Pakistan: Stainless Steel Sink Market 2024

Stainless Steel Sink Market Size in Pakistan

In 2021, after three years of growth, there was significant decline in the Pakistani stainless steel sink market, when its value decreased by -6.3% to $X. Overall, consumption, however, posted a temperate increase. Over the period under review, the market attained the peak level at $X in 2020, and then declined in the following year.

Stainless Steel Sink Production in Pakistan

In value terms, stainless steel sink production declined to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a measured expansion. The growth pace was the most rapid in 2019 when the production volume increased by 40%. Over the period under review, production reached the maximum level at $X in 2020, and then declined in the following year.

Stainless Steel Sink Exports

Exports from Pakistan

In 2021, shipments abroad of stainless steel sinks and wash basins decreased by -18.6% to X units for the first time since 2017, thus ending a three-year rising trend. Overall, exports continue to indicate a deep setback. The pace of growth was the most pronounced in 2015 with an increase of 152% against the previous year. Over the period under review, the exports reached the maximum at X units in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, stainless steel sink exports dropped dramatically to $X in 2021. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 214% against the previous year. The exports peaked at $X in 2020, and then fell dramatically in the following year.

Exports by Country

Saudi Arabia (X units) was the main destination for stainless steel sink exports from Pakistan, accounting for a 50% share of total exports. Moreover, stainless steel sink exports to Saudi Arabia exceeded the volume sent to the second major destination, the United Arab Emirates (X units), twofold. The United States (X units) ranked third in terms of total exports with a 7.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Saudi Arabia amounted to -9.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (-3.7% per year) and the United States (+16.6% per year).

In value terms, the United States ($X), the United Arab Emirates ($X) and Saudi Arabia ($X) appeared to be the largest markets for stainless steel sink exported from Pakistan worldwide, with a combined 52% share of total exports.

The United States, with a CAGR of +41.7%, recorded the highest growth rate of the value of exports, among 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

The average stainless steel sink export price stood at $X per unit in 2021, with an increase of 2.3% against the previous year. Overall, the export price posted a buoyant increase. The pace of growth appeared the most rapid in 2016 when the average export price increased by 79%. As a result, the export price reached the peak level of $X per unit. From 2017 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per unit), while the average price for exports to Saudi Arabia ($X per unit) 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 States (+21.6%), while the prices for the other major destinations experienced more modest paces of growth.

Stainless Steel Sink Imports

Imports into Pakistan

For the tenth consecutive year, Pakistan recorded growth in purchases abroad of stainless steel sinks and wash basins, which increased by 9.2% to X units in 2021. In general, imports posted a significant increase. The pace of growth was the most pronounced in 2014 when imports increased by 78%. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the near future.

In value terms, stainless steel sink imports rose notably to $X in 2021. Over the period under review, imports recorded significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 76%. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, China (X units) was the main supplier of stainless steel sink to Pakistan, accounting for a 96% share of total imports. It was followed by Germany (X units), with a 1.2% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +44.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+5.9% per year) and Portugal (+6.7% per year).

In value terms, China ($X) constituted the largest supplier of stainless steel sink to Pakistan, comprising 93% of total imports. The second position in the ranking was held by Germany ($X), with a 1.5% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China totaled +42.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+5.7% per year) and Portugal (+7.0% per year).

Import Prices by Country

In 2021, the average stainless steel sink import price amounted to $X per unit, dropping by -2.2% against the previous year. In general, the import price continues to indicate a pronounced slump. The most prominent rate of growth was recorded in 2017 an increase of 33% against the previous year. As a result, import price reached the peak level of $X per unit. From 2018 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Portugal (+0.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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