Iraq: Motor Vehicle Engine Market 2024

Motor Vehicle Engine Market Size in Iraq

In 2021, the Iraqi motor vehicle engine market decreased by -13.6% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, the total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2020, and then shrank in the following year.

Motor Vehicle Engine Exports

Exports from Iraq

In 2021, shipments abroad of motor vehicle engines (spark-ignition) increased by 3.2% to X tons, rising for the second year in a row after three years of decline. Overall, exports continue to indicate strong growth. The pace of growth was the most pronounced in 2016 with an increase of 438% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, motor vehicle engine exports stood at $X in 2021. In general, exports, however, saw a mild setback. The most prominent rate of growth was recorded in 2014 with an increase of 164% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Turkey (X tons) was the main destination for motor vehicle engine exports from Iraq, with a 87% share of total exports. Moreover, motor vehicle engine exports to Turkey exceeded the volume sent to the second major destination, Angola (X kg), sevenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Turkey amounted to +33.4%.

In value terms, Turkey ($X) remains the key foreign market for motor vehicle engines (spark-ignition) exports from Iraq, comprising 84% of total exports. The second position in the ranking was taken by Angola ($X), with a 16% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Turkey amounted to +8.5%.

Export Prices by Country

In 2021, the average motor vehicle engine export price amounted to $X per ton, which is down by -2.6% against the previous year. Over the period under review, the export price showed a deep contraction. The pace of growth appeared the most rapid in 2015 an increase of 318% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the average export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2021, the country with the highest price was Angola ($X per ton), while the average price for exports to Turkey amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Angola (-8.7%).

Motor Vehicle Engine Imports

Imports into Iraq

For the third year in a row, Iraq recorded growth in overseas purchases of motor vehicle engines (spark-ignition), which increased by 2.2% to X tons in 2021. Overall, imports continue to indicate a strong increase. The growth pace was the most rapid in 2016 when imports increased by 41%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, motor vehicle engine imports fell rapidly to $X in 2021. Over the period under review, total imports indicated perceptible growth from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -23.9% against 2019 indices. The growth pace was the most rapid in 2014 when imports increased by 39% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

Taiwan (Chinese) (X tons), South Korea (X tons) and Japan (X tons) were the main suppliers of motor vehicle engine imports to Iraq, with a combined 55% share of total imports. China, Norway, Turkey, Germany, France and Switzerland lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2021, the biggest increases were recorded for Turkey (with a CAGR of +37.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), South Korea ($X) and Japan ($X) constituted the largest motor vehicle engine suppliers to Iraq, with a combined 66% share of total imports. These countries were followed by Taiwan (Chinese), Germany, Turkey, France, Switzerland and Norway, which together accounted for a further 14%.

Taiwan (Chinese), with a CAGR of +39.5%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average motor vehicle engine import price stood at $X per ton in 2021, reducing by -24.5% against the previous year. Over the period under review, the import price continues to indicate a noticeable reduction. The pace of growth was the most pronounced in 2014 when the average import price increased by 62%. Over the period under review, average import prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was China ($X per ton), while the price for Norway ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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