Kuwait: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in Kuwait

The Kuwaiti cranks and crankshafts market contracted sharply to $X in 2022, waning by -17.7% 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, posted a prominent expansion. Over the period under review, the market hit record highs at $X in 2021, and then shrank notably in the following year.

Cranks And Crankshafts Exports

Exports from Kuwait

Cranks and crankshafts exports from Kuwait contracted rapidly to X tons in 2022, reducing by -40.4% against 2021. In general, exports recorded a significant decline. The most prominent rate of growth was recorded in 2021 when exports increased by 116%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, cranks and crankshafts exports contracted remarkably to $X in 2022. Overall, exports continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2021 when exports increased by 153% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X tons) was the main destination for cranks and crankshafts exports from Kuwait, with a 48% share of total exports. Moreover, cranks and crankshafts exports to the United Arab Emirates exceeded the volume sent to the second major destination, Singapore (X kg), twofold. The third position in this ranking was held by Turkey (X kg), with a 7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates amounted to -17.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+4.5% per year) and Turkey (0.0% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for cranks and crankshafts exports from Kuwait, comprising 53% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with an 11% share of total exports. It was followed by Belgium, with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates totaled +2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (-14.7% per year) and Belgium (-18.4% per year).

Export Prices by Country

In 2022, the average cranks and crankshafts export price amounted to $X per ton, picking up by 17% against the previous year. Overall, the export price posted a buoyant expansion. The pace of growth was the most pronounced in 2018 an increase of 95% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to Ghana ($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 Iraq (+39.8%), while the prices for the other major destinations experienced more modest paces of growth.

Cranks And Crankshafts Imports

Imports into Kuwait

In 2022, the amount of cranks and crankshafts imported into Kuwait declined sharply to X tons, dropping by -18.4% compared with 2021 figures. Overall, imports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2015 when imports increased by 56% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021, and then contracted remarkably in the following year.

In value terms, cranks and crankshafts imports fell dramatically to $X in 2022. In general, imports, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2021 with an increase of 56% against the previous year. As a result, imports reached the peak of $X, and then contracted sharply in the following year.

Imports by Country

Japan (X tons), Singapore (X tons) and Greece (X tons) were the main suppliers of cranks and crankshafts imports to Kuwait, together accounting for 46% of total imports. The United States, Germany, the Netherlands, China, Mexico, India, Canada, South Korea, Turkey and Lebanon lagged somewhat behind, together comprising a further 40%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +89.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Greece ($X), Germany ($X) and Japan ($X) appeared to be the largest cranks and crankshafts suppliers to Kuwait, together accounting for 50% of total imports.

Greece, with a CAGR of +101.5%, saw 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

In 2022, the average cranks and crankshafts import price amounted to $X per ton, flattening at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2019 when the average import price increased by 47%. Over the period under review, average import prices attained the peak figure in 2022 and is likely to continue growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Greece (+17.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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