Middle East: Interchangeable Spanner Socket Market 2024

Interchangeable Spanner Socket Market Size in the Middle East

After two years of growth, the Middle Eastern interchangeable spanner socket market decreased by -15.2% to $X in 2022. Over the period under review, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Interchangeable Spanner Socket Production in the Middle East

In value terms, interchangeable spanner socket production skyrocketed to $X in 2022 estimated in export price. The total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +157.6% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 92% against the previous year. Over the period under review, production reached the maximum level in 2022 and is expected to retain growth in the near future.

Interchangeable Spanner Socket Exports

Exports in the Middle East

For the fifth year in a row, the Middle East recorded decline in overseas shipments of interchangeable spanner sockets, which decreased by -7.5% to X tons in 2022. In general, exports showed a perceptible downturn. The pace of growth was the most pronounced in 2013 when exports increased by 153%. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, interchangeable spanner socket exports expanded modestly to $X in 2022. Over the period under review, exports saw a slight decrease. The growth pace was the most rapid in 2013 when exports increased by 42% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Turkey was the largest exporter of interchangeable spanner sockets in the Middle East, with the volume of exports accounting for X tons, which was approx. 57% of total exports in 2022. It was distantly followed by the United Arab Emirates (X tons), making up a 36% share of total exports. Saudi Arabia (X tons) held a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Saudi Arabia (with a CAGR of +21.1%), while the other leaders experienced a decline in the exports figures.

In value terms, Turkey ($X) remains the largest interchangeable spanner socket supplier in the Middle East, comprising 63% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 27% share of total exports.

In Turkey, interchangeable spanner socket exports contracted by an average annual rate of -4.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (+3.2% per year) and Saudi Arabia (+8.1% per year).

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per ton, picking up by 13% against the previous year. Export price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 an increase of 102% against the previous year. Over the period under review, the export prices reached the maximum in 2022 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while Saudi Arabia ($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 (+5.4%), while the other leaders experienced mixed trends in the export price figures.

Interchangeable Spanner Socket Imports

Imports in the Middle East

In 2022, purchases abroad of interchangeable spanner sockets decreased by -15.6% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports showed a mild shrinkage. The most prominent rate of growth was recorded in 2020 with an increase of 22% against the previous year. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, interchangeable spanner socket imports contracted to $X in 2022. In general, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by 16% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then shrank in the following year.

Imports by Country

In 2022, the United Arab Emirates (X tons) and Iraq (X tons) were the largest importers of interchangeable spanner sockets in the Middle East, together recording near 64% of total imports. It was distantly followed by Turkey (X tons), Israel (X tons) and Iran (X tons), together creating a 27% share of total imports. The following importers - Yemen (X tons) and Kuwait (X tons) - together made up 4.4% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Iraq (with a CAGR of +16.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest interchangeable spanner socket importing markets in the Middle East were the United Arab Emirates ($X), Turkey ($X) and Iraq ($X), with a combined 77% share of total imports.

Among the main importing countries, Iraq, with a CAGR of +19.4%, 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 import price in the Middle East stood at $X per ton in 2022, increasing by 3.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2019 when the import price increased by 13%. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Turkey ($X per ton), while Iraq ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+3.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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