Iraq: Market for Conveyor Or Transmission Belts Or Belting 2024

Market Size for Conveyor Or Transmission Belts Or Belting in Iraq

The Iraqi conveyor or transmission belt market shrank to $X in 2021, dropping by -7.9% against the previous year. The market value increased at an average annual rate of +1.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Production of Conveyor Or Transmission Belts Or Belting in Iraq

In value terms, conveyor or transmission belt production reduced to $X in 2021 estimated in export price. In general, the total production indicated a mild increase from 2012 to 2021: its value increased at an average annual rate of +1.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -19.0% against 2018 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by 36%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Exports of Conveyor Or Transmission Belts Or Belting

Exports from Iraq

After two years of decline, shipments abroad of conveyor or transmission belts or belting increased by 120% to X kg in 2021. Over the period under review, exports enjoyed a buoyant increase. The pace of growth was the most pronounced in 2016 with an increase of 4,929%. The exports peaked at X kg in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, conveyor or transmission belt exports soared to $X in 2021. In general, exports recorded a significant expansion. The growth pace was the most rapid in 2016 when exports increased by 2,014% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X kg), Turkey (X kg) and Thailand (X kg) were the main destinations of conveyor or transmission belt exports from Iraq, together accounting for 93% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Turkey (with a CAGR of +3.2%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for conveyor or transmission belts or belting exports from Iraq, comprising 68% of total exports. The second position in the ranking was taken by Turkey ($X), with a 19% share of total exports. It was followed by Kenya, with a 7.5% share.

From 2012 to 2021, the average annual growth rate of value to the United Arab Emirates was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+1.4% per year) and Kenya (+52.7% per year).

Export Prices by Country

In 2021, the average conveyor or transmission belt export price amounted to $X per ton, jumping by 64% against the previous year. In general, the export price enjoyed buoyant growth. The growth pace was the most rapid in 2019 when the average export price increased by 179% against the previous year. Over the period under review, the average export prices attained the peak figure in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (+73.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Conveyor Or Transmission Belts Or Belting

Imports into Iraq

In 2021, supplies from abroad of conveyor or transmission belts or belting decreased by -12% to X tons for the first time since 2016, thus ending a four-year rising trend. In general, total imports indicated a perceptible increase from 2012 to 2021: its volume increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when imports increased by 26%. Over the period under review, imports attained the peak figure at X tons in 2020, and then dropped in the following year.

In value terms, conveyor or transmission belt imports amounted to $X in 2021. Overall, imports, however, showed buoyant growth. The most prominent rate of growth was recorded in 2018 when imports increased by 43%. Imports peaked in 2021 and are likely to see steady growth in years to come.

Imports by Country

In 2021, China (X tons) constituted the largest conveyor or transmission belt supplier to Iraq, accounting for a 50% share of total imports. Moreover, conveyor or transmission belt imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), twofold. The third position in this ranking was held by Turkey (X tons), with a 16% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+4.5% per year) and Turkey (+12.5% per year).

In value terms, the United Arab Emirates ($X), China ($X) and Turkey ($X) appeared to be the largest conveyor or transmission belt suppliers to Iraq, together comprising 67% of total imports.

The United Arab Emirates, with a CAGR of +17.0%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average conveyor or transmission belt import price amounted to $X per ton, surging by 14% against the previous year. In general, import price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, conveyor or transmission belt import price increased by +41.1% against 2017 indices. The pace of growth was the most pronounced in 2015 when the average import price increased by 25%. Over the period under review, average import prices attained the peak figure in 2021 and is expected to retain growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+12.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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