Asia: Sewing Machine Needle Market 2024

Sewing Machine Needle Market Size in Asia

In 2023, the Asian sewing machine needle market increased by X% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption saw a strong increase. Over the period under review, the market reached the maximum level in 2023 and is likely to see steady growth in the immediate term.

Sewing Machine Needle Production in Asia

In value terms, sewing machine needle production amounted to $X in 2023 estimated in export price. In general, production posted prominent growth. The growth pace was the most rapid in 2021 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2022 to 2023, production growth remained at a lower figure.

Sewing Machine Needle Exports

Exports in Asia

In 2023, overseas shipments of sewing machine needles decreased by X% to X units, falling for the second year in a row after two years of growth. In general, exports continue to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, the exports attained the peak of X units. From 2022 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, sewing machine needle exports declined to $X in 2023. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2023, the exports failed to regain momentum.

Exports by Country

In 2023, China (X units) represented the main exporter of sewing machine needles, achieving X% of total exports. Vietnam (X units) ranks second in terms of the total exports with a X% share, followed by India (X%) and Singapore (X%). The following exporters - South Korea (X units), Hong Kong SAR (X units) and Taiwan (Chinese) (X units) - together made up X% of total exports.

Exports from China decreased at an average annual rate of X% from 2012 to 2023. At the same time, Vietnam (X%) and Singapore (X%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia, with a CAGR of X% from 2012-2023. By contrast, Hong Kong SAR (X%), South Korea (X%), Taiwan (Chinese) (X%) and India (X%) illustrated a downward trend over the same period. While the share of Vietnam (X p.p.), Singapore (X p.p.) and China (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of India (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X), Singapore ($X) and India ($X) were the countries with the highest levels of exports in 2023, with a combined X% share of total exports.

Among the main exporting countries, Vietnam, with a CAGR of X%, recorded 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

In 2023, the export price in Asia amounted to $X per thousand units, waning by X% against the previous year. Export price indicated a tangible increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, sewing machine needle export price increased by X% against 2021 indices. The pace of growth was the most pronounced in 2022 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per thousand units, and then shrank in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per thousand units), while China ($X per thousand units) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the other leaders experienced more modest paces of growth.

Sewing Machine Needle Imports

Imports in Asia

In 2023, supplies from abroad of sewing machine needles increased by X% to X units, rising for the third consecutive year after five years of decline. Overall, imports recorded a buoyant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, sewing machine needle imports stood at $X in 2023. Over the period under review, imports, however, recorded a slight shrinkage. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2023, imports failed to regain momentum.

Imports by Country

Kyrgyzstan dominates imports structure, resulting at X units, which was approx. X% of total imports in 2023. India (X units) ranks second in terms of the total imports with a X% share, followed by Indonesia (X%), the United Arab Emirates (X%) and China (X%). Singapore (X units), Hong Kong SAR (X units), Japan (X units), Bangladesh (X units), Turkey (X units) and South Korea (X units) took a relatively small share of total imports.

Kyrgyzstan was also the fastest-growing in terms of the sewing machine needles imports, with a CAGR of X% from 2012 to 2023. At the same time, China (X%), the United Arab Emirates (X%), Indonesia (X%), India (X%), Turkey (X%) and Singapore (X%) displayed positive paces of growth. Bangladesh experienced a relatively flat trend pattern. By contrast, South Korea (X%), Japan (X%) and Hong Kong SAR (X%) illustrated a downward trend over the same period. Kyrgyzstan (X p.p.) and China (X p.p.) significantly strengthened its position in terms of the total imports, while India, Singapore, Bangladesh, South Korea, Japan and Hong Kong SAR saw its share reduced by X%, X%, X%, X%, X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Singapore ($X) and Hong Kong SAR ($X) constituted the countries with the highest levels of imports in 2023, together comprising X% of total imports. India, Japan, Kyrgyzstan, Turkey, Bangladesh, the United Arab Emirates, South Korea and Indonesia lagged somewhat behind, together accounting for a further X%.

Kyrgyzstan, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in Asia amounted to $X per thousand units, declining by X% against the previous year. Over the period under review, the import price recorded a deep contraction. The pace of growth appeared the most rapid in 2016 an increase of X%. The level of import peaked at $X per thousand units in 2014; however, from 2015 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was China ($X per thousand units), while Kyrgyzstan ($X per thousand units) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform