Myanmar: Knitting Machines Market 2024

Knitting Machines Market Size in Myanmar

The Myanmar's knitting machines market fell remarkably to $X in 2021, which is down by -83% 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 showed a deep slump. Knitting machines consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Knitting Machines Exports

Exports from Myanmar

In 2021, shipments abroad of knitting machineses increased by 56% to X units, rising for the second year in a row after two years of decline. Overall, exports saw significant growth. The pace of growth appeared the most rapid in 2020 with an increase of 470%. Over the period under review, the exports attained the maximum in 2021 and are likely to see gradual growth in the immediate term.

In value terms, knitting machines exports declined markedly to $X in 2021. Over the period under review, exports posted a buoyant expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 454%. As a result, the exports reached the peak of $X, and then reduced dramatically in the following year.

Exports by Country

Cambodia (X units) was the main destination for knitting machines exports from Myanmar, accounting for a 89% share of total exports. Moreover, knitting machines exports to Cambodia exceeded the volume sent to the second major destination, India (X units), ninefold.

From 2012 to 2021, the average annual growth rate of volume to Cambodia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+19.6% per year) and China (-18.1% per year).

In value terms, Cambodia ($X) emerged as the key foreign market for knitting machineses exports from Myanmar, comprising 81% of total exports. The second position in the ranking was taken by India ($X), with a 19% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Cambodia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-3.3% per year) and China (-11.0% per year).

Export Prices by Country

In 2021, the average knitting machines export price amounted to $X per unit, declining by -56.5% against the previous year. Overall, the export price recorded a abrupt descent. The pace of growth was the most pronounced in 2017 an increase of 72%. Over the period under review, the average export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was India ($X per unit), while the average price for exports to Cambodia ($X per unit) 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 (+607.2%), while the prices for the other major destinations experienced mixed trend patterns.

Knitting Machines Imports

Imports into Myanmar

For the fifth consecutive year, Myanmar recorded decline in supplies from abroad of knitting machineses, which decreased by -78.6% to X units in 2021. In general, imports showed a drastic downturn. The most prominent rate of growth was recorded in 2016 with an increase of 1,051%. As a result, imports attained the peak of X units. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, knitting machines imports reduced rapidly to $X in 2021. Over the period under review, imports, however, posted a pronounced increase. The pace of growth appeared the most rapid in 2016 with an increase of 616%. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Japan (X units) constituted the largest knitting machines supplier to Myanmar, accounting for a 35% share of total imports. Moreover, knitting machines imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), twofold. The third position in this ranking was held by South Korea (X units), with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan totaled +8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-30.3% per year) and South Korea (-17.0% per year).

In value terms, the largest knitting machines suppliers to Myanmar were Japan ($X), Germany ($X) and China ($X), together comprising 88% of total imports.

Germany, with a CAGR of +31.7%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average knitting machines import price amounted to $X per unit, with an increase of 41% against the previous year. Over the period under review, the import price showed significant growth. The most prominent rate of growth was recorded in 2017 an increase of 94% against the previous year. The import price peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+19.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform