Eastern Asia: Market for Jute And Jute-Like Fibers 2024

Market Size for Jute And Jute-Like Fibers in Eastern Asia

The East Asian jute and jute-like fibers market fell rapidly to $X in 2022, with a decrease of -18.4% against the previous year. Overall, consumption showed a abrupt curtailment. The pace of growth appeared the most rapid in 2017 when the market value increased by 8.9% against the previous year. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Jute And Jute-Like Fibers in Eastern Asia

In value terms, jute and jute-like fibers production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production posted a significant increase. The most prominent rate of growth was recorded in 2019 with an increase of 351,178%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Japan (X tons) constituted the country with the largest volume of jute and jute-like fibers production, accounting for 99.9% of total volume.

From 2012 to 2022, the average annual growth rate of volume in Japan totaled +573.2%.

Exports of Jute And Jute-Like Fibers

Exports in Eastern Asia

In 2022, the amount of jute and jute-like fibers exported in Eastern Asia amounted to X tons, remaining relatively unchanged against the year before. Overall, exports recorded a resilient increase. The pace of growth appeared the most rapid in 2019 when exports increased by 140%. The volume of export peaked in 2022 and is expected to retain growth in the near future.

In value terms, jute and jute-like fibers exports declined to $X in 2022. In general, exports showed a strong increase. The pace of growth was the most pronounced in 2013 when exports increased by 96% against the previous year. The level of export peaked at $X in 2021, and then contracted in the following year.

Exports by Country

Japan (X tons) and South Korea (X tons) prevails in exports structure, together mixing up 93% of total exports. It was distantly followed by China (X tons), constituting a 5.7% share of total exports. Hong Kong SAR (X tons) took a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by South Korea (with a CAGR of +36.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest jute and jute-like fibers supplying countries in Eastern Asia were Japan ($X), South Korea ($X) and China ($X), together accounting for 99% of total exports.

Japan, with a CAGR of +30.4%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, which is down by -14.4% against the previous year. Over the period under review, the export price showed a abrupt contraction. The most prominent rate of growth was recorded in 2021 when the export price increased by 18% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2014; however, from 2015 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 China ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.0%), while the other leaders experienced a decline in the export price figures.

Imports of Jute And Jute-Like Fibers

Imports in Eastern Asia

For the third year in a row, Eastern Asia recorded decline in purchases abroad of jute and jute-like fibers, which decreased by -17.6% to X tons in 2022. Over the period under review, imports saw a abrupt descent. The most prominent rate of growth was recorded in 2017 with an increase of 22%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, jute and jute-like fibers imports shrank sharply to $X in 2022. Overall, imports continue to indicate a drastic downturn. The pace of growth was the most pronounced in 2021 with an increase of 11% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

China was the largest importing country with an import of about X tons, which finished at 78% of total imports. It was distantly followed by South Korea (X tons), making up an 18% share of total imports. Democratic People's Republic of Korea (X tons) took a minor share of total imports.

Imports into China decreased at an average annual rate of -16.0% from 2012 to 2022. At the same time, Democratic People's Republic of Korea (+12.8%) displayed positive paces of growth. Moreover, Democratic People's Republic of Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +12.8% from 2012-2022. By contrast, South Korea (-3.3%) illustrated a downward trend over the same period. South Korea (+13 p.p.) and Democratic People's Republic of Korea (+1.6 p.p.) significantly strengthened its position in terms of the total imports, while China saw its share reduced by -15.9% from 2012 to 2022, respectively.

In value terms, China ($X) constitutes the largest market for imported jute and jute-like fibers in Eastern Asia, comprising 80% of total imports. The second position in the ranking was held by South Korea ($X), with a 16% share of total imports.

In China, jute and jute-like fibers imports shrank by an average annual rate of -10.9% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (-2.3% per year) and Democratic People's Republic of Korea (+6.7% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, therefore, remained relatively stable against the previous year. Import price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, jute and jute-like fibers import price increased by +36.9% against 2019 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 22% against the previous year. As a result, import price reached the peak level of $X per ton, and then dropped in the following year.

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 ($X per ton), while Democratic People's Republic of Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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