Bangladesh: Market for Electrical Boards, Panels, Consoles, Desks and Cabinets 2024

Market Size for Electrical Boards, Panels, Consoles, Desks and Cabinets in Bangladesh

The Bangladeshi market for electrical boards, panels, consoles, desks and cabinets skyrocketed to $X in 2021, picking up by 23% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed a resilient increase. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Exports of Electrical Boards, Panels, Consoles, Desks and Cabinets

Exports from Bangladesh

In 2021, overseas shipments of electrical boards, panels, consoles, desks and cabinets were finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. Over the period under review, exports, however, showed a precipitous decline. The most prominent rate of growth was recorded in 2017 when exports increased by 6,548% against the previous year. As a result, the exports attained the peak of X units. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, electric board, desk and panel exports surged to $X in 2021. In general, exports, however, faced a precipitous slump. The pace of growth appeared the most rapid in 2017 when exports increased by 7,601% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

India (X units) was the main destination for electric board, desk and panel exports from Bangladesh, with a 70% share of total exports. Moreover, electric board, desk and panel exports to India exceeded the volume sent to the second major destination, Singapore (X units), fourfold. Norway (X units) ranked third in terms of total exports with a 6.9% share.

From 2012 to 2021, the average annual growth rate of volume to India stood at -10.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-35.0% per year) and Norway (+19.3% per year).

In value terms, India ($X) remains the key foreign market for electrical boards, panels, consoles, desks and cabinets exports from Bangladesh, comprising 74% of total exports. The second position in the ranking was taken by Singapore ($X), with an 18% share of total exports. It was followed by Norway, with a 4.3% share.

From 2012 to 2021, the average annual growth rate of value to India totaled -12.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (-32.7% per year) and Norway (-15.3% per year).

Export Prices by Country

In 2021, the average export price for electrical boards, panels, consoles, desks and cabinets amounted to $X per unit, dropping by -16.4% against the previous year. Over the period under review, export price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, electric board, desk and panel export price decreased by -26.0% against 2019 indices. The most prominent rate of growth was recorded in 2013 an increase of 30% against the previous year. The export price peaked at $X per unit in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to Norway ($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 Indonesia (+86.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Electrical Boards, Panels, Consoles, Desks and Cabinets

Imports into Bangladesh

In 2021, overseas purchases of electrical boards, panels, consoles, desks and cabinets decreased by -12.9% to X units, falling for the second year in a row after two years of growth. In general, imports, however, saw a mild expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 135% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, electric board, desk and panel imports surged to $X in 2021. Over the period under review, imports, however, showed prominent growth. The pace of growth was the most pronounced in 2016 when imports increased by 139%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, India (X units) constituted the largest electric board, desk and panel supplier to Bangladesh, with a 46% share of total imports. Moreover, electric board, desk and panel imports from India exceeded the figures recorded by the second-largest supplier, China (X units), threefold. Italy (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from India totaled +35.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-14.0% per year) and Italy (+25.1% per year).

In value terms, India ($X) constituted the largest supplier of electrical boards, panels, consoles, desks and cabinets to Bangladesh, comprising 55% of total imports. The second position in the ranking was taken by Italy ($X), with a 6.6% share of total imports. It was followed by China, with a 5.1% share.

From 2012 to 2021, the average annual growth rate of value from India stood at +47.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+10.6% per year) and China (-16.0% per year).

Import Prices by Country

In 2021, the average import price for electrical boards, panels, consoles, desks and cabinets amounted to $X per unit, growing by 98% against the previous year. Over the period under review, the import price posted a strong expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+8.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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