Eastern Asia: Sewing Machine Needle Market 2024

Sewing Machine Needle Market Size in Eastern Asia

The East Asian sewing machine needle market expanded markedly to $X in 2022, growing by 13% against the previous year. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Sewing Machine Needle Production in Eastern Asia

In value terms, sewing machine needle production contracted to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 43% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Sewing Machine Needle Exports

Exports in Eastern Asia

Sewing machine needle exports fell remarkably to X units in 2022, waning by -19.3% against the year before. In general, exports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2021 with an increase of 13%. Over the period under review, the exports attained the maximum at X units in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, sewing machine needle exports contracted to $X in 2022. Over the period under review, exports saw a deep setback. The pace of growth appeared the most rapid in 2021 when exports increased by 9.1% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

China was the largest exporter of sewing machine needles in Eastern Asia, with the volume of exports amounting to X units, which was near 72% of total exports in 2022. It was distantly followed by Hong Kong SAR (X units), Taiwan (Chinese) (X units) and South Korea (X units), together constituting a 27% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to sewing machine needle exports from China stood at -4.6%. At the same time, Hong Kong SAR (+5.1%) and Taiwan (Chinese) (+3.1%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +5.1% from 2012-2022. By contrast, South Korea (-3.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Hong Kong SAR, Taiwan (Chinese) and China increased by +6.8, +4.9 and +4 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest sewing machine needle supplying countries in Eastern Asia were China ($X), South Korea ($X) and Taiwan (Chinese) ($X), together accounting for 88% of total exports.

South Korea, with a CAGR of +1.1%, recorded the highest rates of growth with regard to the value of exports, among 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

In 2022, the export price in Eastern Asia amounted to $X per thousand units, rising by 5.4% against the previous year. Overall, the export price, however, continues to indicate a mild descent. The most prominent rate of growth was recorded in 2016 an increase of 9.8%. As a result, the export price reached the peak level of $X per thousand units. From 2017 to 2022, the export prices failed to regain momentum.

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 ($X per thousand units), while China ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.9%), while the other leaders experienced mixed trends in the export price figures.

Sewing Machine Needle Imports

Imports in Eastern Asia

In 2022, approx. X units of sewing machine needles were imported in Eastern Asia; which is down by -6.9% compared with the previous year. In general, imports recorded a perceptible decline. The growth pace was the most rapid in 2021 when imports increased by 36% against the previous year. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, sewing machine needle imports contracted modestly to $X in 2022. Overall, imports recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 24% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Hong Kong SAR (X units) and China (X units) represented the major importers of sewing machine needles in 2022, resulting at near 35% and 29% of total imports, respectively. Japan (X units) held a 15% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (11%) and Taiwan (Chinese) (10%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by China (with a CAGR of +17.3%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, the largest sewing machine needle importing markets in Eastern Asia were Hong Kong SAR ($X), China ($X) and Japan ($X), with a combined 85% share of total imports.

Among the main importing countries, China, with a CAGR of +13.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per thousand units, surging by 6.1% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 11% against the previous year. The level of import peaked at $X per thousand units in 2014; however, from 2015 to 2022, 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 Hong Kong SAR ($X per thousand units), while South Korea ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+4.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :