Thailand: Base Metal Hook Market 2023

Base Metal Hook Market Size in Thailand

The Thai base metal hook market skyrocketed to $X in 2021, growing by 44% against the previous year. Overall, consumption, however, continues to indicate a slight decline. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Base Metal Hook Production in Thailand

In value terms, base metal hook production surged to $X in 2021 estimated in export price. Over the period under review, production, however, showed a noticeable setback. Base metal hook production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Base Metal Hook Exports

Exports from Thailand

In 2021, overseas shipments of base metal hooks, eyes and eyelets were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports showed resilient growth. The pace of growth appeared the most rapid in 2013 when exports increased by 43%. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, base metal hook exports reached $X in 2021. Overall, exports showed a resilient increase. The most prominent rate of growth was recorded in 2018 when exports increased by 66%. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Myanmar (X tons) was the main destination for base metal hook exports from Thailand, with a 71% share of total exports. Moreover, base metal hook exports to Myanmar exceeded the volume sent to the second major destination, Lao People's Democratic Republic (X tons), sixfold. The third position in this ranking was held by Vietnam (X tons), with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Myanmar totaled +25.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (+10.4% per year) and Vietnam (-7.5% per year).

In value terms, Myanmar ($X) remains the key foreign market for base metal hook exports from Thailand, comprising 38% of total exports. The second position in the ranking was held by Lao People's Democratic Republic ($X), with an 18% share of total exports. It was followed by Vietnam, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Myanmar totaled +31.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (+33.0% per year) and Vietnam (-0.5% per year).

Export Prices by Country

In 2021, the average base metal hook export price amounted to $X per ton, rising by 2.3% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average export price increased by 23% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Tunisia ($X per ton), while the average price for exports to Brazil ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Lao People's Democratic Republic (+20.5%), while the prices for the other major destinations experienced more modest paces of growth.

Base Metal Hook Imports

Imports into Thailand

Base metal hook imports into Thailand skyrocketed to X tons in 2021, growing by 48% on the previous year. Over the period under review, imports continue to indicate a resilient increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, base metal hook imports surged to $X in 2021. Overall, total imports indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when imports increased by 29% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, China (X tons) constituted the largest base metal hook supplier to Thailand, accounting for a 89% share of total imports. Moreover, base metal hook imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), more than tenfold. Japan (X tons) ranked third in terms of total imports with a 3.1% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +15.3%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (-1.5% per year) and Japan (+2.1% per year).

In value terms, China ($X), Japan ($X) and South Korea ($X) constituted the largest base metal hook suppliers to Thailand, together comprising 83% of total imports. These countries were followed by Hong Kong SAR and Taiwan (Chinese), which together accounted for a further 13%.

In terms of the main suppliers, Hong Kong SAR, with a CAGR of +11.6%, recorded the highest growth rate of 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

The average base metal hook import price stood at $X per ton in 2021, declining by -15.4% against the previous year. In general, the import price continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2015 when the average import price increased by 12%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+13.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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