Eastern Asia: Wood Fuel Market 2024

Wood Fuel Market Size in Eastern Asia

The East Asian wood fuel market dropped modestly to $X in 2022, approximately equating the previous year. In general, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Wood Fuel Production in Eastern Asia

In value terms, wood fuel production fell to $X in 2022 estimated in export price. In general, production recorded significant growth. The pace of growth was the most pronounced in 2013 when the production volume increased by 627%. Over the period under review, production attained the maximum level at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Wood Fuel Exports

Exports in Eastern Asia

Wood fuel exports reduced slightly to X cubic meters in 2022, with a decrease of -2.3% compared with 2021 figures. In general, exports showed a abrupt decrease. The pace of growth was the most pronounced in 2014 when exports increased by 65%. The volume of export peaked at X cubic meters in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, wood fuel exports fell to $X in 2022. Over the period under review, exports recorded a noticeable descent. The most prominent rate of growth was recorded in 2014 when exports increased by 181% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

China represented the key exporter of wood fuel in Eastern Asia, with the volume of exports resulting at X cubic meters, which was approx. 69% of total exports in 2022. It was distantly followed by Japan (X cubic meters), mixing up a 28% share of total exports. Hong Kong SAR (X cubic meters) followed a long way behind the leaders.

China was also the fastest-growing in terms of the wood fuel exports, with a CAGR of +27.4% from 2012 to 2022. Japan (-4.6%) and Hong Kong SAR (-19.3%) illustrated a downward trend over the same period. While the share of China (+66 p.p.) and Japan (+5.3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Hong Kong SAR (-6.2 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest wood fuel supplier in Eastern Asia, comprising 90% of total exports. The second position in the ranking was held by Japan ($X), with a 4.8% share of total exports.

From 2012 to 2022, the average annual growth rate of value in China stood at +29.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-8.1% per year) and Hong Kong SAR (-16.5% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per cubic meter in 2022, waning by -9.9% against the previous year. In general, the export price, however, showed a perceptible increase. The most prominent rate of growth was recorded in 2014 when the export price increased by 70% against the previous year. Over the period under review, the export prices reached the maximum at $X per cubic meter in 2021, and then fell in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($X per cubic meter), while Japan ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+3.5%), while the other leaders experienced mixed trends in the export price figures.

Wood Fuel Imports

Imports in Eastern Asia

After two years of growth, overseas purchases of wood fuel decreased by -0.1% to X cubic meters in 2022. Over the period under review, imports, however, saw a significant increase. The pace of growth was the most pronounced in 2020 with an increase of 710% against the previous year. Over the period under review, imports hit record highs at X cubic meters in 2021, and then contracted modestly in the following year.

In value terms, wood fuel imports soared to $X in 2022. In general, imports, however, showed buoyant growth. The growth pace was the most rapid in 2021 with an increase of 113% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

China was the largest importer of wood fuel in Eastern Asia, with the volume of imports resulting at X cubic meters, which was approx. 75% of total imports in 2022. Japan (X cubic meters) held a 14% share (based on physical terms) of total imports, which put it in second place, followed by Taiwan (Chinese) (9.6%).

Imports into China increased at an average annual rate of +24.7% from 2012 to 2022. At the same time, Japan (+41.1%) and Taiwan (Chinese) (+7.1%) displayed positive paces of growth. Moreover, Japan emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +41.1% from 2012-2022. While the share of China (+15 p.p.) and Japan (+11 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Taiwan (Chinese) (-25.5 p.p.) displayed negative dynamics.

In value terms, the largest wood fuel importing markets in Eastern Asia were China ($X), Japan ($X) and Taiwan (Chinese) ($X), with a combined 98% share of total imports.

Among the main importing countries, China, with a CAGR of +34.5%, 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 mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per cubic meter, picking up by 27% against the previous year. Overall, the import price, however, recorded a perceptible downturn. The pace of growth appeared the most rapid in 2016 when the import price increased by 295% against the previous year. Over the period under review, import prices hit record highs at $X per cubic meter in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($X per cubic meter), while China ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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