Price for Cutlery; Other than Plated with Precious Metal in the United States - 2023

Contents:

1. Price for Cutlery; Other than Plated with Precious Metal in the United States (CIF) - 2023
2. Price for Cutlery; Other than Plated with Precious Metal in the United States (FOB) - 2022
3. Imports of Cutlery; Other than Plated with Precious Metal in the United States
4. Exports of Cutlery; Other than Plated with Precious Metal in the United States

Price for Cutlery; Other than Plated with Precious Metal in the United States (CIF) - 2023

The average import price for cutlery; other than plated with precious metals stood at $6,070 per ton in December 2023, falling by -5.5% against the previous month. In general, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in June 2023 when the average import price increased by 14% month-to-month. As a result, import price reached the peak level of $7,720 per ton. From July 2023 to December 2023, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In December 2023, the country with the highest price was Vietnam ($18,290 per ton), while the price for China ($5,500 per ton) was amongst the lowest.

From December 2022 to December 2023, the most notable rate of growth in terms of prices was attained by India (+1.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Price for Cutlery; Other than Plated with Precious Metal in the United States (FOB) - 2022

In 2022, the average export price for cutlery; other than plated with precious metals amounted to $23,070 per ton, rising by 34% against the previous year. In general, the export price posted a buoyant increase. The pace of growth was the most pronounced in 2020 an increase of 34%. As a result, the export price attained the peak level of $28,596 per ton. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Philippines ($30,027 per ton), while the average price for exports to Anguilla ($7,020 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 the Philippines (+8.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Cutlery; Other than Plated with Precious Metal in the United States

In 2022, purchases abroad of cutlery; other than plated with precious metals decreased by -1.8% to 43K tons for the first time since 2018, thus ending a three-year rising trend. Overall, total imports indicated significant growth from 2019 to 2022: its volume increased at an average annual rate of +21.8% 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 +80.7% against 2019 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 47%.

In value terms, imports of cutlery; other than plated with precious metals expanded sharply to $300M in 2022. The total import value increased at an average annual rate of +4.5% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 25%. Imports peaked in 2022 and are likely to see steady growth in the near future.

Top Suppliers of Cutlery; Other than Plated with Precious Metal to the United States in 2022:

1. China (35.6K tons)
2. Vietnam (2.7K tons)
3. India (1.7K tons)
4. Indonesia (0.7K tons)
5. Taiwan (Chinese) (0.5K tons)

Exports of Cutlery; Other than Plated with Precious Metal in the United States

Exports of cutlery; other than plated with precious metals from the United States fell to 908 tons in 2022, shrinking by -9.6% against the previous year. In general, exports, however, enjoyed a mild increase. The most prominent rate of growth was recorded in 2021 when exports increased by 113%. As a result, the exports reached the peak of 1K tons, and then reduced in the following year.

In value terms, exports of cutlery; other than plated with precious metals soared to $21M in 2022. Overall, total exports indicated a temperate expansion from 2019 to 2022: its value increased at an average annual rate of +4.5% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +55.5% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 29%. Over the period under review, the exports of reached the maximum in 2022 and are expected to retain growth in the immediate term.

Top Export Markets for Cutlery; Other than Plated with Precious Metal from the United States in 2022:

1. Canada (383.7 tons)
2. Mexico (86.8 tons)
3. Barbados (78.5 tons)
4. Colombia (37.9 tons)
5. South Korea (27.9 tons)
6. Anguilla (27.6 tons)
7. Philippines (25.9 tons)
8. United Arab Emirates (20.1 tons)
9. United Kingdom (19.0 tons)
10. Australia (18.5 tons)
11. Spain (14.1 tons)
12. Japan (13.6 tons)

Source: IndexBox Market Intelligence Platform