Eastern Asia: Hat And Headgear Market 2024

Hat And Headgear Market Size in Eastern Asia

The East Asian hat and headgear market fell to $X in 2022, declining by -13.3% against the previous year. Overall, consumption, however, posted prominent growth. As a result, consumption reached the peak level of $X, and then dropped in the following year.

Hat And Headgear Production in Eastern Asia

In value terms, hat and headgear production dropped slightly to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the production volume increased by 17% against the previous year. Over the period under review, production reached the maximum level at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Hat And Headgear Exports

Exports in Eastern Asia

In 2022, the amount of hats and other headgear exported in Eastern Asia soared to X units, rising by 50% compared with the previous year. Over the period under review, exports, however, recorded a drastic downturn. Over the period under review, the exports hit record highs at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, hat and headgear exports surged to $X in 2022. Overall, exports, however, continue to indicate a abrupt decline. The growth pace was the most rapid in 2014 when exports increased by 17% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China dominates exports structure, finishing at X units, which was near 84% of total exports in 2022. Hong Kong SAR (X units) ranks second in terms of the total exports with a 7% share, followed by South Korea (5%). Taiwan (Chinese) (X units) took a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to hat and headgear exports from China stood at -7.0%. At the same time, South Korea (+7.4%), Taiwan (Chinese) (+5.0%) and Hong Kong SAR (+1.6%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +7.4% from 2012-2022. While the share of Hong Kong SAR (+3.8 p.p.), South Korea (+3.7 p.p.) and Taiwan (Chinese) (+2.9 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of China (-10.2 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest hat and headgear supplier in Eastern Asia, comprising 86% of total exports. The second position in the ranking was held by South Korea ($X), with a 5.4% share of total exports. It was followed by Hong Kong SAR, with a 4.8% share.

From 2012 to 2022, the average annual growth rate of value in China stood at -9.1%. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (+4.0% per year) and Hong Kong SAR (-9.5% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per unit in 2022, waning by -23.2% against the previous year. Overall, the export price continues to indicate a pronounced decline. The pace of growth appeared the most rapid in 2014 when the export price increased by 17% against the previous year. The level of export peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per unit), while Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-2.2%), while the other leaders experienced a decline in the export price figures.

Hat And Headgear Imports

Imports in Eastern Asia

In 2022, supplies from abroad of hats and other headgear increased by 35% to X units, rising for the second year in a row after two years of decline. The total import volume increased at an average annual rate of +1.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, hat and headgear imports expanded notably to $X in 2022. The total import value increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Japan (X units) and South Korea (X units) dominates imports structure, together mixing up 71% of total imports. Hong Kong SAR (X units) ranks next in terms of the total imports with a 9.9% share, followed by Taiwan (Chinese) (9.3%) and Macao SAR (5.6%). China (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Macao SAR (with a CAGR of +35.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constitutes the largest market for imported hats and other headgear in Eastern Asia, comprising 62% of total imports. The second position in the ranking was taken by South Korea ($X), with a 21% share of total imports. It was followed by Hong Kong SAR, with a 9.1% share.

From 2012 to 2022, the average annual growth rate of value in Japan was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+10.1% per year) and Hong Kong SAR (-2.2% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per unit in 2022, which is down by -15.3% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 14% against the previous year. As a result, import price reached the peak level of $X per unit. From 2021 to 2022, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per unit), while Taiwan (Chinese) ($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 (+5.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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