Scandinavia: Sewing Machine Needle Market 2024

Sewing Machine Needle Market Size in Scandinavia

The Scandinavia sewing machine needle market contracted markedly to $X in 2022, dropping by -18.9% against the previous year. Overall, consumption showed a perceptible reduction. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Sewing Machine Needle Production in Scandinavia

In value terms, sewing machine needle production totaled $X in 2022 estimated in export price. Overall, production, however, saw a slight decline. The most prominent rate of growth was recorded in 2015 with an increase of 30%. The level of production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Sewing Machine Needle Exports

Exports in Scandinavia

In 2022, overseas shipments of sewing machine needles decreased by -10% to X units, falling for the second consecutive year after three years of growth. Overall, exports, however, showed slight growth. The pace of growth was the most pronounced in 2020 with an increase of 97%. As a result, the exports attained the peak of X units. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, sewing machine needle exports dropped to $X in 2022. In general, exports, however, showed noticeable growth. The pace of growth was the most pronounced in 2020 when exports increased by 61% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2021, and then declined in the following year.

Exports by Country

Sweden was the major exporting country with an export of about X units, which reached 56% of total exports. Norway (X units) took the second position in the ranking, distantly followed by Finland (X units). All these countries together held near 44% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Norway (with a CAGR of +9.7%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the largest sewing machine needle supplying countries in Scandinavia were Sweden ($X), Norway ($X) and Finland ($X).

Among the main exporting countries, Norway, with a CAGR of +13.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Scandinavia stood at $X per thousand units in 2022, approximately mirroring the previous year. Export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sewing machine needle export price increased by +60.1% against 2020 indices. The pace of growth was the most pronounced in 2021 when the export price increased by 62%. Over the period under review, the export prices hit record highs at $X per thousand units in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Finland ($X per thousand units), while Sweden ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+3.5%), while the other leaders experienced mixed trends in the export price figures.

Sewing Machine Needle Imports

Imports in Scandinavia

In 2022, after five years of growth, there was significant decline in purchases abroad of sewing machine needles, when their volume decreased by -26.6% to X units. Over the period under review, imports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2017 with an increase of 34%. Over the period under review, imports reached the peak figure at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, sewing machine needle imports shrank dramatically to $X in 2022. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 19%. The level of import peaked at $X in 2021, and then shrank sharply in the following year.

Imports by Country

In 2022, Norway (X units) represented the key importer of sewing machine needles, committing 51% of total imports. Sweden (X units) ranks second in terms of the total imports with a 27% share, followed by Finland (22%).

From 2012 to 2022, the biggest increases were recorded for Norway (with a CAGR of +3.8%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, Norway ($X), Sweden ($X) and Finland ($X) were the countries with the highest levels of imports in 2022.

In terms of the main importing countries, Norway, with a CAGR of +10.5%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2022, the import price in Scandinavia amounted to $X per thousand units, increasing by 8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +6.0%. The growth pace was the most rapid in 2013 when the import price increased by 47%. Over the period under review, import prices reached the maximum at $X per thousand units in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Sweden ($X per thousand units), while Norway ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+11.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform