Plugs and Socket Price in China - 2024
Contents:
- Plugs and Socket Price in China (FOB) - 2024
- Plugs and Socket Price in China (CIF) - 2024
- Plugs and Socket Exports in China
- Plugs and Socket Imports in China
Plugs and Socket Price in China (FOB) - 2024
In August 2023, the average plugs and socket export price amounted to $781 per thousand units, declining by -2.7% against the previous month. Overall, the export price saw a mild slump. The pace of growth was the most pronounced in July 2023 when the average export price increased by 2.7% against the previous month. The export price peaked at $824 per thousand units in May 2023; however, from June 2023 to August 2023, the export prices remained at a lower figure.
Prices varied noticeably by the country of destination: the country with the highest price was the United States ($2.1 per unit), while the average price for exports to Turkey ($182 per thousand units) was amongst the lowest.
From April 2023 to August 2023, the most notable rate of growth in terms of prices was recorded for supplies to India (+7.1%), while the prices for the other major destinations experienced more modest paces of growth.
Plugs and Socket Price in China (CIF) - 2024
The average plugs and socket import price stood at $225 per thousand units in September 2023, growing by 2.4% against the previous month. Over the last five-month period, it increased at an average monthly rate of +2.4%. The pace of growth appeared the most rapid in July 2023 when the average import price increased by 10% m-o-m. As a result, import price reached the peak level of $0.2 per unit. From August 2023 to September 2023, the average import prices remained at a somewhat lower figure.
There were significant differences in the average prices amongst the major supplying countries. In September 2023, the country with the highest price was Germany ($693 per thousand units), while the price for South Korea ($93.0 per thousand units) was amongst the lowest.
From April 2023 to September 2023, the most notable rate of growth in terms of prices was attained by Japan (+7.0%), while the prices for the other major suppliers experienced more modest paces of growth.
Plugs and Socket Exports in China
Plugs and socket exports from China fell to 4.2B units in 2022, waning by -9.3% against 2021. In general, exports saw a sharp slump. The exports peaked at 23B units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.
In value terms, plugs and socket exports rose slightly to $3.6B in 2022. Overall, total exports indicated a buoyant increase from 2019 to 2022: its value increased at an average annual rate of +14.9% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +51.8% against 2019 indices. The pace of growth appeared the most rapid in 2021 with an increase of 26% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.
| Export of Plugs and Socket in China (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 585 | 774 | 937 | 920 | 16.3% |
| Japan | 85.3 | 101 | 121 | 122 | 12.7% |
| Vietnam | 60.5 | 77.7 | 108 | 108 | 21.3% |
| Hong Kong SAR | 150 | 128 | 140 | 103 | -11.8% |
| Thailand | 34.3 | 53.8 | 68.9 | 98.1 | 41.9% |
| Mexico | 35.7 | 44.5 | 66.5 | 81.5 | 31.7% |
| Russia | 54.9 | 64.0 | 79.0 | 73.6 | 10.3% |
| Saudi Arabia | 40.9 | 54.8 | 39.7 | 68.2 | 18.6% |
| Philippines | 45.1 | 39.5 | 53.7 | 56.2 | 7.6% |
| India | 43.4 | 33.6 | 41.7 | 50.1 | 4.9% |
| South Korea | 37.9 | 38.9 | 41.2 | 47.0 | 7.4% |
| Indonesia | 19.0 | 16.7 | 21.6 | 31.9 | 18.9% |
| Brazil | 23.4 | 26.5 | 29.4 | 28.8 | 7.2% |
| Others | 1,178 | 1,344 | 1,780 | 1,845 | 16.1% |
| Total | 2,393 | 2,797 | 3,529 | 3,634 | 14.9% |
Top Export Markets for Plugs and Socket from China in 2022:
- Vietnam (477.2M units)
- United States (391.2M units)
- Hong Kong SAR (341.4M units)
- India (215.1M units)
- Mexico (138.4M units)
- Brazil (127.0M units)
- Russia (117.5M units)
- Japan (117.1M units)
- Philippines (116.3M units)
- South Korea (115.7M units)
- Saudi Arabia (103.4M units)
- Thailand (102.0M units)
- Indonesia (94.6M units)
Plugs and Socket Imports in China
After three years of growth, purchases abroad of electrical plugs and sockets for under 1000 v decreased by -15.9% to 3.3B units in 2022. In general, imports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 427% against the previous year. Imports peaked at 4B units in 2021, and then dropped dramatically in the following year.
In value terms, plugs and socket imports declined significantly to $807M in 2022. The total import value increased at an average annual rate of +5.3% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 with an increase of 31% against the previous year. Imports peaked at $950M in 2021, and then declined notably in the following year.
| Import of Plugs and Socket in China (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Japan | 242 | 201 | 198 | 163 | -12.3% |
| Germany | 51.2 | 67.1 | 67.3 | 65.7 | 8.7% |
| South Korea | 64.4 | 50.5 | 65.8 | 53.4 | -6.1% |
| United States | 44.7 | 41.8 | 42.9 | 51.7 | 5.0% |
| Poland | 46.7 | 55.2 | 67.2 | 51.0 | 3.0% |
| Taiwan (Chinese) | 45.3 | 35.7 | 44.2 | 35.9 | -7.5% |
| Malaysia | 65.9 | 32.3 | 31.1 | 27.3 | -25.5% |
| Mexico | 17.1 | 17.6 | 23.4 | 16.4 | -1.4% |
| Vietnam | 15.7 | 14.7 | 17.0 | 14.9 | -1.7% |
| France | 12.1 | 10.3 | 12.2 | 10.8 | -3.7% |
| Singapore | 8.4 | 10.8 | 4.5 | 9.3 | 3.5% |
| Indonesia | 6.3 | 5.3 | 6.6 | 6.2 | -0.5% |
| Others | 70.5 | 366 | 370 | 301 | 62.2% |
| Total | 690 | 908 | 950 | 807 | 5.4% |
Top Suppliers of Plugs and Socket to China in 2022:
- Japan (418.1M units)
- Taiwan (Chinese) (205.2M units)
- South Korea (199.9M units)
- Germany (166.5M units)
- Malaysia (152.2M units)
- Vietnam (103.0M units)
- United States (46.3M units)
- Singapore (45.1M units)
- Poland (42.9M units)
- Indonesia (41.8M units)
- France (27.7M units)
- Mexico (17.5M units)
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