Malaysia: Combined Refrigerator-Freezer Market 2024

Combined Refrigerator-Freezer Market Size in Malaysia

In 2022, the Malaysian combined refrigerator-freezer market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Over the period under review, the total consumption indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -25.1% against 2018 indices. Combined refrigerator-freezer consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Combined Refrigerator-Freezer Exports

Exports from Malaysia

Combined refrigerator-freezer exports from Malaysia fell rapidly to X units in 2022, shrinking by -35.9% compared with the previous year. In general, exports recorded a abrupt decrease. The growth pace was the most rapid in 2019 with an increase of 242%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, combined refrigerator-freezer exports reduced dramatically to $X in 2022. Over the period under review, exports faced a drastic downturn. The most prominent rate of growth was recorded in 2019 with an increase of 243%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

South Africa (X units), Macao SAR (X units) and Brunei Darussalam (X units) were the main destinations of combined refrigerator-freezer exports from Malaysia, together accounting for 64% of total exports. Uzbekistan, China, Spain, Taiwan (Chinese), the UK, Egypt, Trinidad and Tobago, Singapore, Vietnam and Hong Kong SAR lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Uzbekistan (with a CAGR of +90.5%), while the other leaders experienced more modest paces of growth.

In value terms, Macao SAR ($X) remains the key foreign market for combined refrigerators-freezers exports from Malaysia, comprising 36% of total exports. The second position in the ranking was held by South Africa ($X), with a 15% share of total exports. It was followed by Uzbekistan, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to Macao SAR totaled -6.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (+8.4% per year) and Uzbekistan (+82.2% per year).

Export Prices by Country

The average combined refrigerator-freezer export price stood at $X per unit in 2022, growing by 8.1% against the previous year. Overall, the export price, however, showed a mild downturn. The most prominent rate of growth was recorded in 2015 an increase of 18%. Over the period under review, the average export prices reached the maximum at $X per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Brunei Darussalam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+10.0%), while the prices for the other major destinations experienced more modest paces of growth.

Combined Refrigerator-Freezer Imports

Imports into Malaysia

In 2022, purchases abroad of combined refrigerators-freezers was finally on the rise to reach X units after three years of decline. In general, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 28%. Imports peaked at X units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, combined refrigerator-freezer imports rose significantly to $X in 2022. The total import value increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when imports increased by 21%. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Thailand (X units), China (X units) and Indonesia (X units) were the main suppliers of combined refrigerator-freezer imports to Malaysia, together accounting for 93% of total imports. These countries were followed by Vietnam, which accounted for a further 5.5%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +60.2%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Thailand ($X), China ($X) and Indonesia ($X) appeared to be the largest combined refrigerator-freezer suppliers to Malaysia, with a combined 92% share of total imports. Vietnam lagged somewhat behind, comprising a further 5.3%.

In terms of the main suppliers, Vietnam, with a CAGR of +58.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average combined refrigerator-freezer import price stood at $X per unit in 2022, dropping by -1.9% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average import price increased by 23%. The import price peaked at $X per unit in 2021, and then fell slightly in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were China ($X per unit) and Vietnam ($X per unit), while the price for Indonesia ($X per unit) and Thailand ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+4.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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