Pakistan: Piano Market 2024

Piano Market Size in Pakistan

The Pakistani piano market expanded to $X in 2021, picking up by 1.5% against the previous year. In general, consumption, however, continues to indicate a perceptible decline. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Piano Production in Pakistan

In value terms, piano production totaled $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a perceptible setback. The growth pace was the most rapid in 2014 with an increase of 13% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Piano Exports

Exports from Pakistan

In 2021, approx. X kg of pianos and other keyboard stringed musical instruments were exported from Pakistan; with a decrease of -93.2% on the previous year. In general, exports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2020 with an increase of 1,541% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, piano exports shrank significantly to $X in 2021. Over the period under review, exports showed a noticeable decrease. The growth pace was the most rapid in 2020 when exports increased by 669%. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X kg) was the main destination for piano exports from Pakistan, with a 71% share of total exports. Moreover, piano exports to the United Arab Emirates exceeded the volume sent to the second major destination, Canada (X kg), sevenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United Arab Emirates totaled -26.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-30.8% per year) and Thailand (-49.7% per year).

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for pianos and other keyboard stringed musical instruments exports from Pakistan, comprising 87% of total exports. The second position in the ranking was held by Canada ($X), with a 7.3% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates totaled -15.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-25.3% per year) and Thailand (-50.7% per year).

Export Prices by Country

The average piano export price stood at $X per ton in 2021, jumping by 458% against the previous year. In general, the export price showed a strong expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Thailand ($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 the United Arab Emirates (+14.4%), while the prices for the other major destinations experienced more modest paces of growth.

Piano Imports

Imports into Pakistan

In 2021, after four years of growth, there was significant decline in overseas purchases of pianos and other keyboard stringed musical instruments, when their volume decreased by -49.7% to X tons. In general, imports, however, posted a strong increase. The growth pace was the most rapid in 2018 with an increase of 485% against the previous year. Over the period under review, imports attained the maximum at X tons in 2020, and then shrank rapidly in the following year.

In value terms, piano imports reduced sharply to $X in 2021. Over the period under review, imports, however, showed significant growth. The pace of growth appeared the most rapid in 2018 with an increase of 517%. Over the period under review, imports attained the peak figure at $X in 2020, and then dropped remarkably in the following year.

Imports by Country

China (X tons), the United Arab Emirates (X tons) and the UK (X kg) were the main suppliers of piano imports to Pakistan, with a combined 99% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +60.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United Arab Emirates ($X) and the UK ($X) appeared to be the largest piano suppliers to Pakistan, together accounting for 99% of total imports.

Among the main suppliers, China, with a CAGR of +69.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average piano import price amounted to $X per ton, surging by 11% against the previous year. Over the period under review, import price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, piano import price increased by +13.0% against 2019 indices. The pace of growth was the most pronounced in 2014 when the average import price increased by 49%. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was China ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+5.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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