Hungary: Composition Leather Market 2024

Composition Leather Market Size in Hungary

In 2021, the Hungarian composition leather market was finally on the rise to reach $X after three years of decline. In general, consumption, however, continues to indicate a slight curtailment. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Composition Leather Production in Hungary

In value terms, composition leather production soared to $X in 2021 estimated in export price. Overall, production, however, recorded a drastic downturn. The pace of growth was the most pronounced in 2016 when the production volume increased by 74%. Composition leather production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Composition Leather Exports

Exports from Hungary

For the third consecutive year, Hungary recorded decline in overseas shipments of composition leather, which decreased by -7% to X square meters in 2021. In general, exports faced a deep setback. The pace of growth appeared the most rapid in 2018 when exports increased by 603% against the previous year. The exports peaked at X square meters in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, composition leather exports dropped rapidly to $X in 2021. Over the period under review, exports continue to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2016 when exports increased by 353% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Italy (X square meters) was the main destination for composition leather exports from Hungary, accounting for a 58% share of total exports. Moreover, composition leather exports to Italy exceeded the volume sent to the second major destination, Pakistan (X square meters), threefold. The third position in this ranking was held by the United States (X square meters), with a 15% share.

From 2012 to 2021, the average annual growth rate of volume to Italy totaled -7.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+37.6% per year) and the United States (+78.0% per year).

In value terms, Italy ($X) remains the key foreign market for composition leather exports from Hungary, comprising 81% of total exports. The second position in the ranking was taken by France ($X), with a 7.9% share of total exports. It was followed by Pakistan, with a 5.5% share.

From 2012 to 2021, the average annual growth rate of value to Italy totaled -3.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-12.5% per year) and Pakistan (-8.8% per year).

Export Prices by Country

In 2021, the average composition leather export price amounted to $X per square meter, dropping by -61.4% against the previous year. Over the period under review, the export price, however, showed a slight expansion. The most prominent rate of growth was recorded in 2017 when the average export price increased by 688% against the previous year. As a result, the export price attained the peak level of $X per square meter. From 2018 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was France ($X per square meter), while the average price for exports to the United States ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Bosnia and Herzegovina (+31.2%), while the prices for the other major destinations experienced more modest paces of growth.

Composition Leather Imports

Imports into Hungary

Composition leather imports into Hungary shrank notably to X square meters in 2021, with a decrease of -22.8% compared with the previous year's figure. Over the period under review, imports recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2019 with an increase of 96%. As a result, imports reached the peak of X square meters. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, composition leather imports contracted to $X in 2021. Overall, imports showed a abrupt slump. The pace of growth was the most pronounced in 2015 when imports increased by 52%. Over the period under review, imports attained the peak figure at $X in 2016; however, from 2017 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Germany (X square meters) constituted the largest composition leather supplier to Hungary, with a 48% share of total imports. Moreover, composition leather imports from Germany exceeded the figures recorded by the second-largest supplier, Italy (X square meters), threefold. The third position in this ranking was held by Portugal (X square meters), with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany totaled +6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-20.2% per year) and Portugal (0.0% per year).

In value terms, Germany ($X) constituted the largest supplier of composition leather to Hungary, comprising 35% of total imports. The second position in the ranking was taken by the UK ($X), with a 17% share of total imports. It was followed by Italy, with a 16% share.

From 2012 to 2021, the average annual growth rate of value from Germany amounted to +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+285.6% per year) and Italy (-21.1% per year).

Import Prices by Country

In 2021, the average composition leather import price amounted to $X per square meter, rising by 12% against the previous year. In general, the import price, however, showed a mild contraction. The most prominent rate of growth was recorded in 2020 an increase of 142% against the previous year. The import price peaked at $X per square meter in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the Czech Republic ($X per square meter), while the price for Poland ($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 the Czech Republic (+58.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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