for sewing machines exports, with a CAGR of +4.6% from 2012 to 2022. Taiwan (Chinese) (-1.5%) and Hong Kong SAR (-8.7%) illustrated a downward trend over the same period. China (+9 p.p.) significantly strengthened its position in terms of the total exports, while Hong Kong SAR and Taiwan (Chinese) saw its share reduced by -4% and -4.1% from 2012 to 2022, respectively.

In value terms, China ($X) remains the largest sewing machine furniture supplier in Eastern Asia, comprising 58% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 19% share of total exports.

From 2012 to 2022, the average annual growth rate of value in China totaled +6.2%. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+0.6% per year) and Hong Kong SAR (-6.3% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, flattening at the previous year. Overall, the export price, however, showed a slight slump. The pace of growth appeared the most rapid in 2021 when the export price increased by 4.5% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 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 Hong Kong SAR ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+2.6%), while the other leaders experienced more modest paces of growth.

Sewing Machine Furniture Imports

Imports in Eastern Asia

Sewing machine furniture imports contracted to X tons in 2022, declining by -10.2% on 2021. In general, imports saw a slight decline. The most prominent rate of growth was recorded in 2021 when imports increased by 41%. The volume of import peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, sewing machine furniture imports reduced slightly to $X in 2022. Overall, imports continue to indicate a noticeable decrease. The pace of growth was the most pronounced in 2021 with an increase of 44%. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Japan was the major importer of furniture, bases and covers for sewing machines in Eastern Asia, with the volume of imports finishing at X tons, which was near 46% of total imports in 2022. It was distantly followed by Taiwan (Chinese) (X tons), China (X tons) and Hong Kong SAR (X tons), together making up a 51% share of total imports. South Korea (X tons) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Japan (with a CAGR of +1.6%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the largest sewing machine furniture importing markets in Eastern Asia were Japan ($X), China ($X) and Taiwan (Chinese) ($X), with a combined 90% share of total imports.

Taiwan (Chinese), with a CAGR of +1.8%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, with an increase of 6.5% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 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 ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+2.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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