Pakistan: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Pakistan

The Pakistani worked wax articles market stood at $X in 2022, growing by 15% against the previous year. Overall, consumption continues to indicate a measured increase. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Worked Wax Articles Production in Pakistan

In value terms, worked wax articles production skyrocketed to $X in 2022 estimated in export price. Overall, production saw resilient growth. The pace of growth was the most pronounced in 2016 with an increase of 460% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Worked Wax Articles Exports

Exports from Pakistan

In 2022, shipments abroad of worked articles of wax increased by 245% to X units, rising for the second year in a row after four years of decline. In general, exports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 279%. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, worked wax articles exports skyrocketed to $X in 2022. Overall, exports recorded resilient growth. The growth pace was the most rapid in 2021 with an increase of 271% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), the UK (X units) and Germany (X units) were the main destinations of worked wax articles exports from Pakistan, with a combined 67% share of total exports. The Netherlands, Australia, Chile, Russia, Italy, Canada, France and Slovenia lagged somewhat behind, together comprising a further 23%.

From 2012 to 2022, the biggest increases were recorded for Chile (with a CAGR of +46.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), the UK ($X) and Germany ($X) were the largest markets for worked wax articles exported from Pakistan worldwide, together accounting for 66% of total exports. The Netherlands, Australia, Chile, Italy, Russia, Canada, France and Slovenia lagged somewhat behind, together accounting for a further 24%.

Chile, with a CAGR of +42.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average worked wax articles export price stood at $X per thousand units in 2022, declining by -32.8% against the previous year. Over the period under review, the export price continues to indicate a abrupt downturn. The pace of growth was the most pronounced in 2014 when the average export price increased by 25%. The export price peaked at $X per thousand units in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Slovenia ($X per thousand units) and Italy ($X per thousand units), while the average price for exports to the United States ($X per thousand units) and Russia ($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 Chile (-2.9%), while the prices for the other major destinations experienced a decline.

Worked Wax Articles Imports

Imports into Pakistan

In 2022, overseas purchases of worked articles of wax were finally on the rise to reach X units for the first time since 2017, thus ending a four-year declining trend. Overall, imports, however, showed a deep slump. The pace of growth appeared the most rapid in 2014 when imports increased by 137% against the previous year. Over the period under review, imports hit record highs at X units in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, worked wax articles imports surged to $X in 2022. In general, imports, however, saw a perceptible reduction. The most prominent rate of growth was recorded in 2014 when imports increased by 577% against the previous year. Over the period under review, imports reached the maximum at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

Indonesia (X units), China (X units) and Vietnam (X units) were the main suppliers of worked wax articles imports to Pakistan, with a combined 88% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of -5.1%), while purchases for the other leaders experienced a decline.

In value terms, the largest worked wax articles suppliers to Pakistan were Indonesia ($X), China ($X) and Vietnam ($X), with a combined 88% share of total imports.

Among the main suppliers, Vietnam, with a CAGR of +11.2%, 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 2022, the average worked wax articles import price amounted to $X per thousand units, shrinking by -12.6% against the previous year. Over the period under review, the import price, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2014 when the average import price increased by 186% against the previous year. Over the period under review, average import prices hit record highs at $X per thousand units in 2021, and then dropped in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per thousand units), while the price for Bangladesh ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+24.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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