Kuwait: Market for Machine-Tools For Working Any Material By Removal Of Material 2024

Market Size for Machine-Tools For Working Any Material By Removal Of Material in Kuwait

After two years of growth, the Kuwaiti machine-tool for removing material market decreased by -27% to $X in 2021. Overall, consumption, however, continues to indicate a prominent expansion. Over the period under review, the market reached the peak level at $X in 2020, and then declined sharply in the following year.

Exports of Machine-Tools For Working Any Material By Removal Of Material

Exports from Kuwait

In 2021, shipments abroad of machine-tools for working any material by removal of material increased by 200% to X units, rising for the third year in a row after three years of decline. Overall, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 220%. As a result, the exports reached the peak of X units. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, machine-tool for removing material exports surged to $X in 2021. In general, exports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2013 with an increase of 362%. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X units) was the main destination for machine-tool for removing material exports from Kuwait, accounting for a 67% share of total exports. Moreover, machine-tool for removing material exports to the United Arab Emirates exceeded the volume sent to the second major destination, Qatar (X units), fourfold.

From 2012 to 2021, the average annual growth rate of volume to the United Arab Emirates stood at +9.1%.

In value terms, the United Arab Emirates ($X) remains the key foreign market for machine-tools for working any material by removal of material exports from Kuwait, comprising 80% of total exports. The second position in the ranking was held by Bahrain ($X), with a 13% share of total exports. It was followed by Qatar, with a 6.3% share.

From 2012 to 2021, the average annual growth rate of value to the United Arab Emirates stood at +33.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (+25.4% per year) and Qatar (+61.2% per year).

Export Prices by Country

In 2021, the average machine-tool for removing material export price amounted to $X per unit, picking up by 20% against the previous year. Overall, the export price, however, recorded a perceptible decline. The most prominent rate of growth was recorded in 2017 when the average export price increased by 331% against the previous year. The export price peaked at $X per unit in 2014; however, from 2015 to 2021, 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 Bahrain ($X per unit), while the average price for exports to Oman ($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 Saudi Arabia (+26.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Machine-Tools For Working Any Material By Removal Of Material

Imports into Kuwait

In 2021, overseas purchases of machine-tools for working any material by removal of material decreased by -42.5% to X units for the first time since 2018, thus ending a two-year rising trend. In general, imports, however, enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2013 when imports increased by 132%. Imports peaked at X units in 2020, and then reduced notably in the following year.

In value terms, machine-tool for removing material imports surged to $X in 2021. Over the period under review, total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +10.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +69.1% against 2018 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 118% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in years to come.

Imports by Country

In 2021, China (X units) constituted the largest machine-tool for removing material supplier to Kuwait, with a 71% share of total imports. Moreover, machine-tool for removing material imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), ninefold. The third position in this ranking was taken by Italy (X units), with a 6.7% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +37.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+4.8% per year) and Italy (+48.8% per year).

In value terms, China ($X) constituted the largest supplier of machine-tools for working any material by removal of material to Kuwait, comprising 45% of total imports. The second position in the ranking was held by Turkey ($X), with a 13% share of total imports. It was followed by Germany, with a 5.2% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +23.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+25.3% per year) and Germany (+28.1% per year).

Import Prices by Country

The average machine-tool for removing material import price stood at $X per unit in 2021, rising by 129% against the previous year. Over the period under review, the import price, however, recorded a slight curtailment. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat 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 Turkey ($X per unit), while the price for Italy ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+23.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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