U.S. Microwave Oven Cost Jumps to $75.9 per Unit
U.S. Microwave Oven Import Price in February 2023
In February 2023, the microwave oven price amounted to $75.9 per unit (CIF, US), rising by 11% against the previous month. Over the last twelve-month period, it increased at an average monthly rate of +1.4%. The most prominent rate of growth was recorded in March 2022 an increase of 28% month-to-month. Over the period under review, average import prices reached the peak figure at $91.4 per unit in July 2022; however, from August 2022 to February 2023, import prices remained at a lower figure.
There were significant differences in the average prices amongst the major supplying countries. In February 2023, the country with the highest price was Malaysia ($199 per unit), while the price for China amounted to $69.3 per unit.
From February 2022 to February 2023, the most notable rate of growth in terms of prices was attained by Malaysia (+2.8%).
U.S. Microwave Oven Imports
In February 2023, after four months of growth, there was significant decline in overseas purchases of microwave ovens, when their volume decreased by -11.7% to 1.3M units. In general, imports saw a perceptible setback. The pace of growth was the most pronounced in May 2022 with an increase of 39% against the previous month. As a result, imports reached the peak of 2.6M units. From June 2022 to February 2023, the growth of imports remained at a somewhat lower figure.
In value terms, microwave oven imports declined slightly to $98M (IndexBox estimates) in February 2023. Overall, imports saw a pronounced shrinkage. The most prominent rate of growth was recorded in May 2022 with an increase of 28% month-to-month. As a result, imports attained the peak of $198M. From June 2022 to February 2023, the growth of imports failed to regain momentum.
U.S. Microwave Oven Imports by Country
In February 2023, China (1.2M units) was the main supplier of microwave oven to the United States, with a 96% share of total imports. Moreover, microwave oven imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (45K units), more than tenfold.
From February 2022 to February 2023, the average monthly growth rate of volume from China amounted to -4.5%.
In value terms, China ($86M) constituted the largest supplier of microwave oven to the United States, comprising 88% of total imports. The second position in the ranking was held by Malaysia ($9M), with a 9.2% share of total imports.
From February 2022 to February 2023, the average monthly growth rate of value from China totaled -3.3%.