Morocco: Interchangeable Tool Market 2024

Interchangeable Tool Market Size in Morocco

In 2021, the Moroccan interchangeable tool market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, the total consumption indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -12.0% against 2018 indices. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Interchangeable Tool Exports

Exports from Morocco

In 2021, after three years of growth, there was significant decline in overseas shipments of interchangeable tools for hand tools, when their volume decreased by -11.7% to X tons. Overall, exports, however, posted a prominent expansion. The growth pace was the most rapid in 2018 with an increase of 582%. The exports peaked at X tons in 2020, and then fell in the following year.

In value terms, interchangeable tool exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a significant expansion. The growth pace was the most rapid in 2018 with an increase of 275%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

France (X tons) was the main destination for interchangeable tool exports from Morocco, accounting for a 74% share of total exports. Moreover, interchangeable tool exports to France exceeded the volume sent to the second major destination, Spain (X tons), sixfold. Germany (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to France amounted to +32.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+24.2% per year) and Germany (+17.4% per year).

In value terms, France ($X) remains the key foreign market for interchangeable tools for hand tools exports from Morocco, comprising 32% of total exports. The second position in the ranking was held by Germany ($X), with a 14% share of total exports. It was followed by Spain, with a 5.9% share.

From 2012 to 2021, the average annual growth rate of value to France totaled +14.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+30.1% per year) and Spain (+33.2% per year).

Export Prices by Country

In 2021, the average interchangeable tool export price amounted to $X per ton, increasing by 59% against the previous year. Over the period under review, the export price showed a buoyant increase. The growth pace was the most rapid in 2016 an increase of 269%. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Germany ($X per ton), while the average price for exports to France ($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 Germany (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.

Interchangeable Tool Imports

Imports into Morocco

In 2021, supplies from abroad of interchangeable tools for hand tools was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports continue to indicate a measured expansion. The pace of growth was the most pronounced in 2018 with an increase of 30%. Imports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, interchangeable tool imports rose rapidly to $X in 2021. Overall, total imports indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -9.7% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 32% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of interchangeable tool to Morocco, with a 42% share of total imports. Moreover, interchangeable tool imports from China exceeded the figures recorded by the second-largest supplier, Spain (X tons), threefold. France (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-3.1% per year) and France (-1.0% per year).

In value terms, France ($X), China ($X) and Spain ($X) appeared to be the largest interchangeable tool suppliers to Morocco, with a combined 59% share of total imports. These countries were followed by Italy, Germany, India, Turkey, the UK, South Korea and Sweden, which together accounted for a further 29%.

India, with a CAGR of +18.7%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average interchangeable tool import price stood at $X per ton in 2021, flattening at the previous year. Over the period under review, the import price, however, recorded a slight decrease. The growth pace was the most rapid in 2013 when the average import price increased by 29% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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