Thailand: Agricultural Appliance Market 2024

Agricultural Appliance Market Size in Thailand

In 2021, the Thai agricultural appliance market increased by 47% to $X, rising for the second consecutive year after three years of decline. Overall, consumption, however, showed a precipitous decline. Agricultural appliance consumption peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Agricultural Appliance Exports

Exports from Thailand

In 2021, the amount of agricultural appliances exported from Thailand surged to X units, increasing by 56% on 2020 figures. Over the period under review, exports, however, faced a deep reduction. The growth pace was the most rapid in 2018 with an increase of 68%. The exports peaked at X units in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, agricultural appliance exports surged to $X in 2021. Overall, exports, however, continue to indicate a sharp shrinkage. The most prominent rate of growth was recorded in 2018 when exports increased by 62%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Cambodia (X units), the United States (X units) and South Korea (X units) were the main destinations of agricultural appliance exports from Thailand, together accounting for 73% of total exports. These countries were followed by Lao People's Democratic Republic, Malaysia, Vietnam and Oman, which together accounted for a further 25%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Oman (with a CAGR of +66.0%), while the other leaders experienced more modest paces of growth.

In value terms, Cambodia ($X), Lao People's Democratic Republic ($X) and South Korea ($X) were the largest markets for agricultural appliance exported from Thailand worldwide, together accounting for 66% of total exports. These countries were followed by Malaysia, the United States, Vietnam and Oman, which together accounted for a further 19%.

In terms of the main countries of destination, Oman, with a CAGR of +27.5%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average agricultural appliance export price amounted to $X per unit, with a decrease of -11.9% against the previous year. In general, the export price saw a abrupt setback. The pace of growth was the most pronounced in 2019 when the average export price increased by 10%. The export price peaked at $X per unit in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Lao People's Democratic Republic ($X per unit), while the average price for exports to the United States ($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 Japan (+5.9%), while the prices for the other major destinations experienced a decline.

Agricultural Appliance Imports

Imports into Thailand

In 2021, overseas purchases of agricultural appliances increased by 45% to X units, rising for the second year in a row after three years of decline. Overall, imports, however, recorded a dramatic shrinkage. Imports peaked at X units in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, agricultural appliance imports soared to $X in 2021. In general, imports, however, saw a precipitous descent. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of agricultural appliance to Thailand, accounting for a 61% share of total imports. Moreover, agricultural appliance imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), threefold. The United States (X units) ranked third in terms of total imports with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -23.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-5.3% per year) and the United States (-5.2% per year).

In value terms, Japan ($X), China ($X) and the United States ($X) constituted the largest agricultural appliance suppliers to Thailand, with a combined 79% share of total imports.

The United States, with a CAGR of +2.7%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average agricultural appliance import price amounted to $X per unit, rising by 4.1% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average import price increased by 63% against the previous year. As a result, import price reached the peak level of $X per unit. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Taiwan (Chinese) ($X per unit), while the price for South Africa ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform