Pakistan: Fork-Lift Truck Market 2024

Fork-Lift Truck Market Size in Pakistan

After two years of growth, the Pakistani fork-lift truck market decreased by -27.2% to $X in 2022. Over the period under review, consumption, however, recorded a strong increase. Fork-lift truck consumption peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Fork-Lift Truck Exports

Exports from Pakistan

In 2022, after two years of decline, there was significant growth in overseas shipments of fork-lift trucks, when their volume increased by 50% to X units. In general, exports, however, faced a abrupt contraction. The most prominent rate of growth was recorded in 2018 with an increase of 3,125%. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, fork-lift truck exports soared to $X in 2022. Overall, exports, however, recorded a deep contraction. The growth pace was the most rapid in 2018 when exports increased by 231% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X units) was the main destination for fork-lift truck exports from Pakistan, accounting for a 43% share of total exports. Moreover, fork-lift truck exports to the United Arab Emirates exceeded the volume sent to the second major destination, Afghanistan (X units), twofold. Oman (X units) ranked third in terms of total exports with a 6.7% share.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates amounted to +6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Afghanistan (-11.8% per year) and Oman (+7.2% per year).

In value terms, the largest markets for fork-lift truck exported from Pakistan were the United Arab Emirates ($X), the United States ($X) and Afghanistan ($X), with a combined 98% share of total exports.

In terms of the main countries of destination, the United States, with a CAGR of 0.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average fork-lift truck export price amounted to $X per unit, which is down by -6% against the previous year. Over the period under review, the export price, however, continues to indicate a moderate expansion. The pace of growth was the most pronounced in 2020 when the average export price increased by 345%. Over the period under review, the average export prices attained the maximum at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a 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 the United States ($X per unit), while the average price for exports to Kuwait ($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 Afghanistan (+1.1%), while the prices for the other major destinations experienced a decline.

Fork-Lift Truck Imports

Imports into Pakistan

After two years of growth, purchases abroad of fork-lift trucks decreased by -28.9% to X units in 2022. Over the period under review, imports, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2015 with an increase of 97% against the previous year. Over the period under review, imports reached the maximum at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, fork-lift truck imports fell notably to $X in 2022. In general, imports, however, enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 94%. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of fork-lift truck to Pakistan, with a 66% share of total imports. Moreover, fork-lift truck imports from China exceeded the figures recorded by the second-largest supplier, Poland (X units), more than tenfold. Japan (X units) ranked third in terms of total imports with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +12.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+36.1% per year) and Japan (-6.4% per year).

In value terms, China ($X) constituted the largest supplier of fork-lift trucks to Pakistan, comprising 55% of total imports. The second position in the ranking was held by Japan ($X), with a 15% share of total imports. It was followed by Germany, with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +11.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-2.3% per year) and Germany (-3.7% per year).

Import Prices by Country

In 2022, the average fork-lift truck import price amounted to $X per unit, picking up by 5% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the average import price increased by 38%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for Malaysia ($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 (+8.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :