Russian Federation: Interchangeable Spanner Socket Market 2024

Interchangeable Spanner Socket Market Size in the Russian Federation

The Russian interchangeable spanner socket market contracted to $X in 2022, shrinking by -5.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Interchangeable Spanner Socket Exports

Exports from the Russian Federation

In 2022, the amount of interchangeable spanner sockets exported from Russia fell notably to X tons, shrinking by -25.2% against the previous year. Over the period under review, exports, however, posted a strong increase. The pace of growth appeared the most rapid in 2021 with an increase of 92%. As a result, the exports reached the peak of X tons, and then shrank rapidly in the following year.

In value terms, interchangeable spanner socket exports amounted to $X in 2022. Overall, exports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2020 when exports increased by 89% against the previous year. As a result, the exports attained the peak of $X; afterwards, it flattened through to 2022.

Exports by Country

Belarus (X tons) was the main destination for interchangeable spanner socket exports from Russia, with a 62% share of total exports. Moreover, interchangeable spanner socket exports to Belarus exceeded the volume sent to the second major destination, Kazakhstan (X tons), twofold. Ukraine (X tons) ranked third in terms of total exports with a 7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Belarus stood at +35.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kazakhstan (+9.3% per year) and Ukraine (+1.6% per year).

In value terms, Belarus ($X) emerged as the key foreign market for interchangeable spanner sockets exports from Russia, comprising 46% of total exports. The second position in the ranking was taken by Kazakhstan ($X), with an 18% share of total exports. It was followed by Ukraine, with a 3% share.

From 2012 to 2022, the average annual growth rate of value to Belarus stood at +29.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kazakhstan (+2.5% per year) and Ukraine (+3.2% per year).

Export Prices by Country

In 2022, the average interchangeable spanner socket export price amounted to $X per ton, growing by 36% against the previous year. In general, the export price, however, recorded a abrupt decline. The most prominent rate of growth was recorded in 2020 an increase of 97%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Belarus ($X per ton), while the average price for exports to Armenia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ukraine (+1.6%), while the prices for the other major destinations experienced a decline.

Interchangeable Spanner Socket Imports

Imports into the Russian Federation

In 2022, the amount of interchangeable spanner sockets imported into Russia declined slightly to X tons, which is down by -3.2% compared with the previous year. Overall, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when imports increased by 103%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, interchangeable spanner socket imports shrank to $X in 2022. In general, imports, however, posted slight growth. The growth pace was the most rapid in 2013 when imports increased by 121%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) was the main supplier of interchangeable spanner socket to Russia, accounting for a 94% share of total imports. It was followed by Poland (X tons), with a 2.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +14.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (-0.8% per year) and Germany (-15.2% per year).

In value terms, China ($X) constituted the largest supplier of interchangeable spanner sockets to Russia, comprising 81% of total imports. The second position in the ranking was taken by Poland ($X), with a 3.2% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +21.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+1.9% per year) and Germany (-11.8% per year).

Import Prices by Country

In 2022, the average interchangeable spanner socket import price amounted to $X per ton, which is down by -4.3% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The pace of growth appeared the most rapid in 2019 when the average import price increased by 17%. Over the period under review, average import prices attained the peak figure at $X per ton in 2021, and then shrank slightly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :