Bangladesh: Percussion Musical Instrument Market 2024

Percussion Musical Instrument Market Size in Bangladesh

The Bangladeshi percussion musical instrument market contracted remarkably to $X in 2022, which is down by -17.9% 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, posted prominent growth. Over the period under review, the market reached the maximum level at $X in 2021, and then shrank significantly in the following year.

Percussion Musical Instrument Exports

Exports from Bangladesh

In 2022, exports of percussion musical instruments from Bangladesh soared to X units, rising by 18% compared with 2021. In general, exports continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of 200% against the previous year. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, percussion musical instrument exports soared to $X in 2022. Overall, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 3,725% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Austria (X units) was the main destination for percussion musical instrument exports from Bangladesh, with a 38% share of total exports. Moreover, percussion musical instrument exports to Austria exceeded the volume sent to the second major destination, the UK (X units), threefold. The third position in this ranking was held by India (X units), with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Austria stood at +17.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (0.0% per year) and India (0.0% per year).

In value terms, Austria ($X) remains the key foreign market for percussion musical instruments exports from Bangladesh, comprising 62% of total exports. The second position in the ranking was taken by India ($X), with a 20% share of total exports. It was followed by the UK, with a 9.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Austria amounted to +110.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (0.0% per year) and the UK (0.0% per year).

Export Prices by Country

In 2022, the average percussion musical instrument export price amounted to $X per unit, picking up by 14% against the previous year. Overall, the export price showed a significant increase. The pace of growth appeared the most rapid in 2013 an increase of 1,239% against the previous year. The export price peaked in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to Canada ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Austria (+79.5%), while the prices for the other major destinations experienced more modest paces of growth.

Percussion Musical Instrument Imports

Imports into Bangladesh

In 2022, imports of percussion musical instruments into Bangladesh dropped to X units, reducing by -4.6% compared with the previous year's figure. In general, imports, however, posted a resilient expansion. The growth pace was the most rapid in 2017 with an increase of 310%. Imports peaked at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, percussion musical instrument imports shrank rapidly to $X in 2022. Over the period under review, imports, however, recorded buoyant growth. The growth pace was the most rapid in 2017 when imports increased by 221% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then declined sharply in the following year.

Imports by Country

Japan (X units), China (X units) and the United States (X units) were the main suppliers of percussion musical instrument imports to Bangladesh, together accounting for 84% of total imports.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +62.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest percussion musical instrument suppliers to Bangladesh were Japan ($X), the United States ($X) and China ($X), together accounting for 77% of total imports.

In terms of the main suppliers, Japan, with a CAGR of +61.7%, recorded the highest rates of growth with regard to 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 percussion musical instrument import price stood at $X per unit in 2022, which is down by -22% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of 83% against the previous year. The import price peaked at $X per unit in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+5.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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