July E-cigarette Export Customs Data

July E-cigarette Export Customs Data

 

The highly anticipated customs data for e-cigarette exports in July 2024 has been released! According to the customs dashboard, the total export value of e-cigarettes in July 2024 was approximately 1 billion USD, showing a modest month-on-month increase of 0.36% compared to June and a year-on-year increase of 7.72% compared to July 2023.

 

Top 20 Export Destinations in July

Based on the latest customs data, despite a slight month-on-month decline, the United States remained the largest export destination for e-cigarettes in July 2024, with a total value of 305 million USD, accounting for 30.6% of the total exports. The UK followed with 115 million USD, and Russia with 95.9 million USD. Among the top 20 export destinations, half of the countries experienced a month-on-month increase, while the other half saw a decline.

 

Countries with month-on-month growth: Russia, Germany, Malaysia, Japan, UAE, the Philippines, Belgium, New Zealand, Italy, and Azerbaijan.

Countries with month-on-month decline: The United States, the United Kingdom, South Korea, the Netherlands, Canada, Poland, France, Spain, Indonesia, and South Africa.

 

Russia showed a standout performance with a 23.65% growth, while Japan and the Philippines saw significant increases of 76.02% and 251.54%, respectively, indicating substantial short-term potential in these markets. Unfortunately, the Philippines began stricter inspections of untaxed products in August, which may lead to market fluctuations.

It is also worth noting that Azerbaijan made it into the top 20 e-cigarette export destinations from China in July, with a total export value of 6.9 million USD, a month-on-month increase of 19.57% compared to June. Observing the trend since 2023, Azerbaijan has been consistently growing, especially between May and July 2024, showing a strong upward trend. However, according to a SeeSmo report, the Azerbaijani government announced an increase in e-cigarette tax rates in July, expected to take effect in August or September, which may have a negative impact on the market.

 

Top 10 Countries by Month-on-Month Growth in July

In July 2024, Russia led the way with the highest absolute month-on-month growth in export value, increasing by 18.34 million USD, or 23.65%. Japan followed with a growth of 12.48 million USD, a remarkable 76.02% increase. The Philippines, Belgium, and the UAE also showed significant growth, with export values increasing by 9.34 million USD, 7.88 million USD, and 4.01 million USD, respectively. Other countries like Germany, Italy, Azerbaijan, Malaysia, and New Zealand were also among the top 10, indicating that some exporters had notable success in expanding into these markets in July!

 

Top 10 Countries by Month-on-Month Growth Rate in July

Bolivia had the highest relative growth rate in July 2024 compared to June, with an increase of 2142.41%, although the absolute growth amount was relatively small (307.7 thousand USD). Libya, Hungary, and Uzbekistan also performed well, with growth rates of 706.16%, 539.45%, and 376.10%, respectively. Although Uzbekistan, Yemen, and Tunisia had high growth rates (376.10%, 251.87%, and 178.07%, respectively), their absolute growth amounts and total values in July were relatively small. Some smaller economies showed surprising growth rates, proving that even small gains are valuable.

Belgium deserves special attention, with a month-on-month growth rate of 176.76% in July, more than doubling its export value, reaching a new high since 2023 with an increase of 7.88 million USD!

 

Top 10 Countries by Month-on-Month Decline in July

In July 2024, compared to June, several countries experienced a decline in e-cigarette trade value. South Korea and the United States saw the largest decreases, with drops of 14.79 million USD and 13.72 million USD, respectively, representing a decline of 21.03% for South Korea and 4.31% for the United States. As two major export destinations, the overall trade value decline may be due to the market approaching saturation or increased regulatory enforcement in these regions. The UK and Croatia ranked third and fourth, with decreases of 9.39 million USD and 8.31 million USD, respectively.

 

Top 10 Countries by Month-on-Month Decline Rate in July

North Macedonia had the largest relative decline compared to June 2024, with a decrease of 96.22%. The Solomon Islands, Puerto Rico, and Ecuador followed, with decline rates of 95.71%, 90.70%, and 85.03%, respectively. Iraq and Australia experienced significant drops in both relative decline rate and absolute decline amount, with reductions of 832.3 thousand USD and 807.7 thousand USD, and decline rates of 81.25% and 62.50%, respectively. Although the overall market size in these countries is small, the sharp decline has nearly wiped out their compliant e-cigarette trade in July!

 

Considering the scale, among the top 10 countries with a month-on-month decline rate in July where the trade value exceeded 1 million USD, Croatia and South Africa had the highest decline rates at 55.27% and 44.93%, respectively. Saudi Arabia and South Korea had significant absolute declines, with reductions of 3.06 million USD and 14.79 million USD, and decline rates of 40.86% and 21.03%, respectively.

 

Conclusion

After a deep dive into the customs data for e-cigarette exports in July, one cannot help but marvel at the complexity and resilience of the market.

Despite apparent increasing competition and market saturation, e-cigarette exports have shown surprising growth. From the slight decline in mainstream markets like the US and UK to the significant growth in Russia, Japan, and the Philippines, and the surprising rise of Azerbaijan, each data point reflects the nuanced changes in supply and demand across different countries and regions.

 

Market fluctuations undoubtedly present challenges, but there are always players who manage to find success. So, instead of lamenting the tough market conditions, let's push forward together.