Iraq: Market for Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) 2024

Market Size for Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) in Iraq

The Iraqi market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) reached $X in 2021, picking up by 6.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +4.5% 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 -11.6% against 2019 indices. Consumption of peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Exports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Exports from Iraq

In 2017, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from Iraq skyrocketed to X kg, growing by 107% compared with the year before. In general, exports, however, recorded a precipitous contraction. The pace of growth was the most pronounced in 2014 with an increase of 181%. As a result, the exports attained the peak of X tons. From 2015 to 2017, the growth of the exports of remained at a lower figure.

In value terms, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) soared to $X in 2017. Over the period under review, exports, however, faced a abrupt shrinkage. Over the period under review, the exports of attained the maximum at $X in 2014; however, from 2015 to 2017, the exports failed to regain momentum.

Exports by Country

Turkey (X kg) was the main destination for exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from Iraq, accounting for a approx. 100% share of total exports.

From 2013 to 2017, the average annual rate of growth in terms of volume to Turkey stood at -51.5%.

In value terms, Turkey ($X) emerged as the key foreign market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) exports from Iraq.

From 2013 to 2017, the average annual rate of growth in terms of value to Turkey amounted to -40.0%.

Export Prices by Country

The average export price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) stood at $X per ton in 2017, growing by 117% against the previous year. Overall, the export price posted a resilient expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Turkey.

From 2013 to 2017, the rate of growth in terms of prices for Turkey amounted to +23.7% per year.

Imports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Imports into Iraq

In 2021, approx. X tons of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) were imported into Iraq; rising by 34% compared with the previous year. In general, imports posted resilient growth. The pace of growth appeared the most rapid in 2017 when imports increased by 88%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) contracted to $X in 2021. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 71% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports of failed to regain momentum.

Imports by Country

South Korea (X tons), China (X tons) and the United Arab Emirates (X tons) were the main suppliers of imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) to Iraq, together accounting for 93% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +101.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) to Iraq, comprising 55% of total imports. The second position in the ranking was taken by Japan ($X), with a 16% share of total imports. It was followed by South Korea, with a 14% share.

From 2012 to 2021, the average annual growth rate of value from China totaled -1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-2.2% per year) and South Korea (+46.0% per year).

Import Prices by Country

The average import price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) stood at $X per ton in 2021, declining by -35.8% against the previous year. Overall, the import price continues to indicate a deep reduction. The most prominent rate of growth was recorded in 2018 when the average import price increased by 2.3%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for South Korea ($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 (+5.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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