Myanmar: Cork Article Market 2024

Cork Article Market Size in Myanmar

The Myanmar's cork article market rose markedly to $X in 2021, increasing by 14% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, posted tangible growth. Cork article consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Cork Article Exports

Exports from Myanmar

After two years of growth, shipments abroad of cork articles decreased by -52.1% to X kg in 2021. In general, exports, however, recorded a significant increase. The pace of growth appeared the most rapid in 2020 with an increase of 1,500%. As a result, the exports attained the peak of X kg, and then fell sharply in the following year.

In value terms, cork article exports shrank markedly to $X in 2021. Over the period under review, exports, however, posted a significant expansion. The growth pace was the most rapid in 2020 with an increase of 4,364% against the previous year. As a result, the exports attained the peak of $X, and then shrank remarkably in the following year.

Exports by Country

Luxembourg (X kg) was the main destination for cork article exports from Myanmar, with a 43% share of total exports. Moreover, cork article exports to Luxembourg exceeded the volume sent to the second major destination, the United States (X kg), threefold.

From 2017 to 2021, the average annual growth rate of volume to Luxembourg stood at +11.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (0.0% per year) and Indonesia (0.0% per year).

In value terms, the United States ($X) emerged as the key foreign market for cork articles exports from Myanmar, comprising 40% of total exports. The second position in the ranking was taken by Luxembourg ($X), with a 20% share of total exports.

From 2017 to 2021, the average annual growth rate of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Luxembourg (-34.4% per year) and Indonesia (0.0% per year).

Export Prices by Country

The average cork article export price stood at $X per ton in 2021, declining by -14.6% against the previous year. In general, the export price, however, saw a significant expansion. The most prominent rate of growth was recorded in 2020 an increase of 179%. As a result, the export price attained the peak level of $X per ton, and then declined in the following year.

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

From 2017 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Czech Republic (+718.1%).

Cork Article Imports

Imports into Myanmar

In 2021, overseas purchases of cork articles decreased by -12.5% to X tons, falling for the second consecutive year after three years of growth. In general, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when imports increased by 97% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, cork article imports skyrocketed to $X in 2021. Overall, imports, however, posted strong growth. The most prominent rate of growth was recorded in 2019 when imports increased by 68%. Over the period under review, imports reached the maximum in 2021 and are likely to see steady growth in the near future.

Imports by Country

China (X tons), Singapore (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of cork article imports to Myanmar, with a combined 88% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Taiwan (Chinese) (with a CAGR of +133.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of cork articles to Myanmar, comprising 59% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 17% share of total imports. It was followed by Vietnam, with a 9.2% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +24.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+116.7% per year) and Vietnam (+17.3% per year).

Import Prices by Country

The average cork article import price stood at $X per ton in 2021, increasing by 45% against the previous year. Overall, import price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cork article import price increased by +111.8% against 2018 indices. The growth pace was the most rapid in 2019 when the average import price increased by 57% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+13.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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