Thailand: Granite Block Market 2024

Granite Block Market Size in Thailand

In 2022, the Thai granite block market decreased by -19% to $X, falling for the ninth year in a row after two years of growth. In general, consumption faced a abrupt shrinkage. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Granite Block Exports

Exports from Thailand

In 2022, approx. X tons of granite blocks and slabs were exported from Thailand; falling by -70.1% on the previous year's figure. Over the period under review, exports, however, recorded a modest increase. The most prominent rate of growth was recorded in 2016 with an increase of 211%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, granite block exports declined sharply to $X in 2022. In general, exports, however, recorded a tangible increase. The most prominent rate of growth was recorded in 2019 with an increase of 88% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Indonesia (X tons) was the main destination for granite block exports from Thailand, accounting for a 79% share of total exports. Moreover, granite block exports to Indonesia exceeded the volume sent to the second major destination, Lao People's Democratic Republic (X tons), fivefold. Myanmar (X tons) ranked third in terms of total exports with a 3.9% share.

From 2012 to 2022, the average annual growth rate of volume to Indonesia stood at +165.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (+1.5% per year) and Myanmar (-34.5% per year).

In value terms, Lao People's Democratic Republic ($X) remains the key foreign market for granite blocks and slabs exports from Thailand, comprising 77% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 14% share of total exports. It was followed by Myanmar, with a 2.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Lao People's Democratic Republic amounted to +34.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+92.7% per year) and Myanmar (-34.5% per year).

Export Prices by Country

In 2022, the average granite block export price amounted to $X per ton, growing by 155% against the previous year. Over the period under review, the export price saw a notable increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lao People's Democratic Republic (+32.3%), while the prices for the other major destinations experienced more modest paces of growth.

Granite Block Imports

Imports into Thailand

For the sixth year in a row, Thailand recorded decline in supplies from abroad of granite blocks and slabs, which decreased by -24.6% to X tons in 2022. Over the period under review, imports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2016 with an increase of 1.2% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, granite block imports fell dramatically to $X in 2022. Overall, imports recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 6.3% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of granite block to Thailand, with a 90% share of total imports. Moreover, granite block imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from China stood at -12.1%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-22.7% per year) and Norway (-6.0% per year).

In value terms, China ($X) constituted the largest supplier of granite blocks and slabs to Thailand, comprising 70% of total imports. The second position in the ranking was taken by India ($X), with a 10% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled -7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-19.4% per year) and Norway (-3.9% per year).

Import Prices by Country

In 2022, the average granite block import price amounted to $X per ton, picking up by 6.4% against the previous year. Over the last decade, it increased at an average annual rate of +4.2%. The most prominent rate of growth was recorded in 2018 when the average import price increased by 23% against the previous year. The import price peaked in 2022 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 Norway ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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