Malaysia: Tractor Market 2024

Tractor Market Size in Malaysia

In 2022, the Malaysian tractor market increased by 0.7% to $X, rising for the third year in a row after five years of decline. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Tractor Production in Malaysia

In value terms, tractor production rose significantly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when the production volume increased by 39% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Tractor Exports

Exports from Malaysia

In 2022, the amount of tractors exported from Malaysia shrank markedly to X units, dropping by -19.5% against 2021. In general, exports recorded a abrupt downturn. The growth pace was the most rapid in 2019 when exports increased by 33%. Over the period under review, the exports attained the maximum at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, tractor exports dropped to $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when exports increased by 73% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam (X units), the Philippines (X units) and Singapore (X units) were the main destinations of tractor exports from Malaysia, with a combined 25% share of total exports. Indonesia, Sri Lanka, Australia, Suriname and Papua New Guinea lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2022, the biggest increases were recorded for Suriname (with a CAGR of +31.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for tractor exported from Malaysia were Vietnam ($X), the Philippines ($X) and Singapore ($X), together accounting for 32% of total exports. Australia, Sri Lanka, Indonesia, Papua New Guinea and Suriname lagged somewhat behind, together comprising a further 16%.

Among the main countries of destination, Sri Lanka, with a CAGR of +54.8%, recorded the highest growth rate of 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 tractor export price stood at $X per unit in 2022, increasing by 23% against the previous year. In general, the export price continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2013 an increase of 70% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a 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 the Philippines ($X per unit), while the average price for exports to Suriname ($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 Sri Lanka (+22.4%), while the prices for the other major destinations experienced more modest paces of growth.

Tractor Imports

Imports into Malaysia

In 2022, supplies from abroad of tractors decreased by -8.2% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports recorded a perceptible slump. The pace of growth appeared the most rapid in 2021 with an increase of 63% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, tractor imports declined to $X in 2022. In general, imports recorded a noticeable reduction. The pace of growth appeared the most rapid in 2021 when imports increased by 73% against the previous year. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Japan (X units), China (X units) and Thailand (X units) were the main suppliers of tractor imports to Malaysia, with a combined 38% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +12.2%), while imports for the other leaders experienced mixed trend patterns.

In value terms, China ($X), Thailand ($X) and Japan ($X) were the largest tractor suppliers to Malaysia, with a combined 26% share of total imports.

Among the main suppliers, Thailand, with a CAGR of +33.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average tractor import price amounted to $X per unit, with a decrease of -6.7% against the previous year. In general, import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tractor import price decreased by -41.5% against 2019 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by 26% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2019; however, from 2020 to 2022, import prices remained at a 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 Brazil ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+19.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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