India Sets New Record for Exporting Wires, Reaching $917M in 2023

India Stranded Wire Exports

Stranded wire exports from India surged to 282K tons in 2023, growing by 22% on the previous year's figure. Overall, total exports indicated a prominent expansion from 2013 to 2023: its volume increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by +77.4% against 2020 indices. The pace of growth was the most pronounced in 2022 with an increase of 26%. The exports peaked in 2023 and are likely to continue growth in the near future.

In value terms, stranded wire exports surged to $917M (IndexBox estimates) in 2023. Over the period under review, exports enjoyed prominent growth. The pace of growth appeared the most rapid in 2022 when exports increased by 56% against the previous year. The exports peaked in 2023 and are likely to continue growth in the immediate term.

Exports by Country

the United States (64K tons) was the main destination for stranded wire exports from India, accounting for a 23% share of total exports. Moreover, stranded wire exports to the United States exceeded the volume sent to the second major destination, Bangladesh (29K tons), twofold. the United Arab Emirates (16K tons) ranked third in terms of total exports with a 5.7% share.

From 2013 to 2023, the average annual growth rate of volume to the United States totaled +28.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bangladesh (+21.7% per year) and the United Arab Emirates (-0.9% per year).

In value terms, the largest markets for stranded wire exported from India were the United States ($238M), Bangladesh ($197M) and the United Arab Emirates ($31M), together comprising 51% of total exports. Nepal, Ethiopia, the Netherlands, Mozambique, Afghanistan and Egypt lagged somewhat behind, together accounting for a further 14%.

In terms of the main countries of destination, Egypt, with a CAGR of +41.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Exports by Type

Aluminium; stranded wire, cables, plaited bands and the like, (not electrically insulated) (185K tons), stranded wire, ropes, cables, plaited bands, slings and the like, of iron or steel, not electrically insulated (94K tons) and copper stranded wire, cables and plaited bands (3K tons) were the main products of stranded wire exports from India.

From 2013 to 2023, the most notable rate of growth in terms of shipments, amongst the major product types, was attained by copper stranded wire, cables and plaited bands (with a CAGR of +14.7%), while the other products experienced more modest paces of growth.

In value terms, aluminium; stranded wire, cables, plaited bands and the like, (not electrically insulated) ($695M) remains the largest type of stranded wire, ropes and cables exported from India, comprising 76% of total exports. The second position in the ranking was taken by stranded wire, ropes, cables, plaited bands, slings and the like, of iron or steel, not electrically insulated ($185M), with a 20% share of total exports.

From 2013 to 2023, the average annual growth rate of the value of aluminium; stranded wire, cables, plaited bands and the like, (not electrically insulated) exports totaled +12.2%. With regard to the other exported products, the following average annual rates of growth were recorded: stranded wire, ropes, cables, plaited bands, slings and the like, of iron or steel, not electrically insulated (+5.1% per year) and copper stranded wire, cables and plaited bands (+13.9% per year).

Export Prices by Country

In 2023, the stranded wire price stood at $3,251 per ton (FOB, India), increasing by 4.8% against the previous year. In general, export price indicated a tangible increase from 2013 to 2023: its price increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, stranded wire export price increased by +33.3% against 2020 indices. The most prominent rate of growth was recorded in 2022 an increase of 24% against the previous year. Over the period under review, the average export prices attained the maximum in 2023 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was Bangladesh ($6,753 per ton), while the average price for exports to the United Arab Emirates ($1,943 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (+14.9%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform