Myanmar: Power Tool Market 2024

Power Tool Market Size in Myanmar

The Myanmar's power tool market surged to $X in 2021, with an increase of 27% 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). In general, consumption showed significant growth. Power tool consumption peaked in 2021 and is expected to retain growth in the immediate term.

Power Tool Exports

Exports from Myanmar

In 2019, shipments abroad of power tools decreased by -36% to X units, falling for the second year in a row after two years of growth. Over the period under review, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 433%. As a result, the exports attained the peak of X units. From 2018 to 2019, the growth of the exports remained at a lower figure.

In value terms, power tool exports contracted remarkably to $X in 2019. In general, exports, however, enjoyed buoyant growth. The pace of growth appeared the most rapid in 2017 when exports increased by 626% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2019, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Bolivia (X units), Saudi Arabia (X units) and the Czech Republic (X units) were the main destinations of power tool exports from Myanmar, with a combined 60% share of total exports. Thailand and Austria lagged somewhat behind, together accounting for a further 40%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of +19.4%), while the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), Thailand ($X) and Bolivia ($X) were the largest markets for power tool exported from Myanmar worldwide, with a combined 50% share of total exports. Moreover, power tool exports in Saudi Arabia exceeded the figures recorded by the second-largest exporter, Thailand, threefold.

In terms of the main countries of destination, Thailand, with a CAGR of +23.6%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average power tool export price amounted to less than $X per unit, remaining constant against the previous year. In general, the export price saw a precipitous slump. The growth pace was the most rapid in 2017 when the average export price increased by 36% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2018 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Austria ($X per unit), while the average price for exports to Bolivia ($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 (+214.6%), while the prices for the other major destinations experienced more modest paces of growth.

Power Tool Imports

Imports into Myanmar

Power tool imports into Myanmar skyrocketed to X units in 2021, with an increase of 27% compared with 2020 figures. Over the period under review, imports showed a significant expansion. The pace of growth appeared the most rapid in 2015 when imports increased by 542%. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, power tool imports shrank to $X in 2021. In general, imports saw a strong increase. The pace of growth was the most pronounced in 2013 when imports increased by 104%. Imports peaked at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest power tool supplier to Myanmar, with a 75% share of total imports. Moreover, power tool imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), more than tenfold. Singapore (X units) ranked third in terms of total imports with a 0.4% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +17.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+19.4% per year) and Singapore (-28.2% per year).

In value terms, China ($X) constituted the largest supplier of power tools to Myanmar, comprising 240% of total imports. The second position in the ranking was taken by Thailand ($X), with a 9.3% share of total imports. It was followed by Singapore, with a 3% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +12.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+5.8% per year) and Singapore (-21.9% per year).

Import Prices by Country

The average power tool import price stood at $X per unit in 2021, reducing by -24.9% against the previous year. In general, the import price faced a dramatic contraction. The pace of growth was the most pronounced in 2019 an increase of 14% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

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 India ($X per unit), while the price for Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+28.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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