Kuwait: Market for Iron or Steel Wire Products 2024

Market Size for Iron or Steel Wire Products in Kuwait

The Kuwaiti market for iron or steel wire products reduced to $X in 2022, which is down by X% 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). Over the period under review, consumption, however, saw buoyant growth. Iron or steel wire product consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Exports of Iron or Steel Wire Products

Exports from Kuwait

In 2022, approx. X tons of iron or steel wire products were exported from Kuwait; reducing by X% against the previous year. Over the period under review, exports recorded a perceptible reduction. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, iron or steel wire product exports contracted sharply to $X in 2022. Overall, exports recorded a noticeable descent. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

India (X tons) was the main destination for iron or steel wire product exports from Kuwait, with a X% share of total exports. Moreover, iron or steel wire product exports to India exceeded the volume sent to the second major destination, Saudi Arabia (X tons), twofold. Oman (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to India stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (X% per year) and Oman (X% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for iron or steel wire products exports from Kuwait, comprising X% of total exports. The second position in the ranking was held by Oman ($X), with a X% share of total exports. It was followed by Saudi Arabia, with an X% share.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Oman (X% per year) and Saudi Arabia (X% per year).

Export Prices by Country

In 2022, the average export price for iron or steel wire products amounted to $X per ton, declining by X% against the previous year. In general, the export price, however, recorded tangible growth. The pace of growth was the most pronounced in 2019 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average 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 the United Arab Emirates ($X per ton), while the average price for exports to India ($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 the United Arab Emirates (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Iron or Steel Wire Products

Imports into Kuwait

In 2022, the amount of iron or steel wire products imported into Kuwait dropped to X tons, waning by X% on 2021 figures. Over the period under review, imports, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2017 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, iron or steel wire product imports contracted to $X in 2022. Overall, imports, however, saw strong growth. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest iron or steel wire product supplier to Kuwait, accounting for a X% share of total imports. Moreover, iron or steel wire product imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), sixfold.

From 2012 to 2022, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and Saudi Arabia (X% per year).

In value terms, China ($X) constituted the largest supplier of iron or steel wire products to Kuwait, comprising X% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (X% per year) and the United Arab Emirates (X% per year).

Import Prices by Country

The average import price for iron or steel wire products stood at $X per ton in 2022, with an increase of X% against the previous year. Overall, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron or steel wire product import price decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2020 when the average import price increased by X%. As a result, import price attained the peak level of $X per ton; afterwards, it flattened through to 2022.

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 China ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :