Iraq: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in Iraq

In 2022, after three years of growth, there was significant decline in the Iraqi refrigerator compressor market, when its value decreased by -13% to $X. Over the period under review, consumption, however, showed a prominent increase. Over the period under review, the market attained the maximum level at $X in 2021, and then declined in the following year.

Refrigerator Compressor Exports

Exports from Iraq

In 2022, the amount of compressors for refrigeration equipment exported from Iraq fell significantly to X units, with a decrease of -55.7% compared with the previous year's figure. Over the period under review, exports, however, posted a moderate increase. The pace of growth appeared the most rapid in 2021 when exports increased by 7,350% against the previous year. Over the period under review, the exports reached the maximum at X units in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, refrigerator compressor exports fell remarkably to $X in 2022. In general, exports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2014 with an increase of 9,283% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

France (X units), South Korea (X units) and Turkey (X units) were the main destinations of refrigerator compressor exports from Iraq, with a combined 64% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of +51.3%), while the other leaders experienced mixed trend patterns.

In value terms, France ($X) emerged as the key foreign market for compressors for refrigeration equipment exports from Iraq, comprising 46% of total exports. The second position in the ranking was taken by South Korea ($X), with a 4.5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to France totaled +19.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+16.7% per year) and Turkey (-34.2% per year).

Export Prices by Country

The average refrigerator compressor export price stood at $X per unit in 2022, with an increase of 14% against the previous year. In general, the export price, however, faced a abrupt decrease. The growth pace was the most rapid in 2014 an increase of 622% against the previous year. The export price peaked at $X per unit in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per unit), while the average price for exports to South Korea ($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 South Korea (+9.6%), while the prices for the other major destinations experienced a decline.

Refrigerator Compressor Imports

Imports into Iraq

After three years of growth, purchases abroad of compressors for refrigeration equipment decreased by -15.7% to X units in 2022. Over the period under review, imports, however, posted buoyant growth. The most prominent rate of growth was recorded in 2015 when imports increased by 144% against the previous year. Imports peaked at X units in 2021, and then shrank dramatically in the following year.

In value terms, refrigerator compressor imports dropped to $X in 2022. In general, imports, however, showed resilient growth. The most prominent rate of growth was recorded in 2019 when imports increased by 41%. Over the period under review, imports hit record highs at $X in 2021, and then dropped in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of refrigerator compressor to Iraq, accounting for a 83% share of total imports. Moreover, refrigerator compressor imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X units), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +16.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+11.8% per year) and India (+12.1% per year).

In value terms, the United Arab Emirates ($X), China ($X) and India ($X) were the largest refrigerator compressor suppliers to Iraq, together comprising 84% of total imports.

In terms of the main suppliers, China, with a CAGR of +10.2%, 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 more modest paces of growth.

Import Prices by Country

The average refrigerator compressor import price stood at $X per unit in 2022, growing by 8.7% against the previous year. In general, the import price, however, continues to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2013 when the average import price increased by 31% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-3.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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