U.S.: Twine Product Market 2024

Twine Product Market Size in the U.S.

The U.S. twine product market declined to $X in 2022, shrinking by -8.7% against the previous year. The market value increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X, and then declined in the following year.

Twine Product Production in the U.S.

In value terms, twine product production contracted dramatically to $X in 2022. In general, production recorded a deep slump. The pace of growth appeared the most rapid in 2019 with an increase of 182%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Twine Product Exports

Exports from the U.S.

In 2022, overseas shipments of articles of twine, cordage, rope or cables increased by 8.2% to X tons, rising for the second consecutive year after two years of decline. Overall, total exports indicated mild growth from 2012 to 2022: its volume increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +15.5% against 2020 indices. The pace of growth was the most pronounced in 2018 with an increase of 43%. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, twine product exports skyrocketed to $X in 2022. In general, total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +8.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +5.6% against 2018 indices. The pace of growth was the most pronounced in 2018 with an increase of 67% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Canada (X tons), Mexico (X tons) and the UK (X tons) were the main destinations of twine product exports from the United States, together comprising 79% of total exports. Colombia, Australia and Norway lagged somewhat behind, together comprising a further 5.8%.

From 2012 to 2022, the biggest increases were recorded for Norway (with a CAGR of +21.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X), Mexico ($X) and Australia ($X) were the largest markets for twine product exported from the United States worldwide, together accounting for 55% of total exports. The UK, Norway and Colombia lagged somewhat behind, together comprising a further 9.5%.

Among the main countries of destination, Norway, with a CAGR of +31.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average twine product export price stood at $X per ton in 2022, picking up by 18% against the previous year. Overall, export price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, twine product export price increased by +13.7% against 2018 indices. The pace of growth appeared the most rapid in 2016 an increase of 21% against the previous year. The export price peaked in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per ton), while the average price for exports to Colombia ($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 Australia (+19.5%), while the prices for the other major destinations experienced more modest paces of growth.

Twine Product Imports

Imports into the U.S.

In 2022, after two years of growth, there was significant decline in purchases abroad of articles of twine, cordage, rope or cables, when their volume decreased by -11.1% to X tons. Over the period under review, total imports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when imports increased by 18% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then dropped in the following year.

In value terms, twine product imports reduced slightly to $X in 2022. The total import value increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 15%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest twine product supplier to the United States, accounting for a 56% share of total imports. Moreover, twine product imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), fivefold. The third position in this ranking was taken by Bangladesh (X tons), with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+36.7% per year) and Bangladesh (+107.5% per year).

In value terms, China ($X) constituted the largest supplier of articles of twine, cordage, rope or cables to the United States, comprising 54% of total imports. The second position in the ranking was held by Vietnam ($X), with a 9.9% share of total imports. It was followed by India, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled -1.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+42.1% per year) and India (+3.0% per year).

Import Prices by Country

The average twine product import price stood at $X per ton in 2022, surging by 8.8% against the previous year. Overall, the import price, however, saw a perceptible contraction. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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 the Philippines ($X per ton), while the price for Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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