Kuwait: Nail And Bolt Market 2024

Nail And Bolt Market Size in Kuwait

The Kuwaiti nail and bolt market declined to $X in 2021, waning by -13.1% 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, the total consumption indicated a slight increase from 2012 to 2021: its value increased at an average annual rate of +1.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -34.7% against 2017 indices. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Nail And Bolt Exports

Exports from Kuwait

In 2021, the amount of nails, tacks, staples, screws and bolts exported from Kuwait skyrocketed to X tons, with an increase of 110% compared with 2020 figures. In general, exports posted buoyant growth. The pace of growth was the most pronounced in 2020 with an increase of 152% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, nail and bolt exports skyrocketed to $X in 2021. Over the period under review, exports saw resilient growth. The pace of growth was the most pronounced in 2014 with an increase of 182%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Saudi Arabia (X tons) was the main destination for nail and bolt exports from Kuwait, accounting for a 82% share of total exports. Moreover, nail and bolt exports to Saudi Arabia exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), sevenfold. The third position in this ranking was taken by Oman (X tons), with a 1.8% share.

From 2012 to 2021, the average annual growth rate of volume to Saudi Arabia totaled +125.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-4.9% per year) and Oman (+44.7% per year).

In value terms, Saudi Arabia ($X) remains the key foreign market for nails, tacks, staples, screws and bolts exports from Kuwait, comprising 73% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 7.8% share of total exports. It was followed by Oman, with a 5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Saudi Arabia stood at +80.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-10.9% per year) and Oman (+48.7% per year).

Export Prices by Country

The average nail and bolt export price stood at $X per ton in 2021, therefore, remained relatively stable against the previous year. Over the period under review, the export price recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2014 an increase of 56%. As a result, the export price reached the peak level of $X per ton. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Iran (+49.8%), while the prices for the other major destinations experienced more modest paces of growth.

Nail And Bolt Imports

Imports into Kuwait

In 2021, nail and bolt imports into Kuwait declined markedly to X tons, falling by -16.6% on the previous year's figure. Overall, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when imports increased by 26%. As a result, imports attained the peak of X tons. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, nail and bolt imports reduced to $X in 2021. In general, total imports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -34.9% against 2017 indices. The pace of growth appeared the most rapid in 2016 when imports increased by 60% against the previous year. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest nail and bolt supplier to Kuwait, accounting for a 41% share of total imports. Moreover, nail and bolt imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), twofold. The third position in this ranking was held by India (X tons), with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-6.3% per year) and India (-1.9% per year).

In value terms, the largest nail and bolt suppliers to Kuwait were China ($X), the United Arab Emirates ($X) and Taiwan (Chinese) ($X), together accounting for 64% of total imports. These countries were followed by India, the Netherlands, Turkey, Saudi Arabia and South Korea, which together accounted for a further 15%.

Turkey, with a CAGR of +36.7%, saw the highest rates of growth with regard to 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 nail and bolt import price stood at $X per ton in 2021, surging by 11% against the previous year. Overall, import price indicated a tangible increase from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, nail and bolt import price increased by +25.2% against 2019 indices. The most prominent rate of growth was recorded in 2016 an increase of 69%. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the average import prices remained 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 South Korea ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+12.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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