Kenya: Metal Permanent Magnet Market 2024

Metal Permanent Magnet Market Size in Kenya

After two years of growth, the Kenyan metal permanent magnet market decreased by -36.8% to $X in 2022. Overall, consumption, however, recorded a resilient expansion. As a result, consumption reached the peak level of $X, and then dropped dramatically in the following year.

Metal Permanent Magnet Exports

Exports from Kenya

In 2022, the amount of metal permanent magnets exported from Kenya skyrocketed to X kg, picking up by 440% on the previous year's figure. Overall, exports saw a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 1,810%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, metal permanent magnet exports skyrocketed to $X in 2022. In general, exports recorded significant growth. The pace of growth was the most pronounced in 2013 with an increase of 1,507%. Over the period under review, the exports reached the maximum at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Sweden (X kg) was the main destination for metal permanent magnet exports from Kenya, with a 78% share of total exports. Moreover, metal permanent magnet exports to Sweden exceeded the volume sent to the second major destination, the Netherlands (X kg), sixfold. Zambia (X kg) ranked third in terms of total exports with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Sweden amounted to +37.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+59.9% per year) and Zambia (+32.4% per year).

In value terms, Sweden ($X) remains the key foreign market for metal permanent magnets exports from Kenya, comprising 80% of total exports. The second position in the ranking was taken by Zambia ($X), with a 10% share of total exports. It was followed by the Netherlands, with a 6.9% share.

From 2012 to 2022, the average annual growth rate of value to Sweden stood at +29.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Zambia (+33.4% per year) and the Netherlands (+59.9% per year).

Export Prices by Country

The average metal permanent magnet export price stood at $X per ton in 2022, picking up by 19% against the previous year. Overall, the export price, however, saw a deep contraction. The most prominent rate of growth was recorded in 2017 when the average export price increased by 38%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Zambia ($X per ton), while the average price for exports to Rwanda ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Rwanda (+10.0%), while the prices for the other major destinations experienced mixed trend patterns.

Metal Permanent Magnet Imports

Imports into Kenya

After two years of growth, supplies from abroad of metal permanent magnets decreased by -32.8% to X tons in 2022. In general, imports, however, recorded prominent growth. The growth pace was the most rapid in 2021 when imports increased by 224% against the previous year. As a result, imports attained the peak of X tons, and then declined notably in the following year.

In value terms, metal permanent magnet imports reduced markedly to $X in 2022. Overall, imports, however, saw a strong expansion. The pace of growth appeared the most rapid in 2021 with an increase of 264% against the previous year. As a result, imports reached the peak of $X, and then contracted significantly in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest metal permanent magnet supplier to Kenya, with a 88% share of total imports. Moreover, metal permanent magnet imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from China totaled +10.2%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+5.6% per year) and the UK (+14.0% per year).

In value terms, China ($X) constituted the largest supplier of metal permanent magnets to Kenya, comprising 62% of total imports. The second position in the ranking was held by India ($X), with a 16% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China stood at +8.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+23.1% per year) and the UK (+21.9% per year).

Import Prices by Country

The average metal permanent magnet import price stood at $X per ton in 2022, waning by -5.2% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the average import price increased by 41%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+16.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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