GCC: Unvulcanized Rubber Market 2024

Unvulcanized Rubber Exports

Exports in GCC

Unvulcanized rubber exports dropped remarkably to X tons in 2022, waning by -16.3% on the previous year. Total exports indicated a mild expansion from 2012 to 2022: its volume increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +16.0% against 2020 indices. The pace of growth was the most pronounced in 2017 when exports increased by 70%. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, unvulcanized rubber exports contracted to $X in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 89% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United Arab Emirates represented the largest exporter of unvulcanized rubber and articles thereof in GCC, with the volume of exports recording X tons, which was approx. 78% of total exports in 2022. It was distantly followed by Saudi Arabia (X tons) and Bahrain (X tons), together mixing up a 21% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to unvulcanized rubber exports from the United Arab Emirates stood at +3.1%. At the same time, Bahrain (+12.8%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +12.8% from 2012-2022. By contrast, Saudi Arabia (-4.5%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+11 p.p.) and Bahrain (+3.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Saudi Arabia (-14.2 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest unvulcanized rubber supplier in GCC, comprising 74% of total exports. The second position in the ranking was held by Bahrain ($X), with a 12% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates amounted to +1.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Bahrain (+10.3% per year) and Saudi Arabia (-7.7% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2022, picking up by 7% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 26% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Bahrain ($X per ton), while Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-1.2%), while the other leaders experienced a decline in the export price figures.

Unvulcanized Rubber Imports

Imports in GCC

For the third consecutive year, GCC recorded decline in supplies from abroad of unvulcanized rubber and articles thereof, which decreased by -0.4% to X tons in 2022. In general, imports continue to indicate a perceptible setback. The pace of growth was the most pronounced in 2019 with an increase of 14% against the previous year. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, unvulcanized rubber imports shrank to $X in 2022. Overall, imports saw a pronounced contraction. The most prominent rate of growth was recorded in 2018 with an increase of 5.9% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates was the key importing country with an import of around X tons, which resulted at 58% of total imports. It was distantly followed by Saudi Arabia (X tons), Bahrain (X tons), Qatar (X tons) and Kuwait (X tons), together making up a 37% share of total imports. Oman (X tons) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to unvulcanized rubber imports into the United Arab Emirates stood at +1.6%. At the same time, Bahrain (+13.2%) and Kuwait (+3.0%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of +13.2% from 2012-2022. Oman experienced a relatively flat trend pattern. By contrast, Qatar (-1.7%) and Saudi Arabia (-15.3%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+24 p.p.), Bahrain (+8.5 p.p.) and Kuwait (+2.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Saudi Arabia (-37.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported unvulcanized rubber and articles thereof in GCC, comprising 56% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 15% share of total imports. It was followed by Qatar, with an 8.8% share.

In the United Arab Emirates, unvulcanized rubber imports increased at an average annual rate of +1.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (-15.4% per year) and Qatar (-1.7% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, shrinking by -10.4% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 14%. As a result, import price attained the peak level of $X per ton, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kuwait ($X per ton), while Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (+3.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform