South-Eastern Asia: Raw Silk Market 2024

Raw Silk Market Size in South-Eastern Asia

In 2022, the Southeast Asian raw silk market decreased by -1.6% to $X, falling for the ninth year in a row after two years of growth. Over the period under review, consumption showed a abrupt decrease. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Raw Silk Production in South-Eastern Asia

In value terms, raw silk production contracted slightly to $X in 2022 estimated in export price. Overall, production recorded a pronounced decrease. The growth pace was the most rapid in 2017 when the production volume increased by 80% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

The countries with the highest volumes of production in 2022 were Vietnam (X tons), Thailand (X tons) and Malaysia (X tons), together comprising 98% of total production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Malaysia (with a CAGR of +1.0%), while production for the other leaders experienced a decline in the production figures.

Raw Silk Exports

Exports in South-Eastern Asia

After two years of growth, overseas shipments of raw silk decreased by -13.6% to X tons in 2022. Over the period under review, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 314%. The volume of export peaked at X tons in 2021, and then fell in the following year.

In value terms, raw silk exports plummeted to $X in 2022. Overall, exports, however, posted a significant increase. The pace of growth appeared the most rapid in 2015 with an increase of 295% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then reduced dramatically in the following year.

Exports by Country

Vietnam was the key exporter of raw silk in South-Eastern Asia, with the volume of exports amounting to X tons, which was approx. 88% of total exports in 2022. It was distantly followed by Malaysia (X tons), constituting an 11% share of total exports.

Vietnam was also the fastest-growing in terms of the raw silk exports, with a CAGR of +55.3% from 2012 to 2022. At the same time, Malaysia (+28.5%) displayed positive paces of growth. Vietnam (+39 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia saw its share reduced by -28.8% from 2012 to 2022, respectively.

In value terms, Vietnam ($X) remains the largest raw silk supplier in South-Eastern Asia, comprising 87% of total exports. The second position in the ranking was held by Malaysia ($X), with an 11% share of total exports.

In Vietnam, raw silk exports increased at an average annual rate of +56.1% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per ton, falling by -9.1% against the previous year. Export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, raw silk export price increased by +16.8% against 2020 indices. The pace of growth was the most pronounced in 2021 an increase of 28% against the previous year. The level of export peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while Vietnam amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+3.8%).

Raw Silk Imports

Imports in South-Eastern Asia

In 2022, approx. X tons of raw silk were imported in South-Eastern Asia; which is down by -10.5% compared with the previous year. Overall, imports continue to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2013 with an increase of 42%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, raw silk imports shrank to $X in 2022. In general, imports saw a abrupt slump. The growth pace was the most rapid in 2013 with an increase of 47%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Vietnam dominates imports structure, resulting at X tons, which was approx. 96% of total imports in 2022. Malaysia (X tons) followed a long way behind the leaders.

Imports into Vietnam decreased at an average annual rate of -10.8% from 2012 to 2022. At the same time, Malaysia (+24.3%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +24.3% from 2012-2022. While the share of Malaysia (+3 p.p.) and Vietnam (+2.9 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported raw silk in South-Eastern Asia, comprising 95% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 4.7% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Vietnam amounted to -9.3%.

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2022, surging by 2.9% against the previous year. Over the last decade, it increased at an average annual rate of +2.4%. The most prominent rate of growth was recorded in 2018 an increase of 37%. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per ton), while Vietnam amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+17.3%).

Source: IndexBox Platform

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