Bangladesh: Accordion Market 2024

Accordion Market Size in Bangladesh

In 2021, the Bangladeshi accordion market increased by 1.4% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, enjoyed a temperate expansion. Accordion consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Accordion Exports

Exports from Bangladesh

In 2021, accordion exports from Bangladesh shrank to X units, which is down by -9.2% against the year before. Over the period under review, exports recorded a sharp setback. The pace of growth appeared the most rapid in 2014 when exports increased by 131%. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, accordion exports contracted slightly to $X in 2021. In general, exports continue to indicate a precipitous contraction. The pace of growth appeared the most rapid in 2014 with an increase of 214% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

New Zealand (X units) was the main destination for accordion exports from Bangladesh, with a 59% share of total exports. Moreover, accordion exports to New Zealand exceeded the volume sent to the second major destination, Australia (X units), twofold. The third position in this ranking was held by Switzerland (X units), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume to New Zealand totaled -4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (-23.2% per year) and Switzerland (+20.0% per year).

In value terms, the largest markets for accordion exported from Bangladesh were Australia ($X), New Zealand ($X) and Switzerland ($X), together accounting for 69% of total exports.

Among the main countries of destination, Switzerland, with a CAGR of +140.0%, 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 a decline.

Export Prices by Country

The average accordion export price stood at $X per unit in 2021, picking up by 8.5% against the previous year. Overall, the export price saw a resilient increase. The most prominent rate of growth was recorded in 2013 when the average export price increased by 163%. Over the period under review, the average export prices attained the maximum at $X per unit in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Australia ($X per unit), while the average price for exports to Germany ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+92.9%), while the prices for the other major destinations experienced more modest paces of growth.

Accordion Imports

Imports into Bangladesh

In 2021, overseas purchases of accordions and mouth organs decreased by -8.8% to X units, falling for the third consecutive year after three years of growth. Over the period under review, imports saw a abrupt setback. The pace of growth appeared the most rapid in 2016 with an increase of 225% against the previous year. Imports peaked at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, accordion imports expanded notably to $X in 2021. In general, imports, however, showed a strong increase. The pace of growth was the most pronounced in 2016 when imports increased by 485% against the previous year. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of accordion to Bangladesh, accounting for a 90% share of total imports. Moreover, accordion imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X units), more than tenfold. The third position in this ranking was held by the UK (X units), with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (0.0% per year) and the UK (-24.2% per year).

In value terms, China ($X) constituted the largest supplier of accordions and mouth organs to Bangladesh, comprising 46% of total imports. The second position in the ranking was taken by France ($X), with a 16% share of total imports. It was followed by the United Arab Emirates, with a 15% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +16.0%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+7.8% per year) and the United Arab Emirates (0.0% per year).

Import Prices by Country

The average accordion import price stood at $X per unit in 2021, growing by 21% against the previous year. In general, the import price posted a significant increase. The most prominent rate of growth was recorded in 2016 an increase of 80% against the previous year. The import price peaked in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+89.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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