Kuwait: Iron Household Articles Market 2024

Iron Household Articles Market Size in Kuwait

In 2021, the Kuwaiti iron household articles market increased by 35% to $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Iron Household Articles Exports

Exports from Kuwait

In 2021, after two years of decline, there was significant growth in shipments abroad of table, kitchen or household articles and parts of iron, when their volume increased by 33% to X tons. Overall, exports posted a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 404% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, iron household articles exports reduced to $X in 2021. In general, exports saw a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 505% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

The Philippines (X tons) was the main destination for iron household articles exports from Kuwait, accounting for a 31% share of total exports. Moreover, iron household articles exports to the Philippines exceeded the volume sent to the second major destination, Pakistan (X tons), threefold. Bahrain (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume to the Philippines totaled +96.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Pakistan (+38.1% per year) and Bahrain (+15.3% per year).

In value terms, Pakistan ($X), Qatar ($X) and the United Arab Emirates ($X) constituted the largest markets for iron household articles exported from Kuwait worldwide, with a combined 42% share of total exports. These countries were followed by India, Bahrain, the Philippines, Iraq, the United States, Saudi Arabia, Romania, Nigeria and Lebanon, which together accounted for a further 44%.

The Philippines, with a CAGR of +73.5%, recorded the highest growth rate of 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 iron household articles export price stood at $X per ton in 2021, declining by -29.6% against the previous year. In general, export price indicated tangible growth from 2012 to 2021: its price increased at an average annual rate of +3.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, iron household articles export price decreased by -36.4% against 2019 indices. The most prominent rate of growth was recorded in 2017 an increase of 29% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Qatar ($X per ton), while the average price for exports to the Philippines ($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 Saudi Arabia (+14.8%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Household Articles Imports

Imports into Kuwait

In 2021, purchases abroad of table, kitchen or household articles and parts of iron was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, continue to indicate a perceptible reduction. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, iron household articles imports surged to $X in 2021. The total import value increased at an average annual rate of +3.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of iron household articles to Kuwait, accounting for a 64% share of total imports. Moreover, iron household articles imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X tons), fourfold. India (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+9.7% per year) and India (+9.5% per year).

In value terms, China ($X) constituted the largest supplier of table, kitchen or household articles and parts of iron to Kuwait, comprising 58% of total imports. The second position in the ranking was taken by India ($X), with a 17% share of total imports. It was followed by Turkey, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+21.0% per year) and Turkey (+14.3% per year).

Import Prices by Country

The average iron household articles import price stood at $X per ton in 2021, with a decrease of -2.8% against the previous year. Overall, import price indicated a buoyant expansion from 2012 to 2021: its price increased at an average annual rate of +6.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, iron household articles import price increased by +50.2% against 2013 indices. The most prominent rate of growth was recorded in 2016 when the average import price increased by 21% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2020, and then reduced in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+10.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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