Kuwait: Unvulcanized Rubber Market 2024

Unvulcanized Rubber Market Size in Kuwait

The Kuwaiti unvulcanized rubber market shrank to $X in 2022, with a decrease of -13.4% 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, consumption, however, enjoyed resilient growth. Unvulcanized rubber consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Unvulcanized Rubber Exports

Exports from Kuwait

In 2022, the amount of unvulcanized rubber and articles thereof exported from Kuwait reduced dramatically to X tons, falling by -20.1% on 2021. In general, exports, however, enjoyed significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 513% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2021, and then contracted sharply in the following year.

In value terms, unvulcanized rubber exports contracted markedly to $X in 2022. Overall, exports, however, recorded significant growth. The growth pace was the most rapid in 2013 when exports increased by 531%. Over the period under review, the exports reached the peak figure at $X in 2021, and then fell significantly in the following year.

Exports by Country

The United Arab Emirates (X tons) was the main destination for unvulcanized rubber exports from Kuwait, with a 40% share of total exports. Moreover, unvulcanized rubber exports to the United Arab Emirates exceeded the volume sent to the second major destination, Saudi Arabia (X tons), twofold. The third position in this ranking was held by Bahrain (X tons), with an 18% share.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates stood at +28.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+43.3% per year) and Bahrain (+13.5% per year).

In value terms, the largest markets for unvulcanized rubber exported from Kuwait were Saudi Arabia ($X), the United Arab Emirates ($X) and Oman ($X), together accounting for 69% of total exports.

Among the main countries of destination, Oman, with a CAGR of +54.6%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average unvulcanized rubber export price amounted to $X per ton, falling by -16.4% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the average export price increased by 77%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the 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 Oman ($X per ton), while the average price for exports to Iraq ($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 Oman (+19.6%), while the prices for the other major destinations experienced more modest paces of growth.

Unvulcanized Rubber Imports

Imports into Kuwait

Unvulcanized rubber imports into Kuwait declined rapidly to X tons in 2022, falling by -15.2% on the previous year. In general, total imports indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +17.9% against 2020 indices. The pace of growth appeared the most rapid in 2018 with an increase of 52%. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, unvulcanized rubber imports dropped to $X in 2022. Overall, imports, however, continue to indicate buoyant growth. The growth pace was the most rapid in 2018 when imports increased by 67% against the previous year. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

China (X tons), Saudi Arabia (X tons) and the United Arab Emirates (X tons) were the main suppliers of unvulcanized rubber imports to Kuwait, together accounting for 55% of total imports.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +33.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest unvulcanized rubber suppliers to Kuwait were the United Arab Emirates ($X), Saudi Arabia ($X) and China ($X), with a combined 42% share of total imports.

Among the main suppliers, the United Arab Emirates, with a CAGR of +37.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average unvulcanized rubber import price stood at $X per ton in 2022, rising by 2.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.1%. The most prominent rate of growth was recorded in 2020 when the average import price increased by 15%. Over the period under review, average import prices reached the maximum at $X per ton in 2015; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+14.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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