South-Eastern Asia: Sugar Market 2024

Sugar Market Size in South-Eastern Asia

In 2023, the Southeast Asian sugar market increased by X% to $X, rising for the third consecutive year after two years of decline. The market value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. Over the period under review, the market attained the peak level in 2023 and is likely to continue growth in the near future.

Sugar Production in South-Eastern Asia

In value terms, sugar production rose to $X in 2023 estimated in export price. Overall, production showed a slight descent. The growth pace was the most rapid in 2022 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

Thailand (X tons) constituted the country with the largest volume of sugar production, comprising approx. X% of total volume. Moreover, sugar production in Thailand exceeded the figures recorded by the second-largest producer, Indonesia (X tons), threefold. The third position in this ranking was held by the Philippines (X tons), with a X% share.

From 2012 to 2023, the average annual growth rate of volume in Thailand totaled X%. The remaining producing countries recorded the following average annual rates of production growth: Indonesia (X% per year) and the Philippines (X% per year).

Sugar Exports

Exports in South-Eastern Asia

In 2023, overseas shipments of sugar increased by X% to X tons, rising for the second consecutive year after three years of decline. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when exports increased by X%. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2023, the exports failed to regain momentum.

In value terms, sugar exports reached $X in 2023. Over the period under review, exports, however, showed a slight contraction. The growth pace was the most rapid in 2022 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

Exports by Country

Thailand prevails in exports structure, recording X tons, which was near X% of total exports in 2023. The following exporters - Indonesia (X tons), Malaysia (X tons) and Lao People's Democratic Republic (X tons) - together made up X% of total exports.

Thailand experienced a relatively flat trend pattern with regard to volume of exports of sugar. At the same time, Indonesia (X%) and Lao People's Democratic Republic (X%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of X% from 2012-2023. By contrast, Malaysia (X%) illustrated a downward trend over the same period. While the share of Indonesia (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Thailand (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest sugar supplier in South-Eastern Asia, comprising X% of total exports. The second position in the ranking was held by Indonesia ($X), with a X% share of total exports. It was followed by Malaysia, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Thailand amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (X% per year) and Malaysia (X% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2023, growing by X% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Malaysia ($X per ton) and Lao People's Democratic Republic ($X per ton), while Thailand ($X per ton) and Indonesia ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the other leaders experienced a decline in the export price figures.

Sugar Imports

Imports in South-Eastern Asia

In 2023, imports of sugar in South-Eastern Asia rose to X tons, surging by X% compared with 2022 figures. Total imports indicated a moderate increase from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2023, the growth of imports remained at a lower figure.

In value terms, sugar imports rose remarkably to $X in 2023. Total imports indicated a perceptible expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. The level of import peaked at $X in 2017; afterwards, it flattened through to 2023.

Imports by Country

In 2023, Indonesia (X tons) represented the main importer of sugar, constituting X% of total imports. Malaysia (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Vietnam (X%) and the Philippines (X%). The following importers - Thailand (X tons) and Singapore (X tons) - together made up X% of total imports.

Imports into Indonesia increased at an average annual rate of X% from 2012 to 2023. At the same time, Thailand (X%), the Philippines (X%) and Vietnam (X%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of X% from 2012-2023. Malaysia experienced a relatively flat trend pattern. By contrast, Singapore (X%) illustrated a downward trend over the same period. The Philippines (X p.p.), Vietnam (X p.p.) and Thailand (X p.p.) significantly strengthened its position in terms of the total imports, while Singapore and Malaysia saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X), Malaysia ($X) and Vietnam ($X) constituted the countries with the highest levels of imports in 2023, with a combined X% share of total imports. The Philippines, Thailand and Singapore lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Thailand, with a CAGR of X%, saw 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 2023, the import price in South-Eastern Asia amounted to $X per ton, picking up by X% against the previous year. Over the period under review, the import price, however, showed a mild shrinkage. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was the Philippines ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform