Myanmar: Wood Tool Market 2024

Wood Tool Market Size in Myanmar

The Myanmar's wood tool market amounted to less than $X in 2021, approximately equating the previous year. Overall, consumption, however, continues to indicate a sharp curtailment. The most prominent rate of growth was recorded in 2018 with a decrease of -8.1%. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Wood Tool Production in Myanmar

In value terms, wood tool production dropped remarkably to $X in 2021 estimated in export price. In general, production enjoyed a strong increase. The pace of growth appeared the most rapid in 2014 when the production volume increased by 117% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Wood Tool Exports

Exports from Myanmar

In 2019, approx. X tons of tools of wood were exported from Myanmar; growing by 1,421% against 2018 figures. Overall, exports, however, continue to indicate a abrupt contraction. The exports peaked at X tons in 2015; however, from 2016 to 2019, the exports failed to regain momentum.

In value terms, wood tool exports surged to $X in 2019. In general, exports, however, saw a sharp setback. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2019, the exports failed to regain momentum.

Exports by Country

South Korea (X tons), Taiwan (Chinese) (X tons) and Pakistan (X tons) were the main destinations of wood tool exports from Myanmar, together comprising 89% of total exports.

From 2015 to 2019, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of +40.7%), while the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X) remains the key foreign market for tools of wood exports from Myanmar, comprising 65% of total exports. The second position in the ranking was taken by Malaysia ($X), with an 18% share of total exports. It was followed by Taiwan (Chinese), with a 14% share.

From 2015 to 2019, the average annual growth rate of value to South Korea stood at -57.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-13.4% per year) and Taiwan (Chinese) (-39.8% per year).

Export Prices by Country

The average wood tool export price stood at $X per ton in 2019, dropping by -42.9% against the previous year. Overall, the export price saw a dramatic curtailment. The most prominent rate of growth was recorded in 2018 an increase of 2.6% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2019, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2019, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Pakistan ($X per ton) was amongst the lowest.

From 2015 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (-14.5%), while the prices for the other major destinations experienced a decline.

Wood Tool Imports

Imports into Myanmar

In 2021, overseas purchases of tools of wood were finally on the rise to reach X tons after two years of decline. Overall, imports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 284%. Over the period under review, imports attained the peak figure at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, wood tool imports soared to $X in 2021. Over the period under review, imports posted significant growth. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of wood tool to Myanmar, accounting for a 62% share of total imports. Moreover, wood tool imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. Vietnam (X tons) ranked third in terms of total imports with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States stood at +75.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+29.6% per year) and Vietnam (+60.2% per year).

In value terms, the largest wood tool suppliers to Myanmar were the United States ($X), Vietnam ($X) and China ($X), together comprising 95% of total imports.

Among the main suppliers, Vietnam, with a CAGR of +83.9%, saw the highest rates of growth with regard to the value of imports, 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 wood tool import price amounted to $X per ton, growing by 50% against the previous year. Over the period under review, the import price recorded a noticeable expansion. The most prominent rate of growth was recorded in 2017 an increase of 117%. The import price peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for Thailand ($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 (+26.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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