Indonesia: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in Indonesia

The Indonesian keyboard stringed instrument market totaled $X in 2022, leveling off at the previous year. In general, consumption recorded moderate growth. Keyboard stringed instrument consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Keyboard Stringed Instrument Production in Indonesia

In value terms, keyboard stringed instrument production reduced slightly to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the production volume increased by 3.7%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Keyboard Stringed Instrument Exports

Exports from Indonesia

In 2022, overseas shipments of keyboard stringed instruments decreased by -55.3% to X units for the first time since 2019, thus ending a two-year rising trend. In general, exports showed a sharp decrease. The growth pace was the most rapid in 2021 when exports increased by 124% against the previous year. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, keyboard stringed instrument exports reduced notably to $X in 2022. Over the period under review, exports continue to indicate a precipitous decline. The most prominent rate of growth was recorded in 2014 with an increase of 90%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Japan (X units), the Netherlands (X units) and the United Arab Emirates (X units) were the main destinations of keyboard stringed instrument exports from Indonesia, together comprising 63% of total exports. Saudi Arabia, India, Rwanda, Latvia, Brazil, Panama, Morocco, Qatar and Kuwait lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the biggest increases were recorded for Rwanda (with a CAGR of 0.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for keyboard stringed instrument exported from Indonesia were Japan ($X), the Netherlands ($X) and the United Arab Emirates ($X), together accounting for 69% of total exports. Saudi Arabia, Panama, India, Kuwait, the United States, Qatar, Morocco, Brazil and Rwanda lagged somewhat behind, together comprising a further 19%.

Rwanda, with a CAGR of +200.0%, 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 mixed trend patterns.

Export Prices by Country

The average keyboard stringed instrument export price stood at $X per unit in 2022, which is down by -15.8% against the previous year. Over the period under review, the export price recorded a abrupt decrease. The growth pace was the most rapid in 2013 an increase of 36%. Over the period under review, the average export prices hit record highs at $X per unit in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Latvia ($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 Qatar (+17.6%), while the prices for the other major destinations experienced mixed trend patterns.

Keyboard Stringed Instrument Imports

Imports into Indonesia

In 2022, keyboard stringed instrument imports into Indonesia skyrocketed to X units, picking up by 43% against the previous year's figure. Over the period under review, imports, however, faced a sharp setback. The pace of growth appeared the most rapid in 2019 when imports increased by 249% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, keyboard stringed instrument imports expanded remarkably to $X in 2022. Overall, imports, however, saw a dramatic decrease. The growth pace was the most rapid in 2019 when imports increased by 342%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest keyboard stringed instrument supplier to Indonesia, with a 66% share of total imports. Moreover, keyboard stringed instrument imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), threefold. Singapore (X units) ranked third in terms of total imports with a 4% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -15.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-38.5% per year) and Singapore (-14.9% per year).

In value terms, Italy ($X), China ($X) and Japan ($X) were the largest keyboard stringed instrument suppliers to Indonesia, together comprising 70% of total imports.

In terms of the main suppliers, Italy, with a CAGR of +17.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average keyboard stringed instrument import price stood at $X per unit in 2022, shrinking by -20.2% against the previous year. Over the period under review, the import price, however, recorded a mild expansion. The pace of growth appeared the most rapid in 2017 an increase of 83%. Over the period under review, average import prices hit record highs at $X per unit in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+13.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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