Thailand: Hay-Making Machinery Market 2024

Hay-Making Machinery Market Size in Thailand

In 2021, after three years of decline, there was growth in the Thai hay-making machinery market, when its value increased by 2.7% to $X. Over the period under review, consumption, however, saw a pronounced decrease. The growth pace was the most rapid in 2017 when the market value increased by 5.7% against the previous year. Hay-making machinery consumption peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Hay-Making Machinery Production in Thailand

In value terms, hay-making machinery production rose to $X in 2021 estimated in export price. Overall, production, however, showed a deep downturn. The pace of growth appeared the most rapid in 2017 with an increase of 5.2%. Hay-making machinery production peaked at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Hay-Making Machinery Exports

Exports from Thailand

For the fourth consecutive year, Thailand recorded growth in shipments abroad of hay-making machinery, which increased by 71% to X units in 2021. Overall, exports recorded a resilient expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 600%. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, hay-making machinery exports skyrocketed to $X in 2021. Over the period under review, exports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2014 when exports increased by 275% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Canada (X units) was the main destination for hay-making machinery exports from Thailand, accounting for a 83% share of total exports. Moreover, hay-making machinery exports to Canada exceeded the volume sent to the second major destination, Lao People's Democratic Republic (X units), fivefold.

From 2012 to 2021, the average annual growth rate of volume to Canada was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (+41.4% per year) and Myanmar (0.0% per year).

In value terms, Canada ($X), Lao People's Democratic Republic ($X) and Myanmar ($X) appeared to be the largest markets for hay-making machinery exported from Thailand worldwide, with a combined 99% share of total exports. Hong Kong SAR lagged somewhat behind, comprising a further 1%.

Hong Kong SAR, with a CAGR of +69.8%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average hay-making machinery export price amounted to $X per unit, jumping by 38% against the previous year. In general, the export price, however, faced a precipitous shrinkage. The pace of growth appeared the most rapid in 2014 an increase of 1,056%. The export price peaked at $X per unit in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Canada ($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 Hong Kong SAR (+301.4%), while the prices for the other major destinations experienced more modest paces of growth.

Hay-Making Machinery Imports

Imports into Thailand

In 2021, the amount of hay-making machinery imported into Thailand surged to X units, jumping by 41% on the previous year's figure. Overall, imports recorded a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 583%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, hay-making machinery imports skyrocketed to $X in 2021. Over the period under review, imports saw a significant increase. The pace of growth was the most pronounced in 2017 when imports increased by 748%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, China (X units) was the main supplier of hay-making machinery to Thailand, with a 98% share of total imports. It was followed by Turkey (X units), with a 0.6% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China stood at +136.3%.

In value terms, China ($X) constituted the largest supplier of hay-making machinery to Thailand, comprising 98% of total imports. The second position in the ranking was held by the UK ($X), with a 0.7% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China totaled +112.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+44.5% per year) and Turkey (-33.9% per year).

Import Prices by Country

In 2021, the average hay-making machinery import price amounted to $X per unit, approximately mirroring the previous year. Overall, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the average import price increased by 505% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the UK ($X per unit), while the price for Turkey ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+14.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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