CIS: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in CIS

The CIS keyboard stringed instrument market reduced dramatically to $X in 2022, falling by -19.2% against the previous year. Over the period under review, consumption, however, saw a measured increase. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Keyboard Stringed Instrument Production in CIS

In value terms, keyboard stringed instrument production dropped notably to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 90%. The level of production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Keyboard Stringed Instrument Exports

Exports in CIS

In 2022, overseas shipments of keyboard stringed instruments were finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports recorded slight growth. The most prominent rate of growth was recorded in 2014 with an increase of 83%. Over the period under review, the exports attained the maximum at X units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, keyboard stringed instrument exports surged to $X in 2022. In general, exports, however, saw a mild curtailment. The pace of growth was the most pronounced in 2014 when exports increased by 177%. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

The shipments of the one major exporters of keyboard stringed instruments, namely Belarus, represented more than two-thirds of total export.

Belarus was also the fastest-growing in terms of the keyboard stringed instruments exports, with a CAGR of +24.6% from 2012 to 2022. From 2012 to 2022, the share of Belarus increased by +88 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Belarus ($X) also remains the largest keyboard stringed instrument supplier in the CIS.

In Belarus, keyboard stringed instrument exports expanded at an average annual rate of +2.6% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in the CIS amounted to $X per unit, surging by 8.1% against the previous year. Over the period under review, the export price, however, showed a perceptible reduction. The most prominent rate of growth was recorded in 2016 when the export price increased by 79% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2017 to 2022, the export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Belarus.

From 2012 to 2022, the rate of growth in terms of prices for Belarus amounted to -17.9% per year.

Keyboard Stringed Instrument Imports

Imports in CIS

In 2022, approx. X units of keyboard stringed instruments were imported in the CIS; dropping by -4.2% on the year before. Over the period under review, imports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 181%. Over the period under review, imports hit record highs at X units in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, keyboard stringed instrument imports shrank dramatically to $X in 2022. In general, imports, however, saw a noticeable increase. The most prominent rate of growth was recorded in 2014 with an increase of 336%. Over the period under review, imports hit record highs at $X in 2021, and then shrank remarkably in the following year.

Imports by Country

Azerbaijan (X units) and Moldova (X units) represented the largest importers of keyboard stringed instruments in 2022, resulting at approx. 43% and 34% of total imports, respectively. It was distantly followed by Belarus (X units), making up a 20% share of total imports. Kazakhstan (X units) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Moldova (with a CAGR of +45.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Azerbaijan ($X) constitutes the largest market for imported keyboard stringed instruments in the CIS, comprising 69% of total imports. The second position in the ranking was taken by Belarus ($X), with a 9.6% share of total imports. It was followed by Kazakhstan, with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Azerbaijan stood at +40.6%. In the other countries, the average annual rates were as follows: Belarus (+25.1% per year) and Kazakhstan (-12.6% per year).

Import Prices by Country

In 2022, the import price in the CIS amounted to $X per unit, reducing by -38.4% against the previous year. In general, the import price showed a abrupt shrinkage. The growth pace was the most rapid in 2014 an increase of 140%. Over the period under review, import prices hit record highs at $X per unit in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Azerbaijan (+11.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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