Eastern Asia: Woolen Fabric Market 2022

Woolen Fabric Market Size in Eastern Asia

In 2021, the East Asian woolen fabric market increased by 8.2% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption, however, saw a perceptible slump. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Woolen Fabric Production in Eastern Asia

In value terms, woolen fabric production rose notably to $X in 2021 estimated in export price. Overall, production, however, saw a pronounced decrease. The growth pace was the most rapid in 2014 when the production volume increased by 20% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2021, production growth remained at a somewhat lower figure.

Woolen Fabric Exports

Exports in Eastern Asia

Woolen fabric exports rose significantly to X square meters in 2021, growing by 11% against the year before. Over the period under review, exports, however, showed a deep slump. The volume of export peaked at X square meters in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, woolen fabric exports totaled $X in 2021. In general, exports, however, saw a abrupt curtailment. The growth pace was the most rapid in 2018 when exports increased by 9.7%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, China (X square meters) represented the main exporter of woven woolen fabrics, committing 72% of total exports. Japan (X square meters) held the second position in the ranking, followed by South Korea (X square meters) and Hong Kong SAR (X square meters). All these countries together held near 28% share of total exports. Hong Kong SAR (X square meters) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to woolen fabric exports from China stood at -9.6%. South Korea (-4.1%), Japan (-9.4%) and Hong Kong SAR (-15.8%) illustrated a downward trend over the same period. While the share of South Korea (+4 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Hong Kong SAR (-3.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest woolen fabric supplier in Eastern Asia, comprising 58% of total exports. The second position in the ranking was held by Japan ($X), with a 26% share of total exports. It was followed by South Korea, with an 8.4% share.

In China, woolen fabric exports decreased by an average annual rate of -11.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Japan (-10.7% per year) and South Korea (-4.4% per year).

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per square meter, shrinking by -7.1% against the previous year. In general, the export price continues to indicate a mild setback. The pace of growth appeared the most rapid in 2014 an increase of 28% against the previous year. As a result, the export price reached the peak level of $X per square meter. From 2015 to 2021, the the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Hong Kong SAR ($X per square meter), while China ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+4.6%), while the other leaders experienced a decline in the export price figures.

Woolen Fabric Imports

Imports in Eastern Asia

In 2021, overseas purchases of woven woolen fabrics were finally on the rise to reach X square meters for the first time since 2016, thus ending a four-year declining trend. Overall, imports, however, continue to indicate a noticeable downturn. The volume of import peaked at X square meters in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, woolen fabric imports rose markedly to $X in 2021. In general, imports, however, recorded a deep setback. The growth pace was the most rapid in 2018 with an increase of 13% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China prevails in imports structure, accounting for X square meters, which was approx. 71% of total imports in 2021. Japan (X square meters) ranks second in terms of the total imports with an 8.3% share, followed by Democratic People's Republic of Korea (6.6%), South Korea (8.1%) and Hong Kong SAR (5.3%).

China was also the fastest-growing in terms of the woven woolen fabrics imports, with a CAGR of -1.3% from 2012 to 2021. Democratic People's Republic of Korea (-1.5%), South Korea (-2.1%), Japan (-12.1%) and Hong Kong SAR (-15.3%) illustrated a downward trend over the same period. While the share of China (+18 p.p.), South Korea (+1.6 p.p.) and Democratic People's Republic of Korea (+1.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Japan (-9.4 p.p.) and Hong Kong SAR (-10.5 p.p.) displayed negative dynamics.

In value terms, China ($X) constitutes the largest market for imported woven woolen fabrics in Eastern Asia, comprising 58% of total imports. The second position in the ranking was held by South Korea ($X), with a 17% share of total imports. It was followed by Japan, with a 14% share.

From 2012 to 2021, the average annual growth rate of value in China stood at -5.8%. In the other countries, the average annual rates were as follows: South Korea (+0.6% per year) and Japan (-11.2% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per square meter in 2021, which is down by -25.8% against the previous year. Overall, the import price saw a perceptible shrinkage. The growth pace was the most rapid in 2018 when the import price increased by 13%. Over the period under review, import prices reached the maximum at $X per square meter in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was South Korea ($X per square meter), while Democratic People's Republic of Korea ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+4.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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