Slovakia: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Slovakia

After two years of growth, the Slovak worked wax articles market decreased by -74.7% to $X in 2022. Overall, consumption, however, showed notable growth. Over the period under review, the market reached the peak level at $X in 2021, and then reduced dramatically in the following year.

Worked Wax Articles Exports

Exports from Slovakia

In 2022, after two years of decline, there was significant growth in shipments abroad of worked articles of wax, when their volume increased by 366% to X units. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 98,902%. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, worked wax articles exports surged to $X in 2022. Over the period under review, exports, however, continue to indicate a noticeable shrinkage. The growth pace was the most rapid in 2019 when exports increased by 45,672% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Austria (X units) was the main destination for worked wax articles exports from Slovakia, accounting for a 41% share of total exports. Moreover, worked wax articles exports to Austria exceeded the volume sent to the second major destination, the Netherlands (X units), threefold. The Czech Republic (X units) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume to Austria amounted to +44.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (0.0% per year) and the Czech Republic (-12.6% per year).

In value terms, Austria ($X) emerged as the key foreign market for worked articles of wax exports from Slovakia, comprising 43% of total exports. The second position in the ranking was held by the Czech Republic ($X), with a 16% share of total exports. It was followed by Poland, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Austria totaled +42.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Czech Republic (-16.0% per year) and Poland (-5.0% per year).

Export Prices by Country

The average worked wax articles export price stood at $X per thousand units in 2022, which is down by -34.8% against the previous year. In general, the export price continues to indicate a pronounced decline. The pace of growth was the most pronounced in 2014 when the average export price increased by 60%. The export price peaked at $X per thousand units in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Poland ($X per thousand units), while the average price for exports to the Netherlands ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+5.4%), while the prices for the other major destinations experienced mixed trend patterns.

Worked Wax Articles Imports

Imports into Slovakia

In 2022, overseas purchases of worked articles of wax decreased by -75.7% to X units for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, continue to indicate perceptible growth. The most prominent rate of growth was recorded in 2013 when imports increased by 190% against the previous year. Over the period under review, imports attained the peak figure at X units in 2021, and then reduced remarkably in the following year.

In value terms, worked wax articles imports dropped remarkably to $X in 2022. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when imports increased by 173%. Imports peaked at $X in 2021, and then dropped markedly in the following year.

Imports by Country

In 2022, Belgium (X units) constituted the largest worked wax articles supplier to Slovakia, accounting for a 77% share of total imports. Moreover, worked wax articles imports from Belgium exceeded the figures recorded by the second-largest supplier, Bosnia and Herzegovina (X units), sixfold. South Korea (X units) ranked third in terms of total imports with a 2.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belgium stood at +2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Bosnia and Herzegovina (+44.9% per year) and South Korea (+65.8% per year).

In value terms, Belgium ($X), South Korea ($X) and Bosnia and Herzegovina ($X) constituted the largest worked wax articles suppliers to Slovakia, with a combined 70% share of total imports.

South Korea, with a CAGR of +61.1%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average worked wax articles import price stood at $X per thousand units in 2022, surging by 109% against the previous year. Overall, the import price, however, recorded a pronounced decrease. The import price peaked at $X per thousand units in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per thousand units), while the price for Belgium ($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 China (+4.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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