China's Tufted Carpet Price Increases by 8% to $12.1 per Square Meter

China Tufted Carpet Export Price in December 2022

In December 2022, the tufted carpet price amounted to $12.1 per square meter (FOB, China), increasing by 7.5% against the previous month. In general, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in April 2022 an increase of 100% month-to-month. As a result, the export price reached the peak level of $15.7 per square meter. From May 2022 to December 2022, the the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In December 2022, the country with the highest price was the United States ($23.4 per square meter), while the average price for exports to Mongolia ($434 per thousand square meters) was amongst the lowest.

From January 2022 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+2.9%), while the prices for the other major destinations experienced more modest paces of growth.

China Tufted Carpet Export Prices by Type

Prices varied noticeably by the product type; the product with the highest price was carpets and other textile floor coverings; tufted, of wool or fine animal hair, whether or not made up ($45.0 per square meter), while the average price for exports of carpets and other textile floor coverings; tufted, of textile materials (other than man-made, wool or fine animal hair), whether or not made up totaled $5.3 per square meter.

From January 2022 to December 2022, the most notable rate of growth in terms of prices was recorded for the following types: carpets and other textile floor coverings; tufted, of wool or fine animal hair, whether or not made up (+5.6%), while the prices for the other product experienced more modest paces of growth.

China Tufted Carpet Exports

In December 2022, exports of tufted carpets and other tufted textile floor coverings from China reduced modestly to 558K square meters, which is down by -4.5% compared with the month before. Over the period under review, exports continue to indicate a noticeable reduction. The pace of growth was the most pronounced in March 2022 with an increase of 95% month-to-month. As a result, the exports attained the peak of 951K square meters. From April 2022 to December 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, tufted carpet exports expanded to $6.8M (IndexBox estimates) in December 2022. In general, exports continue to indicate a perceptible decrease. The most prominent rate of growth was recorded in October 2022 with an increase of 26% m-o-m. As a result, the exports attained the peak of $9.5M. From November 2022 to December 2022, the growth of the exports remained at a lower figure.

China Tufted Carpet Exports by Type

Carpets and other textile floor coverings; tufted, of textile materials (other than man-made, wool or fine animal hair), whether or not made up (462K square meters) was the largest type of tufted carpet exported from China, accounting for a 83% share of total exports. Moreover, carpets and other textile floor coverings; tufted, of textile materials (other than man-made, wool or fine animal hair), whether or not made up exceeded the volume of the second product type, carpets and other textile floor coverings; tufted, of wool or fine animal hair, whether or not made up (96K square meters), fivefold.

From January 2022 to December 2022, the average monthly rate of growth in terms of the volume of export of carpets and other textile floor coverings; tufted, of textile materials (other than man-made, wool or fine animal hair), whether or not made up amounted to -1.3%.

In value terms, the most traded types of tufted carpets and other tufted textile floor coverings in China were carpets and other textile floor coverings; tufted, of wool or fine animal hair, whether or not made up ($4.3M) and carpets and other textile floor coverings; tufted, of textile materials (other than man-made, wool or fine animal hair), whether or not made up ($2.5M).

Carpets and other textile floor coverings; tufted, of textile materials (other than man-made, wool or fine animal hair), whether or not made up, with a CAGR of -2.1%, saw the highest rates of growth with regard to the value of exports, among the main product categories over the period under review.

China Tufted Carpet Exports by Country

Chile (129K square meters) was the main destination for tufted carpet exports from China, with a 23% share of total exports. Moreover, tufted carpet exports to Chile exceeded the volume sent to the second major destination, Thailand (63K square meters), twofold. the United States (59K square meters) ranked third in terms of total exports with a 10% share.

From January 2022 to December 2022, the average monthly growth rate of volume to Chile stood at +1.3%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Thailand (+32.5% per month) and the United States (-6.3% per month).

In value terms, the largest markets for tufted carpet exported from China were the United States ($1.4M), Thailand ($735K) and Japan ($306K), with a combined 36% share of total exports. These countries were followed by Chile, France, Australia, Peru, Vietnam, Malaysia, Nigeria, Spain, Indonesia and Mongolia, which together accounted for a further 21%.

Among the main countries of destination, Indonesia, with a CAGR of +35.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Factors Affecting Tufted Carpet Prices

The price increase is due to a variety of factors, including rising production costs and increased international demand. Tufted carpets are a popular flooring option in many countries, and China is one of the world's leading producers of these carpets. Experts predict that the demand for tufted carpets will continue to grow in the coming years, which could drive prices up even further. As with any commodity, the price of tufted carpets is subject to fluctuations based on market conditions and other factors, so it will be important for businesses in the industry to stay aware of these trends and adjust their strategies accordingly.

Source: IndexBox Market Intelligence Platform