Malaysia: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Malaysia

In 2022, the Malaysian worked wax articles market decreased by -3% to $X for the first time since 2019, thus ending a two-year rising trend. Overall, consumption saw a noticeable setback. Worked wax articles consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Worked Wax Articles Exports

Exports from Malaysia

In 2022, the amount of worked articles of wax exported from Malaysia stood at X units, surging by 11% against the previous year's figure. Over the period under review, exports saw a notable expansion. The pace of growth appeared the most rapid in 2013 with an increase of 133%. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, worked wax articles exports rose rapidly to $X in 2022. In general, exports posted a measured increase. The pace of growth was the most pronounced in 2014 when exports increased by 70% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Qatar (X units), Vietnam (X units) and Lao People's Democratic Republic (X units) were the main destinations of worked wax articles exports from Malaysia, with a combined 47% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Qatar (with a CAGR of +32.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Lao People's Democratic Republic ($X) and Cambodia ($X) were the largest markets for worked wax articles exported from Malaysia worldwide, together accounting for 41% of total exports. Thailand, the Philippines, the United States, Qatar, Vietnam, Saudi Arabia, Myanmar and the United Arab Emirates lagged somewhat behind, together accounting for a further 35%.

In terms of the main countries of destination, Qatar, with a CAGR of +40.9%, recorded 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 worked wax articles export price stood at $X per thousand units in 2022, remaining constant against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average export price increased by 41% against the previous year. Over the period under review, the average export prices hit record highs at $X per thousand units in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per thousand units), while the average price for exports to Myanmar ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+21.4%), while the prices for the other major destinations experienced more modest paces of growth.

Worked Wax Articles Imports

Imports into Malaysia

In 2022, approx. X units of worked articles of wax were imported into Malaysia; stabilizing at 2021 figures. In general, imports, however, continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2020 with an increase of 25%. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, worked wax articles imports reduced modestly to $X in 2022. The total import value increased at an average annual rate of +1.3% 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 2020 with an increase of 29% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then contracted modestly in the following year.

Imports by Country

China (X units), Vietnam (X units) and Italy (X units) were the main suppliers of worked wax articles imports to Malaysia, together comprising 57% of total imports. Singapore, South Korea, India, Bangladesh and Indonesia lagged somewhat behind, together accounting for a further 38%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of +39.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest worked wax articles suppliers to Malaysia were China ($X), Vietnam ($X) and South Korea ($X), together accounting for 62% of total imports. Singapore, India, Indonesia, Bangladesh and Italy lagged somewhat behind, together comprising a further 33%.

Among the main suppliers, Singapore, with a CAGR of +61.6%, saw the highest growth rate of 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

The average worked wax articles import price stood at $X per thousand units in 2022, almost unchanged from the previous year. Over the period under review, import price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +7.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, worked wax articles import price increased by +22.5% against 2018 indices. The pace of growth appeared the most rapid in 2014 an increase of 63% against the previous year. Over the period under review, average import prices attained the maximum at $X per thousand units in 2021, and then reduced modestly in the following year.

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 South Korea ($X per thousand units), while the price for Italy ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+18.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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