Middle East: Shipping Market 2024

Shipping Market Size in the Middle East

After three years of growth, the Middle Eastern shipping market decreased by -12.4% to $X in 2021. Over the period under review, consumption, however, posted temperate growth. Over the period under review, the market attained the peak level at $X in 2020, and then dropped in the following year.

Shipping Production in the Middle East

In value terms, shipping production fell to $X in 2021 estimated in export price. Overall, production, however, showed a remarkable increase. The pace of growth appeared the most rapid in 2018 with an increase of 140%. Over the period under review, production reached the peak level at $X in 2020, and then contracted in the following year.

Shipping Exports

Exports in the Middle East

After two years of decline, shipments abroad of ships, vessels, ferry-boats for the transport of persons increased by 61% to X units in 2021. Overall, exports recorded buoyant growth. The growth pace was the most rapid in 2017 with an increase of 414% against the previous year. The volume of export peaked at X units in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, shipping exports soared to $X in 2021. In general, exports showed a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 264%. The level of export peaked in 2021 and is likely to continue growth in years to come.

Exports by Country

Turkey was the main exporter of ships, vessels, ferry-boats for the transport of persons in the Middle East, with the volume of exports resulting at X units, which was near 56% of total exports in 2021. It was distantly followed by Saudi Arabia (X units) and the United Arab Emirates (X units), together making up a 34% share of total exports. The following exporters - Kuwait (X units), Bahrain (X units) and Israel (X units) - together made up 10% of total exports.

Turkey was also the fastest-growing in terms of the ships, vessels, ferry-boats for the transport of persons exports, with a CAGR of +45.7% from 2012 to 2021. At the same time, Kuwait (+22.0%), Saudi Arabia (+8.3%) and Bahrain (+6.7%) displayed positive paces of growth. Israel experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (-5.8%) illustrated a downward trend over the same period. While the share of Turkey (+52 p.p.) and Kuwait (+2.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Saudi Arabia (-3.4 p.p.), Israel (-4.3 p.p.) and the United Arab Emirates (-44.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest shipping supplier in the Middle East, comprising 86% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 9.2% share of total exports. It was followed by Saudi Arabia, with a 4.3% share.

In Turkey, shipping exports expanded at an average annual rate of +65.0% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (-2.5% per year) and Saudi Arabia (+28.6% per year).

Export Prices by Country

The export price in the Middle East stood at $X per unit in 2021, surging by 21% against the previous year. Overall, the export price enjoyed a buoyant expansion. The growth pace was the most rapid in 2019 when the export price increased by 184%. Over the period under review, the export prices hit record highs in 2021 and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($X per unit), while Israel ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+18.8%), while the other leaders experienced more modest paces of growth.

Shipping Imports

Imports in the Middle East

In 2021, supplies from abroad of ships, vessels, ferry-boats for the transport of persons was finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. In general, imports, however, continue to indicate a sharp shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 1,768% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, shipping imports shrank sharply to $X in 2021. Overall, imports, however, recorded a deep slump. The pace of growth appeared the most rapid in 2019 with an increase of 71% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

Saudi Arabia represented the major importer of ships, vessels, ferry-boats for the transport of persons in the Middle East, with the volume of imports amounting to X units, which was near 54% of total imports in 2021. It was distantly followed by Kuwait (X units), committing a 32% share of total imports. Oman (X units), the United Arab Emirates (X units) and Israel (X units) took a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Saudi Arabia (with a CAGR of +74.4%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported ships, vessels, ferry-boats for the transport of persons in the Middle East, comprising 67% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a 12% share of total imports. It was followed by Oman, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates amounted to -4.0%. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (+60.4% per year) and Oman (-4.9% per year).

Import Prices by Country

The import price in the Middle East stood at $X per unit in 2021, shrinking by -70.6% against the previous year. Over the period under review, the import price, however, posted a significant expansion. The growth pace was the most rapid in 2014 when the import price increased by 12,227%. The level of import peaked at $X per unit in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per unit), while Kuwait ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (+29.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :