Malaysia: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in Malaysia

The Malaysian keyboard stringed instrument market fell slightly to $X in 2022, which is down by -2.9% against the previous year. Overall, consumption continues to indicate a significant expansion. Keyboard stringed instrument consumption peaked at $X in 2021, and then declined slightly in the following year.

Keyboard Stringed Instrument Production in Malaysia

In value terms, keyboard stringed instrument production shrank slightly to $X in 2022 estimated in export price. In general, the total production indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +4.4% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 26%. Keyboard stringed instrument production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Keyboard Stringed Instrument Exports

Exports from Malaysia

In 2022, the amount of keyboard stringed instruments exported from Malaysia fell significantly to X units, shrinking by -40.6% on 2021 figures. Overall, exports recorded a sharp curtailment. The growth pace was the most rapid in 2019 with an increase of 719%. Over the period under review, the exports attained the peak figure at X units in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, keyboard stringed instrument exports plummeted to $X in 2022. In general, exports recorded a deep reduction. The growth pace was the most rapid in 2019 when exports increased by 900% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Brunei Darussalam (X units), Sweden (X units) and Myanmar (X units) were the main destinations of keyboard stringed instrument exports from Malaysia, together accounting for 87% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Brunei Darussalam (with a CAGR of +35.7%), while the other leaders experienced more modest paces of growth.

In value terms, Brunei Darussalam ($X) remains the key foreign market for keyboard stringed instruments exports from Malaysia, comprising 24% of total exports. The second position in the ranking was held by Fiji ($X), with a 5.6% share of total exports. It was followed by Myanmar, with a 5% share.

From 2012 to 2022, the average annual growth rate of value to Brunei Darussalam totaled +74.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Fiji (0.0% per year) and Myanmar (+34.0% per year).

Export Prices by Country

The average keyboard stringed instrument export price stood at $X per unit in 2022, increasing by 33% against the previous year. Overall, the export price saw strong growth. The most prominent rate of growth was recorded in 2018 when the average export price increased by 80% against the previous year. The export price peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Brunei Darussalam ($X per unit), while the average price for exports to Sweden ($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 Panama (+15.3%), while the prices for the other major destinations experienced more modest paces of growth.

Keyboard Stringed Instrument Imports

Imports into Malaysia

In 2022, supplies from abroad of keyboard stringed instruments decreased by -18.8% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2017 with an increase of 683% against the previous year. As a result, imports reached the peak of X units. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, keyboard stringed instrument imports dropped remarkably to $X in 2022. Overall, imports, however, showed prominent growth. The pace of growth was the most pronounced in 2017 when imports increased by 220% against the previous year. Imports peaked at $X in 2021, and then dropped sharply in the following year.

Imports by Country

In 2022, China (X units) constituted the largest keyboard stringed instrument supplier to Malaysia, accounting for a 89% share of total imports. Moreover, keyboard stringed instrument imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +22.4%.

In value terms, the largest keyboard stringed instrument suppliers to Malaysia were the United States ($X) and China ($X).

China, with a CAGR of +7.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review.

Import Prices by Country

In 2022, the average keyboard stringed instrument import price amounted to $X per unit, almost unchanged from the previous year. In general, the import price, however, continues to indicate prominent growth. The most prominent rate of growth was recorded in 2015 when the average import price increased by 125% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

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 the United States ($X per unit), while the price for China stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (-1.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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