Bangladesh: Direction Finding Compass Market 2024

Direction Finding Compass Market Size in Bangladesh

The Bangladeshi direction finding compass market skyrocketed to $X in 2021, rising by 834% 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). Over the period under review, consumption posted significant growth. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Direction Finding Compass Exports

Exports from Bangladesh

After two years of growth, overseas shipments of direction finding compasses decreased by -82.2% to X units in 2021. Over the period under review, exports saw a drastic downturn. The pace of growth was the most pronounced in 2019 when exports increased by 89%. The exports peaked at X units in 2020, and then dropped rapidly in the following year.

In value terms, direction finding compass exports shrank remarkably to $X in 2021. Overall, exports showed a drastic downturn. The most prominent rate of growth was recorded in 2019 with an increase of 125% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

South Korea (X units), Malaysia (X units) and Spain (X units) were the main destinations of direction finding compass exports from Bangladesh, together comprising 93% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +2.3%), while the other leaders experienced more modest paces of growth.

In value terms, Spain ($X) emerged as the key foreign market for direction finding compasses exports from Bangladesh, comprising 29% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 14% share of total exports. It was followed by South Korea, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Spain totaled +13.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (0.0% per year) and South Korea (-13.9% per year).

Export Prices by Country

In 2021, the average direction finding compass export price amounted to $X per unit, surging by 5.4% against the previous year. In general, the export price, however, saw a noticeable shrinkage. The pace of growth appeared the most rapid in 2015 when the average export price increased by 28%. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Spain ($X per unit), while the average price for exports to South Korea ($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 New Zealand (+33.8%), while the prices for the other major destinations experienced more modest paces of growth.

Direction Finding Compass Imports

Imports into Bangladesh

In 2021, the amount of direction finding compasses imported into Bangladesh soared to X units, growing by 131% against 2020 figures. Over the period under review, imports saw significant growth. The pace of growth was the most pronounced in 2018 when imports increased by 547%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, direction finding compass imports surged to $X in 2021. In general, imports saw a strong expansion. The pace of growth appeared the most rapid in 2018 with an increase of 475% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Norway (X units) constituted the largest direction finding compass supplier to Bangladesh, accounting for a 68% share of total imports. Moreover, direction finding compass imports from Norway exceeded the figures recorded by the second-largest supplier, Italy (X units), fourfold. China (X units) ranked third in terms of total imports with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Norway amounted to +122.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-2.1% per year) and China (-15.1% per year).

In value terms, the largest direction finding compass suppliers to Bangladesh were Italy ($X), Norway ($X) and China ($X), with a combined 56% share of total imports. These countries were followed by Singapore, the United Arab Emirates, Australia, Japan and the UK, which together accounted for a further 12%.

In terms of the main suppliers, Singapore, with a CAGR of +31.8%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average direction finding compass import price stood at $X per unit in 2021, dropping by -31.8% against the previous year. In general, the import price recorded a pronounced decline. The most prominent rate of growth was recorded in 2014 when the average import price increased by 82%. As a result, import price reached the peak level of $X per unit. From 2015 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per unit), while the price for Norway ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :