Russian Federation: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in the Russian Federation

The Russian keyboard stringed instrument market shrank remarkably to less than $X in 2022, reducing by 99.9% against the previous year. In general, consumption continues to indicate a deep slump. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Keyboard Stringed Instrument Production in the Russian Federation

In value terms, keyboard stringed instrument production reduced sharply to $X in 2022 estimated in export price. Overall, production saw a sharp reduction. The most prominent rate of growth was recorded in 2019 when the production volume decreased by -21.8%. Keyboard stringed instrument production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Keyboard Stringed Instrument Exports

Exports from the Russian Federation

In 2019, keyboard stringed instrument exports from Russia expanded significantly to X units, with an increase of 13% against the previous year. Over the period under review, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 500%. The exports peaked in 2019 and are expected to retain growth in years to come.

In value terms, keyboard stringed instrument exports fell remarkably to $X in 2019. In general, exports showed a significant expansion. The pace of growth was the most pronounced in 2014 when exports increased by 416% against the previous year. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2019, the exports failed to regain momentum.

Exports by Country

Georgia (X units) was the main destination for keyboard stringed instrument exports from Russia, with a 67% share of total exports. Moreover, keyboard stringed instrument exports to Georgia exceeded the volume sent to the second major destination, Cyprus (X units), sixfold. The third position in this ranking was held by Ethiopia (X units), with an 11% share.

From 2012 to 2019, the average annual growth rate of volume to Georgia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Cyprus (0.0% per year) and Ethiopia (0.0% per year).

In value terms, the largest markets for keyboard stringed instrument exported from Russia were Ethiopia ($X), Georgia ($X) and Cyprus ($X), together accounting for 81% of total exports.

Georgia, with a CAGR of +1,803.1%, saw the highest growth rate of the value of exports, in terms of 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

In 2019, the average keyboard stringed instrument export price amounted to $X per unit, falling by -49.2% against the previous year. Overall, the export price, however, posted a buoyant expansion. The pace of growth was the most pronounced in 2013 when the average export price increased by 132%. The export price peaked at $X per unit in 2016; however, from 2017 to 2019, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2019, amid the top suppliers, the country with the highest price was Ethiopia ($X per unit), while the average price for exports to Serbia ($X per unit) was amongst the lowest.

From 2012 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Malta (+265.5%), while the prices for the other major destinations experienced more modest paces of growth.

Keyboard Stringed Instrument Imports

Imports into the Russian Federation

In 2021, approx. X units of keyboard stringed instruments were imported into Russia; standing approx. at the previous year. Overall, imports continue to indicate mild growth. The most prominent rate of growth was recorded in 2016 with an increase of 1,140% against the previous year. As a result, imports attained the peak of X units. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, keyboard stringed instrument imports dropped remarkably to $X in 2021. Over the period under review, imports showed a abrupt descent. The most prominent rate of growth was recorded in 2014 with an increase of 761%. Imports peaked at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of keyboard stringed instrument to Russia, with a 71% share of total imports. Moreover, keyboard stringed instrument imports from China exceeded the figures recorded by the second-largest supplier, Belarus (X units), fivefold.

From 2012 to 2021, the average annual growth rate of volume from China stood at -18.0%.

In value terms, China ($X) constituted the largest supplier of keyboard stringed instruments to Russia, comprising 70% of total imports. The second position in the ranking was taken by Germany ($X), with a 20% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +45.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-27.3% per year) and Belarus (+49.2% per year).

Import Prices by Country

The average keyboard stringed instrument import price stood at $X per unit in 2021, declining by -55.2% against the previous year. Over the period under review, the import price continues to indicate a abrupt decrease. The pace of growth was the most pronounced in 2019 when the average import price increased by 125% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+18.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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