Libya: Hand Tools Market 2024

Hand Tools Market Size in Libya

The Libyan hand tools market surged to $X in 2021, picking up by 57% 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). Over the period under review, consumption, however, continues to indicate a perceptible shrinkage. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Hand Tools Exports

Exports from Libya

After two years of decline, overseas shipments of hand tools increased by 0.1% to X tons in 2021. Overall, exports, however, faced a sharp slump. The growth pace was the most rapid in 2018 with an increase of 810% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, hand tools exports rose sharply to $X in 2021. In general, exports, however, continue to indicate a significant decrease. The pace of growth appeared the most rapid in 2018 with an increase of 847%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Switzerland (X tons) was the main destination for hand tools exports from Libya, with a 97% share of total exports. It was followed by Egypt (X kg), with less than 0.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Switzerland amounted to -14.3%.

In value terms, Switzerland ($X) remains the key foreign market for hand tools exports from Libya, comprising 92% of total exports. The second position in the ranking was taken by Egypt ($X), with a 0.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Switzerland stood at -10.6%.

Export Prices by Country

The average hand tools export price stood at $X per ton in 2021, with an increase of 9.7% against the previous year. In general, export price indicated a pronounced increase from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, hand tools export price increased by +77.7% against 2014 indices. The growth pace was the most rapid in 2019 an increase of 53% against the previous year. Over the period under review, the average export prices reached the peak figure in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Egypt ($X per ton), while the average price for exports to Switzerland stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Egypt (+56.4%).

Hand Tools Imports

Imports into Libya

In 2021, the amount of hand tools imported into Libya soared to X tons, picking up by 39% compared with 2020 figures. Over the period under review, imports, however, recorded a deep contraction. The pace of growth was the most pronounced in 2019 when imports increased by 144%. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, hand tools imports surged to $X in 2021. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when imports increased by 114%. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of hand tools to Libya, with a 73% share of total imports. Moreover, hand tools imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X tons), more than tenfold. Brazil (X tons) ranked third in terms of total imports with a 3.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (-0.7% per year) and Brazil (-10.2% per year).

In value terms, China ($X) constituted the largest supplier of hand tools to Libya, comprising 55% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 3.5% share of total imports. It was followed by the United Arab Emirates, with a 3.3% share.

From 2012 to 2021, the average annual growth rate of value from China totaled +1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-9.2% per year) and the United Arab Emirates (-5.6% per year).

Import Prices by Country

The average hand tools import price stood at $X per ton in 2021, growing by 19% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +5.8%. The most prominent rate of growth was recorded in 2016 an increase of 25% against the previous year. Over the period under review, average import prices reached the maximum in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+25.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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