Portugal: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in Portugal

The Portuguese keyboard stringed instrument market surged to $X in 2022, picking up by 36% against the previous year. Overall, consumption, however, continues to indicate a precipitous shrinkage. Keyboard stringed instrument consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Keyboard Stringed Instrument Production in Portugal

In value terms, keyboard stringed instrument production contracted to $X in 2022 estimated in export price. Over the period under review, production saw a abrupt decrease. The growth pace was the most rapid in 2021 with an increase of 41%. Keyboard stringed instrument production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Keyboard Stringed Instrument Exports

Exports from Portugal

In 2022, the amount of keyboard stringed instruments exported from Portugal declined notably to X units, with a decrease of -16.7% compared with the previous year's figure. Over the period under review, exports saw a noticeable decrease. The most prominent rate of growth was recorded in 2021 with an increase of 1,100% against the previous year. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, keyboard stringed instrument exports soared to $X in 2022. In general, exports, however, saw a strong increase. The growth pace was the most rapid in 2021 with an increase of 913% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

Cabo Verde (X units), China (X units) and Sao Tome and Principe (X units) were the main destinations of keyboard stringed instrument exports from Portugal, with a combined 70% share of total exports. Moreover, keyboard stringed instrument exports in Cabo Verde exceeded the figures recorded by the second-largest exporter, China, twofold.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +18.9%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) emerged as the key foreign market for keyboard stringed instruments exports from Portugal, comprising 76% of total exports. The second position in the ranking was taken by Cabo Verde ($X), with a 12% share of total exports. It was followed by Switzerland, with a 4.7% share.

From 2012 to 2022, the average annual growth rate of value to China stood at +67.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cabo Verde (+46.7% per year) and Switzerland (+0.6% per year).

Export Prices by Country

The average keyboard stringed instrument export price stood at $X per unit in 2022, jumping by 199% against the previous year. Overall, the export price enjoyed a buoyant increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Sao Tome and Principe ($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 China (+29.8%), while the prices for the other major destinations experienced more modest paces of growth.

Keyboard Stringed Instrument Imports

Imports into Portugal

In 2022, after two years of growth, there was decline in overseas purchases of keyboard stringed instruments, when their volume decreased by 0% to X units. In general, imports posted strong growth. The most prominent rate of growth was recorded in 2015 with an increase of 200%. Over the period under review, imports hit record highs at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, keyboard stringed instrument imports declined remarkably to $X in 2022. Overall, imports posted a prominent increase. The growth pace was the most rapid in 2015 when imports increased by 156%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

Poland (X units), Brazil (X units) and Spain (X units) were the main suppliers of keyboard stringed instrument imports to Portugal, together accounting for 38% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of 0.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X) constituted the largest supplier of keyboard stringed instruments to Portugal, comprising 26% of total imports. The second position in the ranking was held by Italy ($X), with a 7.8% share of total imports. It was followed by Mozambique, with a 7.5% share.

From 2012 to 2022, the average annual growth rate of value from Spain totaled +9.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+27.9% per year) and Mozambique (0.0% per year).

Import Prices by Country

In 2022, the average keyboard stringed instrument import price amounted to $X per unit, declining by -21.8% against the previous year. Over the period under review, the import price showed a deep slump. The pace of growth appeared the most rapid in 2019 an increase of 50% against the previous year. The import price peaked at $X per unit in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+3.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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