Kuwait: Needle Roller Bearing Market 2024

Needle Roller Bearing Market Size in Kuwait

The Kuwaiti needle roller bearing market reduced remarkably to $X in 2021, declining by -46.2% 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 continues to indicate a abrupt curtailment. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Needle Roller Bearing Exports

Exports from Kuwait

In 2021, overseas shipments of needle roller bearings increased by 509% to X kg for the first time since 2015, thus ending a five-year declining trend. Overall, exports, however, recorded a deep reduction. Over the period under review, the exports attained the peak figure at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, needle roller bearing exports skyrocketed to $X in 2021. Over the period under review, exports, however, saw a abrupt shrinkage. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

India (X kg) was the main destination for needle roller bearing exports from Kuwait, with a 86% share of total exports. Moreover, needle roller bearing exports to India exceeded the volume sent to the second major destination, the United Arab Emirates (X kg), sixfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to India was relatively modest.

In value terms, India ($X) emerged as the key foreign market for needle roller bearing exports from Kuwait, comprising 92% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with an 8.4% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to India was relatively modest.

Export Prices by Country

In 2021, the average needle roller bearing export price amounted to $X per ton, with an increase of 86% against the previous year. Overall, the export price, however, recorded a deep reduction. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was India ($X per ton), while the average price for exports to the United Arab Emirates totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Egypt (+17.8%), while the prices for the other major destinations experienced a decline.

Needle Roller Bearing Imports

Imports into Kuwait

In 2021, the amount of needle roller bearings imported into Kuwait fell significantly to X tons, waning by -44.6% compared with the previous year. In general, imports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2013 with an increase of 115% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, needle roller bearing imports reduced markedly to $X in 2021. Overall, imports continue to indicate a abrupt decline. The most prominent rate of growth was recorded in 2013 when imports increased by 118%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest supplier of needle roller bearing to Kuwait, accounting for a 39% share of total imports. Moreover, needle roller bearing imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, the United States (X kg), twofold. The Czech Republic (X kg) ranked third in terms of total imports with a 4.8% share.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates totaled +5.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-2.3% per year) and the Czech Republic (+5.6% per year).

In value terms, the United Arab Emirates ($X), the United States ($X) and the Czech Republic ($X) were the largest needle roller bearing suppliers to Kuwait, with a combined 61% share of total imports. Mexico, Slovakia, Germany, Taiwan (Chinese), Brazil, Poland, India, Spain, Bulgaria and South Korea lagged somewhat behind, together accounting for a further 24%.

Bulgaria, with a CAGR of +23.4%, recorded the highest growth rate of 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

The average needle roller bearing import price stood at $X per ton in 2021, approximately mirroring the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 44%. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+15.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :