Myanmar: Market for Iron or Steel Hot-Worked Helical Springs 2024

Market Size for Iron or Steel Hot-Worked Helical Springs in Myanmar

In 2021, after four years of growth, there was significant decline in the Myanmar's metal hot-worked helical spring market, when its value decreased by -79.4% to $X. Over the period under review, consumption, however, continues to indicate notable growth. Over the period under review, the market hit record highs at $X in 2020, and then fell remarkably in the following year.

Exports of Iron or Steel Hot-Worked Helical Springs

Exports from Myanmar

In 2021, overseas shipments of iron or steel hot-worked helical springs were finally on the rise to reach X kg for the first time since 2016, thus ending a four-year declining trend. Overall, exports, however, continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 when exports increased by 1,622%. As a result, the exports attained the peak of X kg. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, metal hot-worked helical spring exports shrank notably to $X in 2021. In general, exports, however, faced a abrupt setback. The growth pace was the most rapid in 2016 when exports increased by 815%. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Thailand (X kg) was the main destination for metal hot-worked helical spring exports from Myanmar, accounting for a 63% share of total exports. Moreover, metal hot-worked helical spring exports to Thailand exceeded the volume sent to the second major destination, France (X kg), fourfold. The third position in this ranking was held by Canada (X kg), with a 5.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Thailand totaled +5.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (0.0% per year) and Canada (-15.7% per year).

In value terms, Thailand ($X) remains the key foreign market for iron or steel hot-worked helical springs exports from Myanmar, comprising 55% of total exports. The second position in the ranking was held by Canada ($X), with a 25% share of total exports. It was followed by France, with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Thailand stood at +4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-12.2% per year) and France (0.0% per year).

Export Prices by Country

The average metal hot-worked helical spring export price stood at $X per ton in 2021, dropping by -46.7% against the previous year. In general, the export price showed a pronounced downturn. The most prominent rate of growth was recorded in 2014 when the average export price increased by 97% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 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 Canada ($X per ton), while the average price for exports to Finland ($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 Canada (+4.6%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Iron or Steel Hot-Worked Helical Springs

Imports into Myanmar

In 2021, purchases abroad of iron or steel hot-worked helical springs decreased by -71.8% to X tons, falling for the second consecutive year after three years of growth. Over the period under review, imports, however, showed a mild increase. The growth pace was the most rapid in 2019 when imports increased by 433% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports remained at a lower figure.

In value terms, metal hot-worked helical spring imports shrank notably to $X in 2021. In general, imports, however, posted a moderate expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 252%. Imports peaked at $X in 2020, and then dropped markedly in the following year.

Imports by Country

In 2021, China (X tons) constituted the largest metal hot-worked helical spring supplier to Myanmar, with a 72% share of total imports. Moreover, metal hot-worked helical spring imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), fivefold. Thailand (X tons) ranked third in terms of total imports with a 9.2% share.

From 2012 to 2021, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+45.4% per year) and Thailand (+5.6% per year).

In value terms, China ($X) constituted the largest supplier of iron or steel hot-worked helical springs to Myanmar, comprising 37% of total imports. The second position in the ranking was held by Russia ($X), with an 18% share of total imports. It was followed by Thailand, with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at -3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Russia (+5.7% per year) and Thailand (+12.7% per year).

Import Prices by Country

The average metal hot-worked helical spring import price stood at $X per ton in 2021, waning by -35.7% against the previous year. In general, import price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 an increase of 54%. As a result, import price reached the peak level of $X per ton, and then fell notably 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 Russia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+29.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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