South Africa: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in South Africa

The South African worked wax articles market contracted to $X in 2022, falling by -7.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then reduced in the following year.

Worked Wax Articles Exports

Exports from South Africa

In 2022, worked wax articles exports from South Africa declined sharply to X units, waning by -93.7% against the previous year's figure. Overall, exports recorded a perceptible setback. The growth pace was the most rapid in 2020 with an increase of 1,308% against the previous year. As a result, the exports attained the peak of X units. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, worked wax articles exports dropped markedly to $X in 2022. Over the period under review, exports, however, posted mild growth. The most prominent rate of growth was recorded in 2020 with an increase of 457% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X units), Saint Helena, Ascension and Tristan da Cunha (X units) and Zimbabwe (X units) were the main destinations of worked wax articles exports from South Africa, with a combined 82% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +64.6%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) emerged as the key foreign market for worked articles of wax exports from South Africa, comprising 64% of total exports. The second position in the ranking was held by Saint Helena, Ascension and Tristan da Cunha ($X), with an 11% share of total exports. It was followed by Uganda, with a 6.5% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +69.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saint Helena, Ascension and Tristan da Cunha (+43.8% per year) and Uganda (-9.3% per year).

Export Prices by Country

In 2022, the average worked wax articles export price amounted to $X per thousand units, jumping by 67% against the previous year. In general, the export price recorded a resilient expansion. The most prominent rate of growth was recorded in 2021 an increase of 79%. The export price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Uganda ($X per thousand units), while the average price for exports to Saint Helena, Ascension and Tristan da Cunha ($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 Seychelles (+68.0%), while the prices for the other major destinations experienced more modest paces of growth.

Worked Wax Articles Imports

Imports into South Africa

In 2022, after two years of growth, there was significant decline in overseas purchases of worked articles of wax, when their volume decreased by -26.9% to X units. Over the period under review, total imports indicated slight growth from 2012 to 2022: its volume increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 36% against the previous year. Imports peaked at X units in 2021, and then plummeted in the following year.

In value terms, worked wax articles imports fell markedly to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 43%. As a result, imports attained the peak of $X, and then shrank rapidly in the following year.

Imports by Country

India (X units), Vietnam (X units) and China (X units) were the main suppliers of worked wax articles imports to South Africa, together comprising 80% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +14.6%), while imports for the other leaders experienced mixed trend patterns.

In value terms, India ($X) constituted the largest supplier of worked articles of wax to South Africa, comprising 42% of total imports. The second position in the ranking was held by Vietnam ($X), with a 19% share of total imports. It was followed by Belgium, with an 18% share.

From 2012 to 2022, the average annual growth rate of value from India amounted to +7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (-0.1% per year) and Belgium (-5.6% per year).

Import Prices by Country

The average worked wax articles import price stood at $X per thousand units in 2022, increasing by 10% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the average import price increased by 13%. As a result, import price reached the peak level of $X per thousand units. From 2018 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per thousand units), while the price for China ($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 (+11.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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