Thailand: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Thailand

After three years of growth, the Thai worked wax articles market decreased by -12.2% to $X in 2022. Overall, consumption, however, continues to indicate a perceptible expansion. Worked wax articles consumption peaked at $X in 2021, and then declined in the following year.

Worked Wax Articles Production in Thailand

In value terms, worked wax articles production reached $X in 2022 estimated in export price. In general, production continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2019 when the production volume increased by 111% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Worked Wax Articles Exports

Exports from Thailand

In 2022, overseas shipments of worked articles of wax were finally on the rise to reach X units for the first time since 2016, thus ending a five-year declining trend. Over the period under review, exports, however, showed a abrupt curtailment. Over the period under review, the exports reached the maximum at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, worked wax articles exports soared to $X in 2022. Overall, exports, however, recorded a relatively flat trend pattern. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Maldives (X units) was the main destination for worked wax articles exports from Thailand, accounting for a 64% share of total exports. Moreover, worked wax articles exports to Maldives exceeded the volume sent to the second major destination, India (X units), sevenfold. The third position in this ranking was held by Lao People's Democratic Republic (X units), with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Maldives amounted to +2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+55.8% per year) and Lao People's Democratic Republic (-1.6% per year).

In value terms, the largest markets for worked wax articles exported from Thailand were Maldives ($X), Lao People's Democratic Republic ($X) and Myanmar ($X), together accounting for 76% of total exports. Indonesia, Vietnam, India and Japan lagged somewhat behind, together comprising a further 16%.

India, with a CAGR of +52.7%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average worked wax articles export price stood at $X per thousand units in 2022, falling by -6.3% against the previous year. Overall, the export price, however, showed buoyant growth. The most prominent rate of growth was recorded in 2013 an increase of 60%. Over the period under review, the average export prices reached the maximum at $X per thousand units in 2021, and then shrank in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per thousand units), while the average price for exports to the Netherlands ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+24.2%), while the prices for the other major destinations experienced more modest paces of growth.

Worked Wax Articles Imports

Imports into Thailand

After two years of growth, supplies from abroad of worked articles of wax decreased by -32.5% to X units in 2022. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when imports increased by 63% against the previous year. Over the period under review, imports hit record highs at X units in 2021, and then fell significantly in the following year.

In value terms, worked wax articles imports contracted remarkably to $X in 2022. In general, imports continue to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2020 when imports increased by 25%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

China (X units), Indonesia (X units) and Vietnam (X units) were the main suppliers of worked wax articles imports to Thailand, with a combined 86% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Indonesia (with a CAGR of +32.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest worked wax articles suppliers to Thailand were China ($X), Indonesia ($X) and Vietnam ($X), with a combined 84% share of total imports.

Indonesia, with a CAGR of +31.8%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average worked wax articles import price amounted to $X per thousand units, picking up by 19% against the previous year. Overall, the import price, however, recorded a noticeable decrease. The most prominent rate of growth was recorded in 2019 an increase of 40% against the previous year. The import price peaked at $X per thousand units in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per thousand units), while the price for China ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+1.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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