Iraq: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in Iraq

The Iraqi truck and bus tyre market reduced to $X in 2022, waning by -5.2% 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 prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +91.4% against 2015 indices. Truck and bus tyre consumption peaked at $X in 2021, and then shrank in the following year.

Exports of Tyres For Buses Or Lorries

Exports from Iraq

In 2022, shipments abroad of tyres for buses or lorries decreased by -42.1% to X units for the first time since 2014, thus ending a seven-year rising trend. In general, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 533% against the previous year. As a result, the exports attained the peak of X units, and then fell significantly in the following year.

In value terms, truck and bus tyre exports shrank dramatically to $X in 2022. Overall, exports, however, saw a significant expansion. The growth pace was the most rapid in 2021 with an increase of 803%. As a result, the exports attained the peak of $X, and then shrank rapidly in the following year.

Exports by Country

Turkey (X units) was the main destination for truck and bus tyre exports from Iraq, with a 86% share of total exports. Moreover, truck and bus tyre exports to Turkey exceeded the volume sent to the second major destination, Iran (X units), sixfold.

From 2012 to 2022, the average annual growth rate of volume to Turkey totaled +123.8%.

In value terms, Turkey ($X) remains the key foreign market for tyres for buses or lorries exports from Iraq, comprising 91% of total exports. The second position in the ranking was held by Iran ($X), with a 9.3% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Turkey totaled +114.5%.

Export Prices by Country

The average truck and bus tyre export price stood at $X per unit in 2022, declining by -4.1% against the previous year. In general, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 43% against the previous year. The export price peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X per unit), while the average price for exports to Iran amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (-4.1%).

Imports of Tyres For Buses Or Lorries

Imports into Iraq

In 2022, approx. X units of tyres for buses or lorries were imported into Iraq; increasing by 2% against the year before. In general, total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -1.8% against 2020 indices. The growth pace was the most rapid in 2013 when imports increased by 82% against the previous year. Over the period under review, imports reached the peak figure at X units in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, truck and bus tyre imports fell to $X in 2022. Overall, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +88.1% against 2015 indices. The pace of growth was the most pronounced in 2013 with an increase of 75%. Imports peaked at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, China (X units) constituted the largest truck and bus tyre supplier to Iraq, with a 67% share of total imports. Moreover, truck and bus tyre imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X units), sevenfold. The third position in this ranking was taken by Turkey (X units), with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+0.6% per year) and Turkey (+14.3% per year).

In value terms, China ($X) constituted the largest supplier of tyres for buses or lorries to Iraq, comprising 75% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 10% share of total imports. It was followed by Turkey, with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-1.8% per year) and Turkey (+0.8% per year).

Import Prices by Country

In 2022, the average truck and bus tyre import price amounted to $X per unit, reducing by -9.4% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 23%. The import price peaked at $X per unit in 2014; however, from 2015 to 2022, import prices remained at a 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 Japan ($X per unit), while the price for Turkey ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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