Malaysia: Spectacles And Goggles Market 2024

Spectacles And Goggles Market Size in Malaysia

The Malaysian spectacles and goggles market was finally on the rise to reach $X in 2021, after three years of decline. Overall, consumption, however, recorded a abrupt downturn. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Spectacles And Goggles Production in Malaysia

In value terms, spectacles and goggles production rose notably to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a abrupt setback. The most prominent rate of growth was recorded in 2016 when the production volume increased by 54%. Spectacles and goggles production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Spectacles And Goggles Exports

Exports from Malaysia

In 2021, shipments abroad of spectacles and goggles decreased by -1.5% to X units, falling for the fifth year in a row after two years of growth. In general, exports showed a abrupt curtailment. The pace of growth appeared the most rapid in 2015 when exports increased by 98% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, spectacles and goggles exports skyrocketed to $X in 2021. Over the period under review, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2015 with an increase of 76%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for spectacles and goggles exports from Malaysia, with a 33% share of total exports. Moreover, spectacles and goggles exports to the United States exceeded the volume sent to the second major destination, the UK (X units), fivefold. Germany (X units) ranked third in terms of total exports with a 6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-5.2% per year) and Germany (-12.8% per year).

In value terms, the United States ($X) remains the key foreign market for spectacles and goggles exports from Malaysia, comprising 15% of total exports. The second position in the ranking was held by Japan ($X), with a 6.1% share of total exports. It was followed by the UK, with a 4.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-2.0% per year) and the UK (-4.2% per year).

Export Prices by Country

The average spectacles and goggles export price stood at $X per unit in 2021, jumping by 22% against the previous year. In general, export price indicated tangible growth from 2012 to 2021: its price increased at an average annual rate of +3.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, spectacles and goggles export price increased by +65.9% against 2019 indices. The most prominent rate of growth was recorded in 2017 an increase of 44% against the previous year. Over the period under review, the average export prices attained the peak figure in 2021 and is likely to see steady growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+10.0%), while the prices for the other major destinations experienced more modest paces of growth.

Spectacles And Goggles Imports

Imports into Malaysia

In 2021, supplies from abroad of spectacles and goggles decreased by -11.2% to X units for the first time since 2018, thus ending a two-year rising trend. Over the period under review, imports showed a abrupt contraction. The most prominent rate of growth was recorded in 2020 with an increase of 60% against the previous year. Imports peaked at X units in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, spectacles and goggles imports reduced rapidly to $X in 2021. Overall, imports continue to indicate a deep setback. The growth pace was the most rapid in 2020 with an increase of 71%. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest spectacles and goggles supplier to Malaysia, with a 75% share of total imports. Moreover, spectacles and goggles imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), fourfold. Hong Kong SAR (X units) ranked third in terms of total imports with a 0.2% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-1.4% per year) and Hong Kong SAR (-33.8% per year).

In value terms, China ($X) constituted the largest supplier of spectacles and goggles to Malaysia, comprising 60% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 20% share of total imports. It was followed by Hong Kong SAR, with a 1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled -6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+1.4% per year) and Hong Kong SAR (-30.7% per year).

Import Prices by Country

The average spectacles and goggles import price stood at $X per unit in 2021, waning by -4.6% against the previous year. Overall, the import price continues to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2015 an increase of 22%. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Hong Kong SAR ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+4.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :