Musical Instrument Strings Price in Malaysia - 2021

Contents:

1. Musical Instrument Strings Price in Malaysia (CIF) - 2022
2. Musical Instrument Strings Price in Malaysia (FOB) - 2022
3. Musical Instrument Strings Imports in Malaysia
4. Musical Instrument Strings Exports in Malaysia

Musical Instrument Strings Price in Malaysia (CIF) - 2022

In 2022, the average musical instrument strings import price amounted to $0.5 per unit, growing by 1.5% against the previous year. Overall, the import price, however, showed a abrupt setback. The growth pace was the most rapid in 2019 when the average import price increased by 45%. As a result, import price reached the peak level of $1.1 per unit. From 2020 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($3.5 per unit), while the price for China ($0.4 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.8%), while the prices for the other major suppliers experienced a decline.

Musical Instrument Strings Price in Malaysia (FOB) - 2022

In 2022, the average musical instrument strings export price amounted to $0.9 per unit, with a decrease of -33.6% against the previous year. In general, the export price saw a abrupt curtailment. The most prominent rate of growth was recorded in 2018 when the average export price increased by 81% against the previous year. As a result, the export price attained the peak level of $2.1 per unit. From 2019 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($1 per unit), while the average price for exports to Switzerland ($0.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (-5.1%).

Musical Instrument Strings Imports in Malaysia

For the fourth consecutive year, Malaysia recorded growth in overseas purchases of musical instrument stringses, which increased by 2.3% to 1.7M units in 2022. Over the period under review, imports continue to indicate a significant increase. The pace of growth was the most pronounced in 2021 when imports increased by 86% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, musical instrument strings imports rose slightly to $855K in 2022. The total import value increased at an average annual rate of +2.0% over the period from 2019 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 10%. As a result, imports reached the peak of $886K. From 2021 to 2022, the growth of imports failed to regain momentum.

Top Suppliers of Musical Instrument Strings to Malaysia in 2022:

1. China (1637.7K units)
2. United States (25.2K units)
3. Singapore (25.2K units)

Musical Instrument Strings Exports in Malaysia

In 2022, the amount of musical instrument stringses exported from Malaysia surged to 67K units, with an increase of 33% against the previous year. Over the period under review, exports showed a significant increase. The pace of growth appeared the most rapid in 2020 with an increase of 959% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, musical instrument strings exports shrank to $58K in 2022. Overall, exports posted significant growth. The pace of growth appeared the most rapid in 2020 with an increase of 908%. Over the period under review, the exports attained the peak figure at $66K in 2021, and then fell in the following year.

Top Export Markets for Musical Instrument Strings from Malaysia in 2022:

1. Singapore (54.0K units)
2. Switzerland (11.2K units)

Source: IndexBox Market Intelligence Platform