Egypt: Steel Spring Market 2024

Steel Spring Market Size in Egypt

For the third year in a row, the Egyptian steel spring market recorded decline in sales value, which decreased by -11.1% to $X in 2021. Overall, consumption continues to indicate a abrupt curtailment. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Steel Spring Exports

Exports from Egypt

In 2021, after three years of decline, there was significant growth in shipments abroad of steel springs and leaves for springs, when their volume increased by 863% to X tons. In general, exports showed a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 1,072%. Over the period under review, the exports reached the peak figure in 2021 and are likely to continue growth in the near future.

In value terms, steel spring exports soared to $X in 2021. Over the period under review, exports showed a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Syrian Arab Republic (X tons), Sudan (X tons) and the United States (X tons) were the main destinations of steel spring exports from Egypt, with a combined 74% share of total exports. Jordan, Lebanon, Tunisia and Saudi Arabia lagged somewhat behind, together comprising a further 22%.

From 2012 to 2021, the biggest increases were recorded for Jordan (with a CAGR of +92.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Sudan ($X) emerged as the key foreign market for steel springs and leaves for springs exports from Egypt, comprising 35% of total exports. The second position in the ranking was taken by Jordan ($X), with a 16% share of total exports. It was followed by Lebanon, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Sudan amounted to +65.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Jordan (+88.8% per year) and Lebanon (+117.7% per year).

Export Prices by Country

In 2021, the average steel spring export price amounted to $X per ton, waning by -5.6% against the previous year. Over the period under review, the export price, however, enjoyed a prominent expansion. The pace of growth was the most pronounced in 2020 when the average export price increased by 160% against the previous year. As a result, the export price reached the peak level of $X per ton, and then declined in the following year.

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 Lebanon ($X per ton), while the average price for exports to Syrian Arab Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Lebanon (+13.6%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into Egypt

In 2021, approx. X tons of steel springs and leaves for springs were imported into Egypt; with a decrease of -10.8% against the year before. In general, imports continue to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2018 when imports increased by 20% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, steel spring imports amounted to $X in 2021. Over the period under review, imports showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2018 with an increase of 27%. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of steel spring to Egypt, with a 54% share of total imports. Moreover, steel spring imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X tons), eightfold. Iran (X tons) ranked third in terms of total imports with a 4.9% share.

From 2012 to 2021, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (-32.3% per year) and Iran (+7.0% per year).

In value terms, China ($X) constituted the largest supplier of steel springs and leaves for springs to Egypt, comprising 42% of total imports. The second position in the ranking was held by Turkey ($X), with an 8.3% share of total imports. It was followed by Germany, with a 7.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +8.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (-17.8% per year) and Germany (-13.9% per year).

Import Prices by Country

The average steel spring import price stood at $X per ton in 2021, increasing by 25% against the previous year. In general, the import price saw a strong expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Italy ($X per ton), while the price for Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+21.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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