Oman: Tractor Market 2024

Tractor Market Size in Oman

The Omani tractor market dropped sharply to $X in 2022, with a decrease of -21.8% against the previous year. In general, consumption, however, enjoyed a notable increase. Tractor consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Tractor Production in Oman

In value terms, tractor production amounted to $X in 2022 estimated in export price. Overall, the total production indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.9% 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 +10.0% against 2019 indices. The pace of growth was the most pronounced in 2015 with an increase of 53% against the previous year. Over the period under review, production reached the peak level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Tractor Exports

Exports from Oman

In 2022, approx. X units of tractors were exported from Oman; with an increase of 57% against 2021 figures. In general, exports showed a buoyant expansion. The pace of growth was the most pronounced in 2020 with an increase of 305%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, tractor exports rose significantly to $X in 2022. Overall, exports enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2015 when exports increased by 106% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Tanzania (X units), Yemen (X units) and Saudi Arabia (X units) were the main destinations of tractor exports from Oman, together accounting for 45% of total exports. Sudan and Libya lagged somewhat behind, together comprising a further 2.4%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Libya (with a CAGR of +58.7%), while the other leaders experienced more modest paces of growth.

In value terms, Yemen ($X) remains the key foreign market for tractors exports from Oman, comprising 36% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 4.2% share of total exports. It was followed by Sudan, with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Yemen stood at +22.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Saudi Arabia (+8.4% per year) and Sudan (-0.4% per year).

Export Prices by Country

The average tractor export price stood at $X per unit in 2022, dropping by -29.2% against the previous year. Over the period under review, the export price, however, posted strong growth. The pace of growth appeared the most rapid in 2015 when the average export price increased by 128% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Yemen ($X per unit), while the average price for exports to Tanzania ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Yemen (+15.5%), while the prices for the other major destinations experienced more modest paces of growth.

Tractor Imports

Imports into Oman

In 2022, overseas purchases of tractors decreased by -20.2% to X units for the first time since 2017, thus ending a four-year rising trend. In general, imports, however, continue to indicate modest growth. The most prominent rate of growth was recorded in 2013 with an increase of 137%. Imports peaked at X units in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, tractor imports reduced notably to $X in 2022. Over the period under review, imports, however, continue to indicate a slight expansion. The pace of growth was the most pronounced in 2013 with an increase of 152% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

Germany (X units), Belgium (X units) and the United Arab Emirates (X units) were the main suppliers of tractor imports to Oman, with a combined 23% share of total imports. These countries were followed by Japan, Sweden, Mexico, the Netherlands, Spain, South Korea, Poland, Pakistan, India and the UK, which together accounted for a further 21%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Mexico (with a CAGR of +50.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), Germany ($X) and Sweden ($X) were the largest tractor suppliers to Oman, with a combined 26% share of total imports. Japan, the United Arab Emirates, Mexico, the Netherlands, Spain, the UK, South Korea, Poland, Pakistan and India lagged somewhat behind, together comprising a further 20%.

Mexico, with a CAGR of +66.7%, recorded the highest growth rate of the value of imports, among 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 tractor import price stood at $X per unit in 2022, with an increase of 5.3% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 18% against the previous year. The import price peaked at $X per unit in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+16.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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