New Zealand: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in New Zealand

In 2022, after two years of growth, there was significant decline in the New Zealand worked wax articles market, when its value decreased by -13.6% to $X. Overall, the total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +4.4% against 2015 indices. Over the period under review, the market reached the maximum level at $X in 2021, and then reduced in the following year.

Worked Wax Articles Exports

Exports from New Zealand

In 2022, shipments abroad of worked articles of wax decreased by -4.9% to X units for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, recorded a measured increase. The most prominent rate of growth was recorded in 2020 when exports increased by 158% against the previous year. The exports peaked at X units in 2021, and then dropped modestly in the following year.

In value terms, worked wax articles exports totaled $X in 2022. Overall, exports, however, saw buoyant growth. The most prominent rate of growth was recorded in 2020 with an increase of 121%. The exports peaked in 2022 and are likely to see steady growth in years to come.

Exports by Country

Australia (X units), Fiji (X units) and the United States (X units) were the main destinations of worked wax articles exports from New Zealand, together accounting for 99.9% of total exports.

From 2012 to 2022, the biggest increases were recorded for Fiji (with a CAGR of +62.4%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for worked wax articles exported from New Zealand were Australia ($X), Fiji ($X) and the United States ($X), with a combined 99.9% share of total exports.

In terms of the main countries of destination, Fiji, with a CAGR of +48.6%, recorded the highest rates of growth with regard to 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 2022, the average worked wax articles export price amounted to $X per thousand units, with an increase of 5.5% against the previous year. Overall, export price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when the average export price increased by 57% against the previous year. The export price peaked at $X per thousand units in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Malaysia ($X per thousand units) and the United States ($X per thousand units), while the average price for exports to Australia ($X per thousand units) and Fiji ($X per thousand units) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+6.4%), while the prices for the other major destinations experienced a decline.

Worked Wax Articles Imports

Imports into New Zealand

In 2022, after two years of growth, there was significant decline in purchases abroad of worked articles of wax, when their volume decreased by -12.8% to X units. In general, total imports indicated a temperate increase from 2012 to 2022: its volume increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +18.9% against 2015 indices. The most prominent rate of growth was recorded in 2015 when imports increased by 54% against the previous year. Over the period under review, imports attained the peak figure at X units in 2021, and then dropped in the following year.

In value terms, worked wax articles imports reduced to $X in 2022. Over the period under review, total imports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +19.7% against 2015 indices. The pace of growth appeared the most rapid in 2015 when imports increased by 64%. Imports peaked at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, Colombia (X units) constituted the largest supplier of worked wax articles to New Zealand, accounting for a 50% share of total imports. Moreover, worked wax articles imports from Colombia exceeded the figures recorded by the second-largest supplier, Indonesia (X units), twofold. India (X units) ranked third in terms of total imports with a 16% share.

From 2012 to 2022, the average annual growth rate of volume from Colombia amounted to +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+4.4% per year) and India (+11.0% per year).

In value terms, Colombia ($X) constituted the largest supplier of worked articles of wax to New Zealand, comprising 50% of total imports. The second position in the ranking was held by Indonesia ($X), with a 24% share of total imports. It was followed by India, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Colombia totaled +10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+7.2% per year) and India (+5.1% per year).

Import Prices by Country

In 2022, the average worked wax articles import price amounted to $X per thousand units, with an increase of 1.6% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 17%. As a result, import price reached the peak level of $X per thousand units. From 2019 to 2022, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from South Korea ($X per thousand units) and China ($X per thousand units), while the price for the United States ($X per thousand units) and Belgium ($X per thousand units) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+5.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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