Estonia: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in Estonia

The Estonian cranks and crankshafts market surged to $X in 2022, with an increase of 26% 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, however, recorded a noticeable contraction. Cranks and crankshafts consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Cranks And Crankshafts Exports

Exports from Estonia

In 2022, exports of cranks and crankshafts from Estonia expanded significantly to X tons, growing by 11% compared with 2021. In general, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when exports increased by 190% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, cranks and crankshafts exports surged to $X in 2022. Overall, exports, however, saw a noticeable downturn. The pace of growth was the most pronounced in 2019 when exports increased by 234%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Russia (X tons), Ukraine (X tons) and the United States (X tons) were the main destinations of cranks and crankshafts exports from Estonia, with a combined 80% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +90.0%), while the other leaders experienced more modest paces of growth.

In value terms, Russia ($X) remains the key foreign market for cranks and crankshafts exports from Estonia, comprising 38% of total exports. The second position in the ranking was held by Ukraine ($X), with a 16% share of total exports. It was followed by Hong Kong SAR, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to Russia amounted to +8.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (+64.6% per year) and Hong Kong SAR (+145.1% per year).

Export Prices by Country

The average cranks and crankshafts export price stood at $X per ton in 2022, jumping by 19% against the previous year. Over the period under review, the export price, however, showed a perceptible decline. The pace of growth was the most pronounced in 2017 when the average export price increased by 19%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Angola ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+110.0%), while the prices for the other major destinations experienced mixed trend patterns.

Cranks And Crankshafts Imports

Imports into Estonia

In 2022, after two years of decline, there was significant growth in overseas purchases of cranks and crankshafts, when their volume increased by 27% to X tons. Overall, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 when imports increased by 48% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, cranks and crankshafts imports surged to $X in 2022. In general, imports, however, recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2019 when imports increased by 54% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

India (X tons), Germany (X tons) and China (X tons) were the main suppliers of cranks and crankshafts imports to Estonia, with a combined 54% share of total imports. Turkey, Russia, the UK, Finland, Italy, the United States, Spain, Ukraine and France lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the UK (with a CAGR of +45.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of cranks and crankshafts to Estonia, comprising 23% of total imports. The second position in the ranking was held by India ($X), with a 9.2% share of total imports. It was followed by Finland, with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany stood at -4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+40.5% per year) and Finland (-8.2% per year).

Import Prices by Country

The average cranks and crankshafts import price stood at $X per ton in 2022, waning by -6.5% against the previous year. Overall, the import price showed a perceptible downturn. The growth pace was the most rapid in 2015 when the average import price increased by 25%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 France ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+17.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform