Kuwait: Magnetic Card Market 2024

Magnetic Card Market Size in Kuwait

The Kuwaiti magnetic card market dropped to $X in 2021, declining by -12.9% 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, consumption, however, showed a abrupt downturn. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Magnetic Card Exports

Exports from Kuwait

In 2021, overseas shipments of cards incorporating a magnetic stripe decreased by -53.6% to X units, falling for the second year in a row after two years of growth. Over the period under review, exports continue to indicate a dramatic curtailment. The pace of growth appeared the most rapid in 2018 with an increase of 1,154% against the previous year. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, magnetic card exports plummeted to $X in 2021. Overall, exports saw a abrupt decrease. The most prominent rate of growth was recorded in 2015 with an increase of 283% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

France (X units), Egypt (X units) and Oman (X units) were the main destinations of magnetic card exports from Kuwait, with a combined 64% share of total exports.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of -8.3%), while shipments for the other leaders experienced a decline.

In value terms, Egypt ($X) remains the key foreign market for cards incorporating a magnetic stripe exports from Kuwait, comprising 54% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 16% share of total exports. It was followed by France, with a 3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Egypt totaled -32.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-10.4% per year) and France (-23.2% per year).

Export Prices by Country

In 2021, the average magnetic card export price amounted to $X per unit, growing by 74% against the previous year. Over the period under review, the export price saw a significant expansion. The growth pace was the most rapid in 2017 when the average export price increased by 2,258%. The export price peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the Netherlands ($X per unit), while the average price for exports to France ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (+271.0%), while the prices for the other major destinations experienced more modest paces of growth.

Magnetic Card Imports

Imports into Kuwait

In 2021, magnetic card imports into Kuwait rose remarkably to X units, increasing by 15% against the year before. Overall, imports, however, continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2019 with an increase of 165% against the previous year. Over the period under review, imports attained the maximum at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, magnetic card imports declined remarkably to $X in 2021. Over the period under review, imports, however, faced a dramatic downturn. The growth pace was the most rapid in 2019 with an increase of 335% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Saudi Arabia (X units), China (X units) and the United Arab Emirates (X units) were the main suppliers of magnetic card imports to Kuwait, with a combined 90% share of total imports. These countries were followed by Germany, India and the UK, which together accounted for a further 8.3%.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +13.6%), while purchases for the other leaders experienced a decline.

In value terms, China ($X), Saudi Arabia ($X) and the United Arab Emirates ($X) appeared to be the largest magnetic card suppliers to Kuwait, with a combined 34% share of total imports.

In terms of the main suppliers, China, with a CAGR of -8.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average magnetic card import price amounted to $X per unit, waning by -71.7% against the previous year. In general, the import price faced a deep contraction. The pace of growth was the most pronounced in 2019 an increase of 64% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2016; however, from 2017 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 the UK ($X per unit), while the price for Saudi Arabia (less than $X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (-1.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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