Hungary: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Hungary

In 2022, the Hungarian worked wax articles market decreased by -19.1% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption, however, showed prominent growth. Worked wax articles consumption peaked at $X in 2021, and then dropped remarkably in the following year.

Worked Wax Articles Production in Hungary

In value terms, worked wax articles production shrank rapidly to $X in 2022 estimated in export price. Overall, production faced a sharp setback. Worked wax articles production peaked at $X in 2021, and then declined rapidly in the following year.

Worked Wax Articles Exports

Exports from Hungary

In 2022, shipments abroad of worked articles of wax decreased by -64.8% to X units, falling for the second consecutive year after two years of growth. Over the period under review, exports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2019 with an increase of 14,589%. The exports peaked at X units in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, worked wax articles exports dropped rapidly to $X in 2022. Overall, exports, however, enjoyed significant growth. The pace of growth was the most pronounced in 2019 when exports increased by 4,583%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for worked wax articles exports from Hungary, accounting for a 71% share of total exports. Moreover, worked wax articles exports to the United States exceeded the volume sent to the second major destination, Croatia (X units), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +120.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Croatia (+25.4% per year) and Australia (-52.2% per year).

In value terms, the United States ($X) remains the key foreign market for worked articles of wax exports from Hungary, comprising 70% of total exports. The second position in the ranking was taken by Australia ($X), with a 16% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +96.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (-33.1% per year) and Croatia (+25.8% per year).

Export Prices by Country

The average worked wax articles export price stood at $X per thousand units in 2022, picking up by 12% against the previous year. In general, the export price, however, showed a abrupt shrinkage. The pace of growth was the most pronounced in 2013 when the average export price increased by 70% against the previous year. As a result, the export price attained the peak level of $X per thousand units. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Australia ($X per thousand units), while the average price for exports to Croatia ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+39.9%), while the prices for the other major destinations experienced mixed trend patterns.

Worked Wax Articles Imports

Imports into Hungary

In 2022, after two years of growth, there was significant decline in supplies from abroad of worked articles of wax, when their volume decreased by -37.7% to X units. Over the period under review, imports, however, showed a prominent increase. The growth pace was the most rapid in 2020 when imports increased by 78% against the previous year. Imports peaked at X units in 2021, and then dropped significantly in the following year.

In value terms, worked wax articles imports surged to $X in 2022. In general, total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +10.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +67.7% against 2015 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 95% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Belgium (X units) constituted the largest worked wax articles supplier to Hungary, with a 87% share of total imports. Moreover, worked wax articles imports from Belgium exceeded the figures recorded by the second-largest supplier, Croatia (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Belgium totaled +15.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Croatia (+46.7% per year) and China (-1.3% per year).

In value terms, Belgium ($X) constituted the largest supplier of worked articles of wax to Hungary, comprising 84% of total imports. The second position in the ranking was held by China ($X), with a 7.5% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Belgium totaled +10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+8.6% per year) and Croatia (+31.9% per year).

Import Prices by Country

The average worked wax articles import price stood at $X per thousand units in 2022, growing by 87% against the previous year. Overall, the import price, however, continues to indicate a noticeable slump. Over the period under review, average import prices reached the maximum at $X per thousand units in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per thousand units), while the price for Croatia ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+10.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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