Morocco: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Morocco

After two years of growth, the Moroccan worked wax articles market decreased by -8.1% to $X in 2022. In general, consumption, however, saw a buoyant increase. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Worked Wax Articles Exports

Exports from Morocco

In 2022, shipments abroad of worked articles of wax decreased by -62.1% to X units for the first time since 2018, thus ending a three-year rising trend. Overall, exports recorded a deep setback. The pace of growth was the most pronounced in 2013 when exports increased by 115% against the previous year. Over the period under review, the exports hit record highs at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, worked wax articles exports shrank rapidly to $X in 2022. In general, exports saw a dramatic decrease. The growth pace was the most rapid in 2013 with an increase of 127% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Saudi Arabia (X units) was the main destination for worked wax articles exports from Morocco, with a 98% share of total exports. It was followed by France (X units), with a 2.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Saudi Arabia stood at +58.3%.

From 2012 to 2022, the average annual rate of growth in terms of value to Saudi Arabia stood at +95.8%.

Export Prices by Country

In 2022, the average worked wax articles export price amounted to $X per thousand units, with a decrease of -30.4% against the previous year. Overall, the export price faced a deep setback. The most prominent rate of growth was recorded in 2018 when the average export price increased by 16% against the previous year. The export price peaked at $X per thousand units in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per thousand units), while the average price for exports to Saudi Arabia stood at $X per thousand units.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+23.8%), while the prices for the other major destinations experienced more modest paces of growth.

Worked Wax Articles Imports

Imports into Morocco

Worked wax articles imports into Morocco shrank to X units in 2022, with a decrease of -5.8% compared with 2021. In general, imports, however, posted noticeable growth. The most prominent rate of growth was recorded in 2018 with an increase of 111% against the previous year. As a result, imports attained the peak of X units. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, worked wax articles imports reduced markedly to $X in 2022. Overall, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +37.3% against 2019 indices. The pace of growth appeared the most rapid in 2021 with an increase of 36%. As a result, imports attained the peak of $X, and then shrank notably in the following year.

Imports by Country

In 2022, Belgium (X units) constituted the largest supplier of worked wax articles to Morocco, accounting for a 56% share of total imports. Moreover, worked wax articles imports from Belgium exceeded the figures recorded by the second-largest supplier, Spain (X units), threefold. The third position in this ranking was held by France (X units), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belgium totaled +5.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+72.6% per year) and France (+6.3% per year).

In value terms, Belgium ($X) constituted the largest supplier of worked articles of wax to Morocco, comprising 66% of total imports. The second position in the ranking was taken by France ($X), with a 13% share of total imports. It was followed by Spain, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Belgium totaled +4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+2.3% per year) and Spain (+68.4% per year).

Import Prices by Country

The average worked wax articles import price stood at $X per thousand units in 2022, declining by -10.5% against the previous year. In general, import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +2.9% 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 +92.2% against 2018 indices. The growth pace was the most rapid in 2021 an increase of 50% against the previous year. As a result, import price reached the peak level of $X per thousand units, and then fell in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Belgium ($X per thousand units), while the price for Germany ($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 Germany (+2.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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