Saudi Arabia: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Saudi Arabia

The Saudi worked wax articles market skyrocketed to $X in 2022, picking up by 21% against the previous year. In general, consumption showed a resilient expansion. 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 Saudi Arabia

In value terms, worked wax articles production surged to $X in 2022 estimated in export price. Overall, production showed a buoyant increase. The most prominent rate of growth was recorded in 2020 when the production volume increased by 151% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Worked Wax Articles Exports

Exports from Saudi Arabia

In 2022, shipments abroad of worked articles of wax was finally on the rise to reach X units after four years of decline. In general, exports continue to indicate a resilient expansion. The growth pace was the most rapid in 2017 when exports increased by 401% against the previous year. As a result, the exports attained the peak of X units. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, worked wax articles exports skyrocketed to $X in 2022. Overall, exports posted buoyant growth. The pace of growth appeared the most rapid in 2017 when exports increased by 800%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X units) was the main destination for worked wax articles exports from Saudi Arabia, accounting for a 0.1% share of total exports. Moreover, worked wax articles exports to the United Arab Emirates exceeded the volume sent to the second major destination, Kuwait (X units), threefold.

From 2012 to 2021, the average annual growth rate of volume to the United Arab Emirates totaled +98.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kuwait (+41.3% per year) and Sudan (+26.1% per year).

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for worked articles of wax exports from Saudi Arabia, comprising 54% of total exports. The second position in the ranking was taken by Sudan ($X), with a 20% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the United Arab Emirates totaled +138.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sudan (+1.7% per year) and Kuwait (+17.9% per year).

Export Prices by Country

The average worked wax articles export price stood at $X per thousand units in 2021, picking up by 15% against the previous year. Overall, export price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, worked wax articles export price increased by +157.3% against 2016 indices. The most prominent rate of growth was recorded in 2017 an increase of 80% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Sudan ($X per thousand units), while the average price for exports to Kuwait ($X per thousand units) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Slovenia (+161.6%), while the prices for the other major destinations experienced mixed trend patterns.

Worked Wax Articles Imports

Imports into Saudi Arabia

In 2022, the amount of worked articles of wax imported into Saudi Arabia stood at less than X units, approximately equating 2021. In general, imports showed a relatively flat trend pattern.

In value terms, worked wax articles imports contracted to $X in 2022. Over the period under review, imports continue to indicate a abrupt decline. The growth pace was the most rapid in 2021 with an increase of 15% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Belgium (X units), India (X units) and Vietnam (X units) were the main suppliers of worked wax articles imports to Saudi Arabia, together comprising 38% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belgium (with a CAGR of +28.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), India ($X) and Vietnam ($X) appeared to be the largest worked wax articles suppliers to Saudi Arabia, with a combined 98% share of total imports. China, Malaysia, the United States, Yemen and Oman lagged somewhat behind, together accounting for a further 4.7%.

Among the main suppliers, Malaysia, with a CAGR of +24.5%, saw the highest growth rate of 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

The average worked wax articles import price stood at less than $X per thousand units in 2021, almost unchanged from the previous year. Over the period under review, the import price saw a relatively flat trend pattern.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+30.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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