Thailand: Crude Granite Market 2024

Crude Granite Market Size in Thailand

The Thai crude granite market rose modestly to $X in 2022, growing by 3.5% against the previous year. The market value increased at an average annual rate of +3.2% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Crude granite consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Crude Granite Production in Thailand

In value terms, crude granite production expanded slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.8% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 with an increase of 26% against the previous year. Crude granite production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Crude Granite Exports

Exports from Thailand

In 2022, overseas shipments of granite (crude) were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. In general, exports recorded a prominent increase. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, crude granite exports soared to $X in 2022. Over the period under review, exports, however, continue to indicate a dramatic curtailment. The growth pace was the most rapid in 2017 with an increase of 276%. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Maldives (X tons) was the main destination for crude granite exports from Thailand, accounting for a 99% share of total exports. It was followed by China (X kg), with a 0.1% share of total exports. The United States (X kg) ranked third in terms of total exports with a 0.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Maldives stood at -8.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-69.5% per year) and the United States (-57.5% per year).

In value terms, Maldives ($X) remains the key foreign market for granite (crude) exports from Thailand, comprising 94% of total exports. The second position in the ranking was held by China ($X), with a 0.6% share of total exports. It was followed by the United States, with a 0.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Maldives amounted to -42.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-58.1% per year) and the United States (-59.9% per year).

Export Prices by Country

The average crude granite export price stood at $X per ton in 2022, with a decrease of -19.1% against the previous year. In general, the export price showed a precipitous setback. The pace of growth appeared the most rapid in 2017 when the average export price increased by 151% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Maldives ($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 China (+37.7%), while the prices for the other major destinations experienced more modest paces of growth.

Crude Granite Imports

Imports into Thailand

Crude granite imports into Thailand soared to X tons in 2022, picking up by 19% against 2021. Over the period under review, imports recorded significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 202% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, crude granite imports shrank slightly to $X in 2022. Overall, imports, however, saw a pronounced decrease. The growth pace was the most rapid in 2014 with an increase of 772%. As a result, imports attained the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Vietnam (X tons) was the main supplier of crude granite to Thailand, accounting for a 99% share of total imports. It was followed by China (X tons), with a 0.7% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Vietnam stood at +69.1%.

In value terms, Vietnam ($X) constituted the largest supplier of granite (crude) to Thailand, comprising 97% of total imports. The second position in the ranking was taken by China ($X), with a 0.7% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Vietnam totaled +45.2%.

Import Prices by Country

In 2022, the average crude granite import price amounted to $X per ton, shrinking by -17.7% against the previous year. Over the period under review, the import price faced a sharp setback. The pace of growth was the most pronounced in 2014 when the average import price increased by 189%. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for China stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+16.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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