Thailand: Accordion Market 2024

Accordion Market Size in Thailand

The Thai accordion market plummeted to $X in 2021, with a decrease of -42% 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 continues to indicate a abrupt setback. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Accordion Exports

Exports from Thailand

In 2021, shipments abroad of accordions and mouth organs decreased by -31.9% to X units, falling for the third year in a row after three years of growth. Over the period under review, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 157%. Over the period under review, the exports attained the maximum at X units in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, accordion exports shrank dramatically to $X in 2021. In general, exports showed a dramatic setback. The pace of growth appeared the most rapid in 2019 with an increase of 83%. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X units) was the main destination for accordion exports from Thailand, with a 94% share of total exports. It was followed by South Korea (X units), with a 2.5% share of total exports. The third position in this ranking was taken by Hong Kong SAR (X units), with a 1.6% share.

From 2012 to 2021, the average annual growth rate of volume to the United Arab Emirates stood at +63.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-10.0% per year) and Hong Kong SAR (-24.7% per year).

In value terms, South Korea ($X) emerged as the key foreign market for accordions and mouth organs exports from Thailand, comprising 58% of total exports. The second position in the ranking was held by Japan ($X), with a 16% share of total exports. It was followed by the United Arab Emirates, with a 13% share.

From 2012 to 2021, the average annual growth rate of value to South Korea stood at -8.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-34.0% per year) and the United Arab Emirates (+27.9% per year).

Export Prices by Country

In 2021, the average accordion export price amounted to $X per unit, waning by -81% against the previous year. Over the period under review, the export price continues to indicate a sharp decline. The most prominent rate of growth was recorded in 2019 an increase of 129%. Over the period under review, the average export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was South Korea ($X per unit), while the average price for exports to the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+5.6%), while the prices for the other major destinations experienced more modest paces of growth.

Accordion Imports

Imports into Thailand

In 2021, supplies from abroad of accordions and mouth organs decreased by -48.5% to X units, falling for the fifth consecutive year after two years of growth. Overall, imports showed a abrupt decrease. The pace of growth appeared the most rapid in 2015 when imports increased by 33%. Imports peaked at X units in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, accordion imports declined rapidly to $X in 2021. Over the period under review, imports saw a deep setback. The pace of growth was the most pronounced in 2016 with an increase of 43% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest accordion supplier to Thailand, with a 70% share of total imports. Moreover, accordion imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X units), fourfold. The third position in this ranking was held by Japan (X units), with a 7.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -9.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-8.9% per year) and Japan (-26.4% per year).

In value terms, China ($X), Japan ($X) and Indonesia ($X) were the largest accordion suppliers to Thailand, together comprising 75% of total imports. Germany, Taiwan (Chinese) and the United States lagged somewhat behind, together accounting for a further 15%.

Germany, with a CAGR of +0.6%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average accordion import price amounted to $X per unit, picking up by 23% against the previous year. Over the period under review, the import price saw a remarkable increase. The pace of growth appeared the most rapid in 2020 an increase of 50% against the previous year. Over the period under review, average import prices reached the maximum in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+60.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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