Greece: Tractor Market 2024

Tractor Market Size in Greece

In 2022, after two years of growth, there was significant decline in the Greek tractor market, when its value decreased by -45.4% to $X. In general, consumption, however, saw prominent growth. Tractor consumption peaked at $X in 2021, and then dropped remarkably in the following year.

Tractor Production in Greece

In value terms, tractor production contracted modestly to $X in 2022 estimated in export price. Overall, production showed a abrupt slump. The growth pace was the most rapid in 2017 when the production volume increased by 30% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Tractor Exports

Exports from Greece

In 2022, shipments abroad of tractors increased by 42% to X units, rising for the fifth consecutive year after three years of decline. Over the period under review, exports, however, showed a pronounced contraction. The most prominent rate of growth was recorded in 2021 when exports increased by 98% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, tractor exports stood at $X in 2022. In general, exports, however, saw a pronounced curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 110%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Albania (X units) was the main destination for tractor exports from Greece, with a 16% share of total exports. Moreover, tractor exports to Albania exceeded the volume sent to the second major destination, Cyprus (X units), twofold. The third position in this ranking was held by Malta (X units), with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Albania stood at +9.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cyprus (+26.1% per year) and Malta (+114.1% per year).

In value terms, Cyprus ($X), Albania ($X) and Bulgaria ($X) appeared to be the largest markets for tractor exported from Greece worldwide, together accounting for 24% of total exports. North Macedonia, the Netherlands, Italy, Nigeria, Malta, Afghanistan and Egypt lagged somewhat behind, together comprising a further 10%.

In terms of the main countries of destination, Malta, with a CAGR of +54.1%, recorded the highest rates of growth with regard to the value of exports, 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 tractor export price amounted to $X per unit, declining by -22.9% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average export price increased by 112% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bulgaria ($X per unit), while the average price for exports to Malta ($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 Bulgaria (+2.9%), while the prices for the other major destinations experienced mixed trend patterns.

Tractor Imports

Imports into Greece

In 2022, supplies from abroad of tractors decreased by -48.6% to X units for the first time since 2017, thus ending a four-year rising trend. Over the period under review, imports, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2014 when imports increased by 268%. Imports peaked at X units in 2021, and then fell markedly in the following year.

In value terms, tractor imports declined notably to $X in 2022. Overall, imports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 143% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then contracted sharply in the following year.

Imports by Country

In 2022, Italy (X units) constituted the largest tractor supplier to Greece, accounting for a 37% share of total imports. Moreover, tractor imports from Italy exceeded the figures recorded by the second-largest supplier, Japan (X units), more than tenfold. The third position in this ranking was taken by Bulgaria (X units), with a 2.5% share.

From 2012 to 2022, the average annual growth rate of volume from Italy stood at +22.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-2.6% per year) and Bulgaria (+17.3% per year).

In value terms, the largest tractor suppliers to Greece were Italy ($X), Germany ($X) and the UK ($X), with a combined 33% share of total imports. These countries were followed by Japan, Sweden, India and Bulgaria, which together accounted for a further 6.2%.

In terms of the main suppliers, India, with a CAGR of +36.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average tractor import price amounted to $X per unit, growing by 14% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 134% against the previous year. The import price peaked at $X per unit in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Bulgaria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+16.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :