Eastern Asia: Woolen Yarn Market 2024

Woolen Yarn Market Size in Eastern Asia

The East Asian woolen yarn market was estimated at $X in 2021, picking up by 5.3% against the previous year. Over the period under review, consumption, however, recorded a mild contraction. The pace of growth appeared the most rapid in 2018 when the market value increased by 6%. The level of consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Woolen Yarn Production in Eastern Asia

In value terms, woolen yarn production rose remarkably to $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 10%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Woolen Yarn Exports

Exports in Eastern Asia

In 2021, shipments abroad of yarn of wool increased by 16% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, showed a drastic downturn. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, woolen yarn exports soared to $X in 2021. Overall, exports, however, showed a perceptible contraction. The most prominent rate of growth was recorded in 2018 with an increase of 20% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, China (X tons) was the largest exporter of yarn of wool, generating 75% of total exports. It was distantly followed by Hong Kong SAR (X tons), generating an 18% share of total exports. South Korea (X tons) and Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to woolen yarn exports from China stood at -3.2%. At the same time, Taiwan (Chinese) (+10.6%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +10.6% from 2012-2021. By contrast, South Korea (-8.3%) and Hong Kong SAR (-10.3%) illustrated a downward trend over the same period. While the share of China (+12 p.p.) and Taiwan (Chinese) (+1.9 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Hong Kong SAR (-12.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest woolen yarn supplier in Eastern Asia, comprising 80% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 15% share of total exports. It was followed by South Korea, with a 2.2% share.

In China, woolen yarn exports declined by an average annual rate of -1.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Hong Kong SAR (-8.2% per year) and South Korea (-4.9% per year).

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, approximately equating the previous year. Over the last nine years, it increased at an average annual rate of +2.5%. The most prominent rate of growth was recorded in 2019 an increase of 15% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, 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 ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+3.7%), while the other leaders experienced more modest paces of growth.

Woolen Yarn Imports

Imports in Eastern Asia

In 2021, supplies from abroad of yarn of wool increased by 1.2% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2015 with an increase of 5.1%. The volume of import peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, woolen yarn imports expanded remarkably to $X in 2021. Overall, imports, however, recorded a deep setback. The most prominent rate of growth was recorded in 2018 with an increase of 13%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Hong Kong SAR represented the major importer of yarn of wool in Eastern Asia, with the volume of imports finishing at X tons, which was approx. 52% of total imports in 2021. Japan (X tons) ranks second in terms of the total imports with a 19% share, followed by South Korea (17%) and China (11%).

From 2012 to 2021, average annual rates of growth with regard to woolen yarn imports into Hong Kong SAR stood at -10.7%. At the same time, South Korea (+7.0%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +7.0% from 2012-2021. By contrast, Japan (-12.7%) and China (-12.7%) illustrated a downward trend over the same period. South Korea (+13 p.p.) significantly strengthened its position in terms of the total imports, while China, Hong Kong SAR and Japan saw its share reduced by -3.5%, -3.7% and -5.6% from 2012 to 2021, respectively.

In value terms, Hong Kong SAR ($X) constitutes the largest market for imported yarn of wool in Eastern Asia, comprising 63% of total imports. The second position in the ranking was taken by South Korea ($X), with a 13% share of total imports. It was followed by Japan, with a 12% share.

From 2012 to 2021, the average annual growth rate of value in Hong Kong SAR totaled -8.0%. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+7.6% per year) and Japan (-13.8% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, rising by 6.7% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.4%. The most prominent rate of growth was recorded in 2018 an increase of 11%. The level of import peaked in 2021 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+6.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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