Norway: Machinery Electrical Parts Market 2024

Machinery Electrical Parts Market Size in Norway

The Norwegian machinery electrical parts market shrank to $X in 2022, dropping by -8.6% against the previous year. Overall, consumption saw a deep setback. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Machinery Electrical Parts Production in Norway

In value terms, machinery electrical parts production declined to $X in 2022 estimated in export price. Over the period under review, production faced a abrupt setback. The pace of growth was the most pronounced in 2021 with an increase of 19%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Machinery Electrical Parts Exports

Exports from Norway

In 2022, machinery electrical parts exports from Norway reduced to X tons, which is down by -12.7% against the year before. Overall, exports recorded a deep reduction. The most prominent rate of growth was recorded in 2016 with an increase of 114% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, machinery electrical parts exports fell to $X in 2022. Over the period under review, exports continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2015 with an increase of 66% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Germany (X tons), Sweden (X tons) and Poland (X tons) were the main destinations of machinery electrical parts exports from Norway, together comprising 79% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Germany (with a CAGR of +44.8%), while the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Germany ($X) and Belgium ($X) were the largest markets for machinery electrical parts exported from Norway worldwide, with a combined 78% share of total exports.

Germany, with a CAGR of +32.3%, saw the highest growth rate of the value of exports, in terms of the main countries of destination 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 machinery electrical parts export price amounted to $X per ton, therefore, remained relatively stable against the previous year. Over the period under review, the export price, however, recorded a perceptible downturn. The growth pace was the most rapid in 2014 an increase of 11%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Sweden ($X per ton), while the average price for exports to Slovakia ($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 Poland (+3.8%), while the prices for the other major destinations experienced a decline.

Machinery Electrical Parts Imports

Imports into Norway

In 2022, the amount of electrical parts of machinery or apparatus imported into Norway dropped notably to X tons, with a decrease of -24.1% against 2021. In general, imports, however, posted perceptible growth. The most prominent rate of growth was recorded in 2016 with an increase of 97%. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, machinery electrical parts imports reduced to $X in 2022. Overall, imports, however, saw prominent growth. The most prominent rate of growth was recorded in 2017 when imports increased by 91%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Germany (X tons) constituted the largest machinery electrical parts supplier to Norway, with a 32% share of total imports. Moreover, machinery electrical parts imports from Germany exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), twofold. China (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from Germany amounted to +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+53.2% per year) and China (+6.6% per year).

In value terms, the largest machinery electrical parts suppliers to Norway were China ($X), Taiwan (Chinese) ($X) and Malaysia ($X), together comprising 44% of total imports.

In terms of the main suppliers, Malaysia, with a CAGR of +71.8%, recorded the highest growth rate of 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

In 2022, the average machinery electrical parts import price amounted to $X per ton, picking up by 13% against the previous year. Overall, the import price enjoyed a buoyant increase. The growth pace was the most rapid in 2017 an increase of 62%. The import price peaked in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+15.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :