Eastern Asia: Sugar Market 2022

Sugar Market Size in Eastern Asia

In 2021, the East Asian sugar market increased by 7.2% to $X, rising for the fifth consecutive year after four years of decline. Overall, consumption, however, recorded a perceptible downturn. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Sugar Production in Eastern Asia

In value terms, sugar production stood at $X in 2021 estimated in export price. Overall, production, however, saw a deep contraction. The growth pace was the most rapid in 2017 when the production volume increased by 13% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

China (X tons) remains the largest sugar producing country in Eastern Asia, comprising approx. 93% of total volume. Moreover, sugar production in China exceeded the figures recorded by the second-largest producer, Japan (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume in China amounted to -2.2%.

Sugar Exports

Exports in Eastern Asia

In 2021, shipments abroad of sugar decreased by -11.5% to X tons, falling for the third consecutive year after four years of growth. Overall, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 39% against the previous year. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, sugar exports rose to $X in 2021. Over the period under review, exports showed a noticeable decline. The pace of growth appeared the most rapid in 2017 with an increase of 36% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

South Korea represented the largest exporting country with an export of around X tons, which resulted at 61% of total exports. China (X tons) took a 27% share (based on physical terms) of total exports, which put it in second place, followed by Taiwan (Chinese) (8.4%). Hong Kong SAR (X tons) followed a long way behind the leaders.

Exports from South Korea decreased at an average annual rate of -3.1% from 2012 to 2021. At the same time, Taiwan (Chinese) (+43.7%) and China (+10.4%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +43.7% from 2012-2021. By contrast, Hong Kong SAR (-5.8%) illustrated a downward trend over the same period. While the share of China (+16 p.p.) and Taiwan (Chinese) (+8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Hong Kong SAR (-2.5 p.p.) and South Korea (-21.5 p.p.) displayed negative dynamics.

In value terms, South Korea ($X), China ($X) and Taiwan (Chinese) ($X) appeared to be the countries with the highest levels of exports in 2021, together accounting for 95% of total exports.

In terms of the main exporting countries, Taiwan (Chinese), with a CAGR of +29.6%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, rising by 18% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced curtailment. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in Hong Kong SAR ($X per ton) and China ($X per ton), while South Korea ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (-2.3%), while the other leaders experienced a decline in the export price figures.

Sugar Imports

Imports in Eastern Asia

For the fifth consecutive year, Eastern Asia recorded growth in supplies from abroad of sugar, which increased by 6.7% to X tons in 2021. The total import volume increased at an average annual rate of +4.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when imports increased by 13%. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, sugar imports soared to $X in 2021. Total imports indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +59.6% against 2014 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Japan (X tons), South Korea (X tons) and China (X tons) was the largest importer of sugar in Eastern Asia, generating 95% of total import. It was distantly followed by Taiwan (Chinese) (X tons), constituting a 4.7% share of total imports.

From 2012 to 2021, the biggest increases were in Japan (with a CAGR of +8.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Japan ($X) and China ($X) constituted the countries with the highest levels of imports in 2021, with a combined 91% share of total imports.

In terms of the main importing countries, South Korea, with a CAGR of +10.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per ton, rising by 8.3% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 an increase of 9.8% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Taiwan (Chinese) ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+5.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform