Eastern Asia: Interchangeable Spanner Socket Market 2024

Interchangeable Spanner Socket Market Size in Eastern Asia

The East Asian interchangeable spanner socket market reduced slightly to $X in 2022, almost unchanged from the previous year. Over the period under review, consumption saw a perceptible contraction. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Interchangeable Spanner Socket Production in Eastern Asia

In value terms, interchangeable spanner socket production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. As a result, production attained the peak level of $X; afterwards, it flattened through to 2022.

Interchangeable Spanner Socket Exports

Exports in Eastern Asia

After two years of growth, overseas shipments of interchangeable spanner sockets decreased by less than X% to X tons in 2022. Total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2016 indices. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons, leveling off in the following year.

In value terms, interchangeable spanner socket exports expanded markedly to $X in 2022. Total exports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2014 indices. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the immediate term.

Exports by Country

The shipments of the two major exporters of interchangeable spanner sockets, namely China and Taiwan (Chinese), represented more than two-thirds of total export.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of X%).

In value terms, the largest interchangeable spanner socket supplying countries in Eastern Asia were Taiwan (Chinese) ($X) and China ($X).

China, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, surging by X% against the previous year. Overall, the export price recorded a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while China stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%).

Interchangeable Spanner Socket Imports

Imports in Eastern Asia

In 2022, supplies from abroad of interchangeable spanner sockets decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Total imports indicated a mild expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by X%. As a result, imports reached the peak of X tons, and then contracted remarkably in the following year.

In value terms, interchangeable spanner socket imports fell sharply to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of $X, and then shrank sharply in the following year.

Imports by Country

China represented the key importing country with an import of around X tons, which reached X% of total imports. Japan (X tons) ranks second in terms of the total imports with an X% share, followed by Taiwan (Chinese) (X%) and South Korea (X%). Hong Kong SAR (X tons) held a relatively small share of total imports.

China experienced a relatively flat trend pattern with regard to volume of imports of interchangeable spanner sockets. At the same time, South Korea (X%), Taiwan (Chinese) (X%) and Japan (X%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of X% from 2012-2022. By contrast, Hong Kong SAR (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Japan and Taiwan (Chinese) increased by X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported interchangeable spanner sockets in Eastern Asia, comprising X% of total imports. The second position in the ranking was held by Japan ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China was relatively modest. In the other countries, the average annual rates were as follows: Japan (X% per year) and South Korea (X% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, surging by X% against the previous year. Overall, the import price showed a relatively flat trend pattern. The level of import peaked at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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