Iraq: Roller Bearing Market 2024

Roller Bearing Market Size in Iraq

The Iraqi roller bearing market skyrocketed to $X in 2022, jumping by 19% 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). Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Roller Bearing Exports

Exports from Iraq

After two years of decline, shipments abroad of roller bearings decreased by 0% to X kg in 2019. Overall, exports enjoyed a significant increase. The smallest decline of -59.3% was in 2013. Over the period under review, the exports reached the maximum in 2019 and are likely to see steady growth in the near future.

In value terms, roller bearing exports totaled $X in 2019. Over the period under review, exports posted a significant increase. The smallest decline of -13.2% was in 2013. Over the period under review, the exports attained the peak figure in 2019 and are expected to retain growth in the immediate term.

Exports by Country

France (X tons) and China (X tons) represented roughly 31% of total exports in 2019. Slovakia (X tons) ranks next in terms of the total exports with an 8.4% share, followed by Singapore (7.7%), Germany (7.4%), Italy (6.2%), the United States (5.1%) and South Korea (5%). The following exporters - Vietnam (X tons), Hong Kong SAR (X tons), Indonesia (X tons), Spain (X tons) and Taiwan (Chinese) (X tons) - together made up 12% of total exports.

From 2012 to 2019, the biggest increases were recorded for Indonesia (with a CAGR of +46.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Germany ($X) and Singapore ($X) were the countries with the highest levels of exports in 2019, with a combined 37% share of total exports. The United States, Italy, France, Vietnam, Hong Kong SAR, Slovakia, South Korea, Taiwan (Chinese), Spain and Indonesia lagged somewhat behind, together accounting for a further 41%.

Vietnam, with a CAGR of +31.9%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2019, the export price in Iraq amounted to $X per ton, approximately reflecting the previous year. Overall, the export price recorded a significant increase. The pace of growth was the most pronounced in 2013 an increase of 113% against the previous year. The Iraq export price peaked in 2019 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2019, the most notable rate of growth in terms of prices was attained by Vietnam (+6.5%), while the other leaders experienced more modest paces of growth.

Roller Bearing Imports

Imports into Iraq

In 2022, the amount of roller bearings imported into Iraq surged to X tons, growing by 34% on the previous year's figure. Over the period under review, imports, however, saw a mild shrinkage. The pace of growth appeared the most rapid in 2018 when imports increased by 54% against the previous year. Iraq imports peaked at X tons in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, roller bearing imports rose sharply to $X in 2022. In general, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when imports increased by 62% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Thailand (X tons) and Indonesia (X tons) represented roughly 32% of total imports in 2022. It was distantly followed by Germany (X tons), achieving a 6.2% share of total imports. The following importers - India (X tons), Italy (X tons), Canada (X tons), Malaysia (X tons), Spain (X tons), South Korea (X tons), France (X tons), Singapore (X tons), Poland (X tons) and Austria (X tons) - together made up 25% of total imports.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +18.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Germany ($X) and India ($X) were the countries with the highest levels of imports in 2022, with a combined 24% share of total imports.

In terms of the main importing countries, Indonesia, with a CAGR of +4.2%, saw the highest growth rate of 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 import price in Iraq stood at $X per ton in 2022, with a decrease of -16.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The growth pace was the most rapid in 2013 an increase of 59% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+6.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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