Eastern Asia: Wool Market 2025

Wool Market Size in Eastern Asia

In 2022, the East Asian wool market increased by 11% to $X for the first time since 2016, thus ending a five-year declining trend. Overall, consumption, however, showed a pronounced decrease. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Wool Production in Eastern Asia

In value terms, wool production rose significantly to $X in 2022 estimated in export price. In general, production, however, saw a perceptible curtailment. The most prominent rate of growth was recorded in 2019 with an increase of 86% against the previous year. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Wool Exports

Exports in Eastern Asia

In 2022, the amount of wool exported in Eastern Asia dropped slightly to X tons, flattening at the previous year's figure. Overall, exports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2021 with an increase of 16%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, wool exports shrank to $X in 2022. In general, exports saw a abrupt slump. The most prominent rate of growth was recorded in 2021 when exports increased by 23%. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China dominates exports structure, finishing at X tons, which was near 93% of total exports in 2022. It was distantly followed by Hong Kong SAR (X tons), committing a 6.9% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to wool exports from China stood at -8.9%. Hong Kong SAR (-1.1%) illustrated a downward trend over the same period. Hong Kong SAR (+3.8 p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by -3% from 2012 to 2022, respectively.

In value terms, China ($X) remains the largest wool supplier in Eastern Asia, comprising 96% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 2.9% share of total exports.

In China, wool exports declined by an average annual rate of -9.7% over the period from 2012-2022.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, which is down by -6% against the previous year. Over the period under review, the export price recorded a slight reduction. The most prominent rate of growth was recorded in 2013 when the export price increased by 10%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices remained at a somewhat lower figure.

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 totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-0.9%).

Wool Imports

Imports in Eastern Asia

In 2022, supplies from abroad of wool increased by 20% to X tons, rising for the second consecutive year after two years of decline. In general, imports, however, recorded a slight slump. The pace of growth was the most pronounced in 2017 with an increase of 35% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, wool imports rose slightly to $X in 2022. Over the period under review, imports, however, recorded a abrupt decline. The most prominent rate of growth was recorded in 2015 with an increase of 14% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

China dominates imports structure, finishing at X tons, which was approx. 86% of total imports in 2022. South Korea (X tons) ranks second in terms of the total imports with an 8% share, followed by Japan (4.7%).

China experienced a relatively flat trend pattern with regard to volume of imports of wool. South Korea (-2.3%) and Japan (-9.6%) illustrated a downward trend over the same period. China (+8.8 p.p.) significantly strengthened its position in terms of the total imports, while Japan saw its share reduced by -6.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), South Korea ($X) and Japan ($X) were the countries with the highest levels of imports in 2022, with a combined 95% share of total imports.

South Korea, with a CAGR of -2.2%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, dropping by -13.1% against the previous year. In general, the import price recorded a drastic downturn. The growth pace was the most rapid in 2018 an increase of 4.2% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+0.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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