Oman: Ball Bearing Market 2024

Ball Bearing Market Size in Oman

For the third year in a row, the Omani ball bearing market recorded growth in sales value, which increased by 1.8% to $X in 2021. Over the period under review, consumption recorded a perceptible shrinkage. Ball bearing consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Ball Bearing Exports

Exports from Oman

In 2021, overseas shipments of ball bearings increased by 63% to X tons, rising for the third consecutive year after two years of decline. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by 9,371% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, ball bearing exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2016 with an increase of 6,347% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Yemen (X tons) was the main destination for ball bearing exports from Oman, accounting for a 64% share of total exports. Moreover, ball bearing exports to Yemen exceeded the volume sent to the second major destination, the United Arab Emirates (X tons), threefold. The third position in this ranking was taken by Jordan (X tons), with a 7.2% share.

From 2012 to 2021, the average annual growth rate of volume to Yemen stood at +15.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-8.6% per year) and Jordan (+23.4% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for ball bearings exports from Oman, comprising 59% of total exports. The second position in the ranking was taken by Yemen ($X), with a 14% share of total exports. It was followed by Jordan, with an 8.6% share.

From 2012 to 2021, the average annual growth rate of value to the United Arab Emirates stood at -2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Yemen (+2.8% per year) and Jordan (+46.0% per year).

Export Prices by Country

The average ball bearing export price stood at $X per ton in 2021, dropping by -26.2% against the previous year. In general, the export price saw a deep reduction. The pace of growth appeared the most rapid in 2019 an increase of 7.9% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Yemen ($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 Jordan (+18.2%), while the prices for the other major destinations experienced more modest paces of growth.

Ball Bearing Imports

Imports into Oman

In 2021, overseas purchases of ball bearings increased by 5% to X tons, rising for the third consecutive year after two years of decline. In general, imports, however, showed a deep downturn. The pace of growth was the most pronounced in 2020 with an increase of 115% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, ball bearing imports soared to $X in 2021. Overall, imports continue to indicate a mild expansion. The pace of growth was the most pronounced in 2020 when imports increased by 126%. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, the United Arab Emirates (X tons) constituted the largest supplier of ball bearing to Oman, accounting for a 53% share of total imports. Moreover, ball bearing imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. India (X tons) ranked third in terms of total imports with a 4.1% share.

From 2012 to 2021, the average annual growth rate of volume from the United Arab Emirates stood at +7.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-18.3% per year) and India (-9.7% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of ball bearings to Oman, comprising 49% of total imports. The second position in the ranking was taken by Japan ($X), with a 16% share of total imports. It was followed by Thailand, with a 2.5% share.

From 2012 to 2021, the average annual growth rate of value from the United Arab Emirates amounted to +18.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-11.0% per year) and Thailand (-2.0% per year).

Import Prices by Country

In 2021, the average ball bearing import price amounted to $X per ton, with an increase of 10% against the previous year. Over the period under review, import price indicated prominent growth from 2012 to 2021: its price increased at an average annual rate of +9.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, ball bearing import price increased by +27.5% against 2016 indices. The most prominent rate of growth was recorded in 2014 an increase of 68% against the previous year. The import price peaked in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+19.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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