GCC: Safes And Strongboxes Market 2024

Safes And Strongboxes Exports

Exports in GCC

In 2021, shipments abroad of safes, strongboxes and doors of base metal decreased by -3.5% to X tons, falling for the third consecutive year after three years of growth. Over the period under review, exports recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2016 when exports increased by 51%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, safes and strongboxes exports contracted dramatically to $X in 2021. Total exports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -38.2% against 2017 indices. The most prominent rate of growth was recorded in 2013 with an increase of 46%. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates represented the major exporting country with an export of about X tons, which recorded 80% of total exports. It was distantly followed by Saudi Arabia (X tons) and Oman (X tons), together constituting an 18% share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of -4.2% from 2012 to 2021. At the same time, Oman (+46.8%) and Saudi Arabia (+5.6%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +46.8% from 2012-2021. Saudi Arabia (+6.8 p.p.) and Oman (+4.8 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -11.8% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X) remains the largest safes and strongboxes supplier in GCC, comprising 85% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 5.5% share of total exports.

In the United Arab Emirates, safes and strongboxes exports increased at an average annual rate of +6.0% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (-4.4% per year) and Oman (+24.2% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, declining by -22.3% against the previous year. In general, the export price, however, continues to indicate a strong expansion. The most prominent rate of growth was recorded in 2015 an increase of 92%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+10.7%), while the other leaders experienced a decline in the export price figures.

Safes And Strongboxes Imports

Imports in GCC

In 2021, approx. X tons of safes, strongboxes and doors of base metal were imported in GCC; growing by 31% compared with 2020 figures. Overall, imports, however, showed a slight shrinkage. Over the period under review, imports attained the maximum at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, safes and strongboxes imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United Arab Emirates (X tons) represented the major importer of safes, strongboxes and doors of base metal, achieving 55% of total imports. Saudi Arabia (X tons) ranks second in terms of the total imports with a 20% share, followed by Kuwait (9.6%) and Qatar (7.9%). Oman (X tons) and Bahrain (X tons) held a little share of total imports.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of imports of safes, strongboxes and doors of base metal. Oman, Kuwait and Qatar experienced a relatively flat trend pattern. Bahrain (-2.2%) and Saudi Arabia (-6.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates increased by +9.8 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported safes, strongboxes and doors of base metal in GCC, comprising 60% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 16% share of total imports. It was followed by Kuwait, with a 9.8% share.

In the United Arab Emirates, safes and strongboxes imports increased at an average annual rate of +4.6% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (-3.9% per year) and Kuwait (+4.7% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, growing by 14% against the previous year. Over the last nine years, it increased at an average annual rate of +3.3%. The most prominent rate of growth was recorded in 2018 when the import price increased by 16% against the previous year. Over the period under review, import prices attained the maximum in 2021 and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in the United Arab Emirates ($X per ton) and Qatar ($X per ton), while Bahrain ($X per ton) and Saudi Arabia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+5.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform