Kuwait: Market for Iron or Steel Leaf-Springs and Leaves 2024

Market Size for Iron or Steel Leaf-Springs and Leaves in Kuwait

In 2022, after two years of decline, there was significant growth in the Kuwaiti iron or steel leaf-spring market, when its value increased by 7.5% to $X. In general, consumption, however, continues to indicate a pronounced downturn. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Exports of Iron or Steel Leaf-Springs and Leaves

Exports from Kuwait

In 2022, the amount of iron or steel leaf-springs and leaves exported from Kuwait dropped markedly to X tons, with a decrease of -29.2% against 2021. Over the period under review, exports, however, saw a moderate increase. The growth pace was the most rapid in 2021 when exports increased by 499%. As a result, the exports attained the peak of X tons, and then shrank remarkably in the following year.

In value terms, iron or steel leaf-spring exports declined sharply to $X in 2022. Overall, exports, however, showed a significant increase. The pace of growth appeared the most rapid in 2018 with an increase of 346% against the previous year. The exports peaked at $X in 2021, and then dropped rapidly in the following year.

Exports by Country

Egypt (X tons) was the main destination for iron or steel leaf-spring exports from Kuwait, with a 77% share of total exports. Moreover, iron or steel leaf-spring exports to Egypt exceeded the volume sent to the second major destination, the United Arab Emirates (X kg), fourfold.

From 2012 to 2022, the average annual growth rate of volume to Egypt amounted to +8.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+12.8% per year) and Qatar (-19.5% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for iron or steel leaf-springs and leaves exports from Kuwait, comprising 74% of total exports. The second position in the ranking was held by Qatar ($X), with an 18% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates amounted to +49.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+7.5% per year) and Egypt (+17.8% per year).

Export Prices by Country

In 2022, the average iron or steel leaf-spring export price amounted to $X per ton, dropping by -11.4% against the previous year. Overall, the export price, however, continues to indicate a significant expansion. The pace of growth was the most pronounced in 2017 an increase of 408% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 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 Qatar ($X per ton), while the average price for exports to Egypt ($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 Qatar (+33.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron or Steel Leaf-Springs and Leaves

Imports into Kuwait

In 2022, overseas purchases of iron or steel leaf-springs and leaves increased by 14% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, recorded a abrupt downturn. The pace of growth appeared the most rapid in 2019 with an increase of 88%. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, iron or steel leaf-spring imports expanded rapidly to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when imports increased by 83%. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

India (X tons), Iran (X tons) and China (X tons) were the main suppliers of iron or steel leaf-spring imports to Kuwait, with a combined 73% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Iran (with a CAGR of +11.3%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Iran ($X), India ($X) and the United Arab Emirates ($X) constituted the largest iron or steel leaf-spring suppliers to Kuwait, together comprising 58% of total imports.

Iran, with a CAGR of +17.2%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average iron or steel leaf-spring import price stood at $X per ton in 2022, falling by -7.3% against the previous year. Over the period under review, import price indicated a prominent expansion from 2012 to 2022: its price 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, iron or steel leaf-spring import price increased by +74.4% against 2017 indices. The most prominent rate of growth was recorded in 2020 when the average import price increased by 37%. The import price peaked at $X per ton in 2021, and then contracted in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+11.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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