Kuwait: Steel Railway Material Market 2024

Steel Railway Material Market Size in Kuwait

The Kuwaiti steel railway material market totaled $X in 2022, growing by 4.3% against the previous year. Over the period under review, the total consumption indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -15.9% against 2020 indices. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Steel Railway Material Production in Kuwait

In value terms, steel railway material production expanded rapidly to $X in 2022 estimated in export price. In general, the total production indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -9.0% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 56%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Steel Railway Material Exports

Exports from Kuwait

In 2022, after two years of decline, there was significant growth in shipments abroad of railway material of steel, when their volume increased by 140% to X tons. In general, exports continue to indicate a significant increase. The pace of growth appeared the most rapid in 2019 with an increase of 278%. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in years to come.

In value terms, steel railway material exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2019 with an increase of 97% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Pakistan (X tons) was the main destination for steel railway material exports from Kuwait, with a 73% share of total exports. Moreover, steel railway material exports to Pakistan exceeded the volume sent to the second major destination, India (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume to Pakistan totaled +55.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+53.8% per year) and Saudi Arabia (-6.4% per year).

In value terms, Pakistan ($X) emerged as the key foreign market for railway material of steel exports from Kuwait, comprising 64% of total exports. The second position in the ranking was held by India ($X), with a 30% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Pakistan amounted to +28.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+37.9% per year) and Saudi Arabia (-13.3% per year).

Export Prices by Country

The average steel railway material export price stood at $X per ton in 2022, falling by -32.7% against the previous year. In general, the export price continues to indicate a dramatic descent. The growth pace was the most rapid in 2017 when the average export price increased by 80%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Pakistan ($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 Saudi Arabia (-7.4%), while the prices for the other major destinations experienced a decline.

Steel Railway Material Imports

Imports into Kuwait

For the third consecutive year, Kuwait recorded decline in overseas purchases of railway material of steel, which decreased by -0.2% to X tons in 2022. Over the period under review, imports, however, showed notable growth. The pace of growth was the most pronounced in 2013 when imports increased by 131% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, steel railway material imports contracted to $X in 2022. In general, imports, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2013 with an increase of 410% against the previous year. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Saudi Arabia (X tons) constituted the largest steel railway material supplier to Kuwait, accounting for a 75% share of total imports. Moreover, steel railway material imports from Saudi Arabia exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), sevenfold. China (X tons) ranked third in terms of total imports with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Saudi Arabia amounted to +26.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-17.9% per year) and China (-28.2% per year).

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and China ($X) appeared to be the largest steel railway material suppliers to Kuwait, with a combined 81% share of total imports.

Saudi Arabia, with a CAGR of +26.2%, 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 a decline.

Import Prices by Country

In 2022, the average steel railway material import price amounted to $X per ton, shrinking by -14.5% against the previous year. Over the period under review, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, steel railway material import price decreased by -27.0% against 2018 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by 121% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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 Italy ($X per ton), while the price for Saudi Arabia ($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 (+15.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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