Finland: Timer Market 2024

Timer Market Size in Finland

The Finnish timer market declined significantly to $X in 2022, with a decrease of -25.7% 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). Overall, consumption, however, posted a strong increase. As a result, consumption attained the peak level of $X, and then declined sharply in the following year.

Timer Exports

Exports from Finland

In 2022, overseas shipments of timers decreased by -28% to X units, falling for the second year in a row after two years of growth. Over the period under review, exports, however, posted a remarkable increase. The growth pace was the most rapid in 2013 when exports increased by 257% against the previous year. Over the period under review, the exports attained the maximum at X units in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, timer exports dropped sharply to $X in 2022. Overall, exports, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 379% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Estonia (X units), Sweden (X units) and Lithuania (X units) were the main destinations of timer exports from Finland, together comprising 68% of total exports.

From 2012 to 2022, the biggest increases were recorded for Lithuania (with a CAGR of +55.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Norway ($X) and the UK ($X) were the largest markets for timer exported from Finland worldwide, together accounting for 58% of total exports.

The UK, with a CAGR of +65.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average timer export price amounted to $X per unit, picking up by 13% against the previous year. In general, export price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, timer export price increased by +61.4% against 2020 indices. The growth pace was the most rapid in 2021 an increase of 43% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

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 Norway ($X per unit), while the average price for exports to Estonia ($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 Canada (+37.4%), while the prices for the other major destinations experienced more modest paces of growth.

Timer Imports

Imports into Finland

In 2022, timer imports into Finland declined dramatically to X units, with a decrease of -27.3% against 2021 figures. In general, imports, however, saw a prominent increase. The pace of growth was the most pronounced in 2016 with an increase of 63%. Over the period under review, imports reached the peak figure at X units in 2021, and then reduced remarkably in the following year.

In value terms, timer imports contracted sharply to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 116% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of timer to Finland, accounting for a 84% share of total imports. Moreover, timer imports from China exceeded the figures recorded by the second-largest supplier, Norway (X units), eightfold. Sweden (X units) ranked third in terms of total imports with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +11.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (+20.9% per year) and Sweden (-3.6% per year).

In value terms, Norway ($X), China ($X) and Sweden ($X) appeared to be the largest timer suppliers to Finland, with a combined 94% share of total imports.

Norway, with a CAGR of +24.4%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average timer import price amounted to $X per unit, increasing by 9.3% against the previous year. Over the period under review, the import price, however, showed a deep downturn. The most prominent rate of growth was recorded in 2014 when the average import price increased by 73%. As a result, import price reached the peak level of $X per unit. From 2015 to 2022, the average 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 Norway ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+2.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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