Myanmar: Woolen Fabric Market 2024

Woolen Fabric Market Size in Myanmar

In 2021, the Myanmar's woolen fabric market decreased by -50.6% to $X, falling for the second year in a row after two years of growth. In general, consumption showed a abrupt descent. Woolen fabric consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Woolen Fabric Exports

Exports from Myanmar

In 2021, overseas shipments of woven woolen fabrics were finally on the rise to reach X square meters after two years of decline. Over the period under review, exports, however, continue to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2018 with an increase of 52% against the previous year. The exports peaked at X square meters in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, woolen fabric exports surged to $X in 2021. Overall, exports, however, continue to indicate a abrupt shrinkage. The growth pace was the most rapid in 2014 with an increase of 126%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Cambodia (X square meters) was the main destination for woolen fabric exports from Myanmar, with a 73% share of total exports. Moreover, woolen fabric exports to Cambodia exceeded the volume sent to the second major destination, China (X square meters), threefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Cambodia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-28.9% per year) and South Korea (+6.5% per year).

In value terms, China ($X), Cambodia ($X) and South Korea ($X) constituted the largest markets for woolen fabric exported from Myanmar worldwide.

South Korea, with a CAGR of +0.9%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average woolen fabric export price stood at $X per square meter in 2021, growing by 48% against the previous year. Over the period under review, the export price continues to indicate prominent growth. The growth pace was the most rapid in 2019 an increase of 154%. Over the period under review, the average export prices attained the maximum at $X per square meter in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per square meter), while the average price for exports to Cambodia ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+389.4%), while the prices for the other major destinations experienced more modest paces of growth.

Woolen Fabric Imports

Imports into Myanmar

In 2021, overseas purchases of woven woolen fabrics decreased by -47.7% to X square meters, falling for the second year in a row after two years of growth. Over the period under review, imports saw a abrupt setback. The most prominent rate of growth was recorded in 2016 with an increase of 92%. Over the period under review, imports attained the maximum at X square meters in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, woolen fabric imports dropped significantly to $X in 2021. Overall, imports saw a abrupt downturn. The pace of growth appeared the most rapid in 2016 with an increase of 44%. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X square meters) constituted the largest woolen fabric supplier to Myanmar, with a 44% share of total imports. Moreover, woolen fabric imports from China exceeded the figures recorded by the second-largest supplier, India (X square meters), twofold. The third position in this ranking was held by Japan (X square meters), with a 15% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +11.3%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-15.1% per year) and Japan (-5.8% per year).

In value terms, the largest woolen fabric suppliers to Myanmar were China ($X), India ($X) and Japan ($X), together comprising 63% of total imports. These countries were followed by the United States, Italy, South Korea, the UK, Hong Kong SAR and Vietnam, which together accounted for a further 18%.

The United States, with a CAGR of +47.1%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average woolen fabric import price stood at $X per square meter in 2021, shrinking by -7.7% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 50%. Over the period under review, average import prices hit record highs at $X per square meter in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

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 the UK ($X per square meter), while the price for China ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+17.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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