Pakistan: Tractor Market 2024

Tractor Market Size in Pakistan

The Pakistani tractor market expanded sharply to $X in 2022, picking up by 5.2% against the previous year. In general, the total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +4.4% against 2019 indices. Tractor consumption peaked in 2022 and is likely to see steady growth in years to come.

Tractor Production in Pakistan

In value terms, tractor production contracted to $X in 2022 estimated in export price. In general, production recorded resilient growth. The pace of growth appeared the most rapid in 2019 with an increase of 65% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Tractor Exports

Exports from Pakistan

In 2022, after four years of growth, there was significant decline in overseas shipments of tractors, when their volume decreased by -64.9% to X units. Over the period under review, exports showed a deep downturn. The pace of growth appeared the most rapid in 2019 with an increase of 104% against the previous year. The exports peaked at X units in 2021, and then declined rapidly in the following year.

In value terms, tractor exports contracted rapidly to $X in 2022. In general, exports showed a abrupt slump. The pace of growth was the most pronounced in 2019 when exports increased by 77% against the previous year. The exports peaked at $X in 2021, and then contracted remarkably in the following year.

Exports by Country

Nigeria (X units), Togo (X units) and Kenya (X units) were the main destinations of tractor exports from Pakistan, together comprising 20% of total exports. These countries were followed by Botswana, South Africa, Afghanistan, Angola, Ghana, the United Arab Emirates, Tanzania, Sri Lanka and Zimbabwe, which together accounted for a further 23%.

From 2012 to 2022, the biggest increases were recorded for Ghana (with a CAGR of +52.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for tractor exported from Pakistan were Nigeria ($X), Botswana ($X) and Kenya ($X), together accounting for 19% of total exports. Angola, Afghanistan, South Africa, Togo, Tanzania, the United Arab Emirates, Ghana, Zimbabwe and Sri Lanka lagged somewhat behind, together accounting for a further 22%.

Among the main countries of destination, Ghana, with a CAGR of +43.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average tractor export price stood at $X per unit in 2022, waning by -8.7% against the previous year. Overall, the export price saw a slight slump. The growth pace was the most rapid in 2021 when the average export price increased by 34%. The export price peaked 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 Angola ($X per unit), while the average price for exports to Sri Lanka ($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 Algeria (+23.4%), while the prices for the other major destinations experienced more modest paces of growth.

Tractor Imports

Imports into Pakistan

In 2022, supplies from abroad of tractors increased by 40% to X units, rising for the second year in a row after five years of decline. Over the period under review, imports enjoyed a pronounced increase. The most prominent rate of growth was recorded in 2015 when imports increased by 183% against the previous year. As a result, imports reached the peak of X units. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, tractor imports soared to $X in 2022. In general, imports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 105%. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Japan (X units), China (X units) and Belarus (X units) were the main suppliers of tractor imports to Pakistan, with a combined 49% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +9.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest tractor suppliers to Pakistan were Japan ($X), Belarus ($X) and China ($X), with a combined 46% share of total imports.

Among the main suppliers, China, with a CAGR of +17.6%, saw the highest growth rate of the value of imports, 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, reducing by -6.6% against the previous year. Overall, the import price, however, saw a temperate expansion. The growth pace was the most rapid in 2016 when the average import price increased by 77% against the previous year. The import price peaked at $X per unit in 2021, and then contracted in the following year.

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 Belarus ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+11.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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