Musical Instrument Strings Price in China - 2023

Musical Instrument Strings Price in China (CIF) - 2022

The average musical instrument strings import price stood at $0.8 per unit in 2022, jumping by 27% against the previous year. Overall, import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, musical instrument strings import price increased by +62.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 28%. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($2.3 per unit), while the price for South Korea ($0.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+4.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Musical Instrument Strings Price in China (FOB) - 2023

In September 2023, the average musical instrument strings export price amounted to $725 per thousand units, with a decrease of -13.1% against the previous month. In general, the export price recorded a slight curtailment. The pace of growth was the most pronounced in June 2023 an increase of 72% m-o-m. The export price peaked at $1.3 per unit in February 2023; however, from March 2023 to September 2023, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In September 2023, the country with the highest price was Australia ($2.0 per unit), while the average price for exports to Papua New Guinea ($125 per thousand units) was amongst the lowest.

From September 2022 to September 2023, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+6.7%), while the prices for the other major destinations experienced more modest paces of growth.

Musical Instrument Strings Imports in China

In 2022, supplies from abroad of musical instrument stringses decreased by -11.4% to 21M units, falling for the second consecutive year after two years of growth. The total import volume increased at an average annual rate of +6.5% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when imports increased by 38%. As a result, imports attained the peak of 24M units. From 2021 to 2022, the growth of imports remained at a lower figure.

In value terms, musical instrument strings imports rose markedly to $16M in 2022. Over the period under review, total imports indicated a remarkable increase from 2019 to 2022: its value increased at an average annual rate of +15.1% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +52.5% against 2019 indices. The growth pace was the most rapid in 2021 with an increase of 27%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Import of Musical Instrument Strings in China (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	5.7	4.9	7.7	9.9	20.2%
Germany	1.4	3.2	3.1	2.5	21.3%
France	0.2	0.3	0.5	0.6	44.2%
Japan	0.9	0.5	0.7	0.6	-12.6%
Others	2.5	2.5	2.6	2.7	2.6%
Total	10.7	11.4	14.5	16.3	15.1%

Top Suppliers of Musical Instrument Strings to China in 2022:

Germany (11.9M units)
United States (4.4M units)
Japan (3.4M units)
France (0.4M units)

Musical Instrument Strings Exports in China

For the fourth consecutive year, China recorded growth in overseas shipments of musical instrument stringses, which increased by 18% to 24M units in 2022. Overall, total exports indicated strong growth from 2019 to 2022: its volume increased at an average annual rate of +14.7% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +50.9% against 2019 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, musical instrument strings exports surged to $20M in 2022. Over the period under review, exports recorded significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Export of Musical Instrument Strings in China (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Australia	182	132	593	4,805	197.8%
Malaysia	45.3	101	1,011	2,631	287.3%
Singapore	72.4	248	126	2,281	215.8%
Indonesia	1,104	1,292	1,586	1,325	6.3%
Germany	411	1,065	1,189	1,004	34.7%
Japan	514	789	1,317	937	22.2%
India	284	237	247	864	44.9%
Russia	198	728	363	764	56.8%
United States	439	528	541	649	13.9%
South Korea	124	134	606	393	46.9%
Philippines	292	208	197	254	-4.5%
South Africa	26.7	30.7	27.2	230	105.0%
Saudi Arabia	10.2	111	19.1	167	153.9%
Others	2,364	2,978	4,151	3,966	18.8%
Total	6,066	8,581	11,974	20,269	49.5%