Myanmar: Bearing Market 2024

Bearing Market Size in Myanmar

The Myanmar's bearing market declined remarkably to $X in 2021, waning by -25.8% 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). Overall, consumption, however, showed a resilient expansion. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Bearing Exports

Exports from Myanmar

In 2021, overseas shipments of ball and roller bearings were finally on the rise to reach X tons after two years of decline. Overall, exports, however, showed a dramatic slump. The growth pace was the most rapid in 2018 when exports increased by 140% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, bearing exports skyrocketed to $X in 2021. In general, exports, however, recorded a deep downturn. The pace of growth was the most pronounced in 2018 when exports increased by 105%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Thailand (X tons) was the main destination for bearing exports from Myanmar, with a 82% share of total exports. Moreover, bearing exports to Thailand exceeded the volume sent to the second major destination, China (X kg), fourfold. South Korea (X kg) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Thailand stood at +42.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+23.8% per year) and South Korea (+19.8% per year).

In value terms, Thailand ($X) remains the key foreign market for ball and roller bearings exports from Myanmar, comprising 69% of total exports. The second position in the ranking was taken by China ($X), with a 21% share of total exports. It was followed by South Korea, with a 3.8% share.

From 2012 to 2021, the average annual growth rate of value to Thailand stood at +48.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+28.0% per year) and South Korea (+35.8% per year).

Export Prices by Country

The average bearing export price stood at $X per ton in 2021, rising by 13% against the previous year. Overall, the export price continues to indicate a resilient increase. The pace of growth was the most pronounced in 2016 an increase of 51%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Uruguay ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+13.4%), while the prices for the other major destinations experienced more modest paces of growth.

Bearing Imports

Imports into Myanmar

In 2021, imports of ball and roller bearings into Myanmar shrank dramatically to X tons, with a decrease of -24.4% on the previous year's figure. In general, imports, however, recorded a prominent increase. The pace of growth appeared the most rapid in 2015 with an increase of 402% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, bearing imports dropped notably to $X in 2021. Over the period under review, imports, however, saw strong growth. The pace of growth appeared the most rapid in 2015 with an increase of 381%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

Singapore (X tons), China (X tons) and the United Arab Emirates (X tons) were the main suppliers of bearing imports to Myanmar, with a combined 69% share of total imports. These countries were followed by Japan, Thailand, Vietnam and South Korea, which together accounted for a further 16%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +65.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) constituted the largest supplier of ball and roller bearings to Myanmar, comprising 52% of total imports. The second position in the ranking was held by China ($X), with a 21% share of total imports. It was followed by Japan, with a 13% share.

From 2012 to 2021, the average annual growth rate of value from Singapore stood at +24.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+5.9% per year) and Japan (+21.3% per year).

Import Prices by Country

The average bearing import price stood at $X per ton in 2021, with a decrease of -2.2% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 25%. The import price peaked at $X per ton in 2020, and then dropped in the following year.

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 Vietnam ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+1.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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