Greece: Market for Machines For Balancing Mechanical Parts 2024

Market Size for Machines For Balancing Mechanical Parts in Greece

In 2021, the Greek balancing mechanical parts machine market decreased by -18.7% to $X, falling for the second year in a row after two years of growth. In general, the total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +7.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -36.4% against 2019 indices. Balancing mechanical parts machine consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Exports of Machines For Balancing Mechanical Parts

Exports from Greece

In 2021, shipments abroad of machines for balancing mechanical parts was finally on the rise to reach X units after two years of decline. In general, exports, however, recorded a abrupt descent. The pace of growth was the most pronounced in 2017 with an increase of 637%. The exports peaked at X units in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, balancing mechanical parts machine exports dropped notably to $X in 2021. Over the period under review, exports, however, showed a perceptible decrease. The most prominent rate of growth was recorded in 2017 when exports increased by 1,148% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Italy (X units), Cyprus (X units) and Albania (X units) were the main destinations of balancing mechanical parts machine exports from Greece, together comprising 55% of total exports. These countries were followed by Germany, Bulgaria and South Korea, which together accounted for a further 44%.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +900.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cyprus ($X) emerged as the key foreign market for machines for balancing mechanical parts exports from Greece, comprising 62% of total exports. The second position in the ranking was taken by Italy ($X), with a 15% share of total exports. It was followed by Germany, with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Cyprus amounted to -2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (-0.6% per year) and Germany (+10.7% per year).

Export Prices by Country

The average balancing mechanical parts machine export price stood at $X per unit in 2021, falling by -80.3% against the previous year. Overall, the export price, however, saw a modest expansion. The pace of growth was the most pronounced in 2020 when the average export price increased by 256% against the previous year. As a result, the export price reached the peak level of $X per unit, and then fell notably in the following year.

Prices varied noticeably country of destination: the country with the highest price was Cyprus ($X per unit), while the average price for exports to Albania ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Albania (+225.6%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Machines For Balancing Mechanical Parts

Imports into Greece

In 2021, supplies from abroad of machines for balancing mechanical parts decreased by -1.3% to X units, falling for the second consecutive year after two years of growth. In general, imports, however, continue to indicate resilient growth. The pace of growth appeared the most rapid in 2013 when imports increased by 133% against the previous year. Over the period under review, imports hit record highs at X units in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, balancing mechanical parts machine imports shrank sharply to $X in 2021. Overall, total imports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -34.1% against 2019 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 72% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Italy (X units), Germany (X units) and China (X units) were the main suppliers of balancing mechanical parts machine imports to Greece, with a combined 91% share of total imports. Denmark and Poland lagged somewhat behind, together accounting for a further 6.5%.

From 2012 to 2021, the biggest increases were recorded for Poland (with a CAGR of +43.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) constituted the largest supplier of machines for balancing mechanical parts to Greece, comprising 49% of total imports. The second position in the ranking was held by Germany ($X), with a 19% share of total imports. It was followed by China, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Italy totaled +7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-0.6% per year) and China (+31.8% per year).

Import Prices by Country

In 2021, the average balancing mechanical parts machine import price amounted to $X per unit, which is down by -21% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 48% against the previous year. As a result, import price attained the peak level of $X per unit, and then dropped significantly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Italy ($X per unit), while the price for Denmark ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+5.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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