Malaysia: Gouges And Chisels Market 2024

Gouges And Chisels Market Size in Malaysia

In 2022, the Malaysian gouges and chisels market decreased by -11.8% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption continues to indicate a deep setback. Gouges and chisels consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Gouges And Chisels Production in Malaysia

In value terms, gouges and chisels production contracted to $X in 2022 estimated in export price. Overall, production, however, faced a deep slump. The most prominent rate of growth was recorded in 2017 with an increase of 37% against the previous year. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Gouges And Chisels Exports

Exports from Malaysia

Gouges and chisels exports from Malaysia shrank remarkably to X tons in 2022, reducing by -30.6% against the previous year. In general, exports, however, showed mild growth. The pace of growth appeared the most rapid in 2015 with an increase of 596% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, gouges and chisels exports contracted significantly to $X in 2022. Over the period under review, exports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2015 when exports increased by 579% against the previous year. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Indonesia (X tons) was the main destination for gouges and chisels exports from Malaysia, accounting for a 47% share of total exports. Moreover, gouges and chisels exports to Indonesia exceeded the volume sent to the second major destination, Germany (X tons), fourfold. The third position in this ranking was taken by Papua New Guinea (X tons), with a 9.3% share.

From 2012 to 2022, the average annual growth rate of volume to Indonesia amounted to +16.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+74.9% per year) and Papua New Guinea (+7.4% per year).

In value terms, the largest markets for gouges and chisels exported from Malaysia were Indonesia ($X), Germany ($X) and Colombia ($X), with a combined 48% share of total exports.

In terms of the main countries of destination, Germany, with a CAGR of +43.1%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average gouges and chisels export price stood at $X per ton in 2022, reducing by -4.7% against the previous year. In general, the export price continues to indicate a drastic downturn. The pace of growth was the most pronounced in 2020 when the average export price increased by 9.9% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Colombia ($X per ton), while the average price for exports to Liberia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Colombia (+7.0%), while the prices for the other major destinations experienced a decline.

Gouges And Chisels Imports

Imports into Malaysia

In 2022, supplies from abroad of planes, chisels and gouges for working wood decreased by -12.9% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports, however, recorded a pronounced expansion. The growth pace was the most rapid in 2018 with an increase of 67% against the previous year. Imports peaked at X tons in 2021, and then dropped in the following year.

In value terms, gouges and chisels imports dropped rapidly to $X in 2022. In general, imports, however, showed a moderate expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 110% against the previous year. Imports peaked at $X in 2021, and then fell markedly in the following year.

Imports by Country

In 2022, China (X tons) was the main supplier of gouges and chisels to Malaysia, with a approx. 98% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +3.5%.

In value terms, China ($X) constituted the largest supplier of planes, chisels and gouges for working wood to Malaysia.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +11.2%.

Import Prices by Country

The average gouges and chisels import price stood at $X per ton in 2022, dropping by -9.3% against the previous year. In general, import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, gouges and chisels import price increased by +97.8% against 2016 indices. The most prominent rate of growth was recorded in 2021 an increase of 28%. As a result, import price attained the peak level of $X per ton, and then fell in the following year.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +7.5% per year.

Source: IndexBox Platform

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