Thailand: Sulphur Market 2024

Sulphur Market Size in Thailand

In 2022, the Thai sulphur market decreased by -37.9% to $X for the first time since 2018, thus ending a three-year rising trend. In general, consumption showed a noticeable shrinkage. As a result, consumption reached the peak level of $X, and then fell rapidly in the following year.

Sulphur Production in Thailand

In value terms, sulphur production declined slightly to $X in 2022 estimated in export price. Over the period under review, production saw a pronounced curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 15% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Sulphur Exports

Exports from Thailand

In 2022, approx. X tons of sulphur were exported from Thailand; increasing by 82% against the year before. Overall, exports, however, continue to indicate a abrupt decline. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, sulphur exports soared to $X in 2022. In general, exports, however, faced a abrupt shrinkage. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Myanmar (X tons) was the main destination for sulphur exports from Thailand, accounting for a 93% share of total exports. It was followed by Sri Lanka (X tons), with a 3% share of total exports. Vietnam (X tons) ranked third in terms of total exports with a 2.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Myanmar stood at +61.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sri Lanka (-16.9% per year) and Vietnam (-6.6% per year).

In value terms, Myanmar ($X) remains the key foreign market for sulphur exports from Thailand, comprising 88% of total exports. The second position in the ranking was held by Sri Lanka ($X), with a 6.1% share of total exports. It was followed by Vietnam, with a 3.4% share.

From 2012 to 2022, the average annual growth rate of value to Myanmar amounted to +70.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sri Lanka (-8.8% per year) and Vietnam (-8.1% per year).

Export Prices by Country

The average sulphur export price stood at $X per ton in 2022, picking up by 31% against the previous year. Overall, export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sulphur export price increased by +70.5% against 2018 indices. As a result, the export price attained 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 Sri Lanka ($X per ton), while the average price for exports to Myanmar ($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 Sri Lanka (+9.7%), while the prices for the other major destinations experienced more modest paces of growth.

Sulphur Imports

Imports into Thailand

After three years of growth, supplies from abroad of sulphur decreased by -67.4% to X tons in 2022. Over the period under review, imports recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by 108%. As a result, imports reached the peak of X tons, and then declined notably in the following year.

In value terms, sulphur imports stood at $X in 2022. In general, imports, however, showed a tangible expansion. The growth pace was the most rapid in 2021 with an increase of 124%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, South Korea (X tons) constituted the largest sulphur supplier to Thailand, with a 63% share of total imports. Moreover, sulphur imports from South Korea exceeded the figures recorded by the second-largest supplier, Singapore (X tons), threefold. Saudi Arabia (X tons) ranked third in terms of total imports with a 9% share.

From 2012 to 2022, the average annual growth rate of volume from South Korea totaled +43.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-13.8% per year) and Saudi Arabia (+123.1% per year).

In value terms, South Korea ($X) constituted the largest supplier of sulphur to Thailand, comprising 63% of total imports. The second position in the ranking was held by Singapore ($X), with an 18% share of total imports. It was followed by Saudi Arabia, with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from South Korea stood at +43.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-10.7% per year) and Saudi Arabia (+134.1% per year).

Import Prices by Country

The average sulphur import price stood at $X per ton in 2022, rising by 214% against the previous year. In general, the import price enjoyed a tangible increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Turkey ($X per ton) and South Korea ($X per ton), while the price for Singapore ($X per ton) and Saudi Arabia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+12.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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