Kuwait: Plastic Ornamental Articles Market 2024

Plastic Ornamental Articles Market Size in Kuwait

In 2022, after three years of growth, there was significant decline in the Kuwaiti plastic ornamental articles market, when its value decreased by -6.5% to $X. Over the period under review, consumption showed a pronounced curtailment. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Plastic Ornamental Articles Exports

Exports from Kuwait

In 2022, shipments abroad of statuettes and other ornamental articles of plastic decreased by -14.7% to X tons for the first time since 2015, thus ending a six-year rising trend. Over the period under review, exports, however, continue to indicate a significant expansion. The pace of growth was the most pronounced in 2018 when exports increased by 297%. Over the period under review, the exports hit record highs at X tons in 2021, and then reduced in the following year.

In value terms, plastic ornamental articles exports fell to $X in 2022. In general, exports, however, saw a significant increase. The growth pace was the most rapid in 2018 with an increase of 564%. The exports peaked at $X in 2021, and then declined in the following year.

Exports by Country

The United Arab Emirates (X tons), Saudi Arabia (X tons) and Egypt (X tons) were the main destinations of plastic ornamental articles exports from Kuwait, together comprising 93% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of +74.4%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Saudi Arabia ($X) and Egypt ($X) appeared to be the largest markets for plastic ornamental articles exported from Kuwait worldwide, together comprising 94% of total exports.

The United Arab Emirates, with a CAGR of +93.5%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average plastic ornamental articles export price stood at $X per ton in 2022, rising by 9.9% against the previous year. Over the period under review, the export price, however, continues to indicate a slight shrinkage. The pace of growth was the most pronounced in 2018 an increase of 67% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Spain ($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 the United Arab Emirates (+11.0%), while the prices for the other major destinations experienced a decline.

Plastic Ornamental Articles Imports

Imports into Kuwait

In 2022, overseas purchases of statuettes and other ornamental articles of plastic decreased by -9.7% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports showed a noticeable decrease. The growth pace was the most rapid in 2013 when imports increased by 23% against the previous year. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, plastic ornamental articles imports shrank to $X in 2022. Overall, imports showed a perceptible slump. The most prominent rate of growth was recorded in 2013 with an increase of 43%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of plastic ornamental articles to Kuwait, with a 77% share of total imports. Moreover, plastic ornamental articles imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), eightfold. The third position in this ranking was held by Lebanon (X tons), with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+109.8% per year) and Lebanon (+5.9% per year).

In value terms, China ($X) constituted the largest supplier of statuettes and other ornamental articles of plastic to Kuwait, comprising 80% of total imports. The second position in the ranking was held by Vietnam ($X), with a 5.5% share of total imports. It was followed by the United Arab Emirates, with a 1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to -3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+86.8% per year) and the United Arab Emirates (+47.0% per year).

Import Prices by Country

The average plastic ornamental articles import price stood at $X per ton in 2022, growing by 5.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The pace of growth was the most pronounced in 2013 an increase of 17% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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