Thailand: Lime Market 2024

Lime Market Size in Thailand

The Thai lime market rose markedly to $X in 2021, surging by 9.7% against the previous year. Overall, consumption, however, showed a noticeable downturn. The most prominent rate of growth was recorded in 2019 when the market value increased by 9.8% against the previous year. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Lime Production in Thailand

In value terms, lime production rose sharply to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a perceptible decline. Lime production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Lime Exports

Exports from Thailand

In 2021, overseas shipments of quicklime, slaked lime and hydraulic lime increased by 11% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, total exports indicated a temperate expansion from 2012 to 2021: its volume increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -24.3% against 2018 indices. The pace of growth was the most pronounced in 2017 with an increase of 39% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, lime exports rose remarkably to $X in 2021. Overall, exports, however, recorded a mild contraction. The most prominent rate of growth was recorded in 2017 with an increase of 33% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Australia (X tons) was the main destination for lime exports from Thailand, accounting for a 59% share of total exports. Moreover, lime exports to Australia exceeded the volume sent to the second major destination, Indonesia (X tons), threefold. The third position in this ranking was held by South Korea (X tons), with a 5.2% share.

From 2012 to 2021, the average annual growth rate of volume to Australia totaled +30.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+16.2% per year) and South Korea (+107.4% per year).

In value terms, Australia ($X) remains the key foreign market for quicklime, slaked lime and hydraulic lime exports from Thailand, comprising 54% of total exports. The second position in the ranking was taken by Indonesia ($X), with an 18% share of total exports. It was followed by South Korea, with a 6% share.

From 2012 to 2021, the average annual growth rate of value to Australia amounted to +22.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+11.4% per year) and South Korea (+110.1% per year).

Export Prices by Country

In 2021, the average lime export price amounted to $X per ton, rising by 2.9% against the previous year. Overall, the export price, however, saw a pronounced descent. The pace of growth appeared the most rapid in 2019 when the average export price increased by 15% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major foreign markets. In 2021, the countries with the highest prices were Taiwan (Chinese) ($X per ton) and India ($X per ton), while the average price for exports to Australia ($X per ton) and Lao People's Democratic Republic ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+1.3%), while the prices for the other major destinations experienced a decline.

Lime Imports

Imports into Thailand

In 2021, purchases abroad of quicklime, slaked lime and hydraulic lime was finally on the rise to reach X tons after three years of decline. Overall, imports, however, recorded a abrupt slump. The pace of growth appeared the most rapid in 2016 when imports increased by 311% against the previous year. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, lime imports skyrocketed to $X in 2021. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 103% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Japan (X tons) constituted the largest supplier of lime to Thailand, accounting for a 72% share of total imports. Moreover, lime imports from Japan exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), sixfold. The third position in this ranking was held by Germany (X tons), with a 6.3% share.

From 2012 to 2021, the average annual growth rate of volume from Japan totaled +8.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-23.3% per year) and Germany (-5.1% per year).

In value terms, Japan ($X) constituted the largest supplier of quicklime, slaked lime and hydraulic lime to Thailand, comprising 86% of total imports. The second position in the ranking was taken by Germany ($X), with a 4.8% share of total imports. It was followed by Malaysia, with a 4.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan amounted to +15.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+1.7% per year) and Malaysia (-19.1% per year).

Import Prices by Country

The average lime import price stood at $X per ton in 2021, with an increase of 29% against the previous year. Over the period under review, the import price showed a significant expansion. The growth pace was the most rapid in 2015 when the average import price increased by 365% against the previous year. Over the period under review, average import prices reached the peak figure in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+16.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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