Southern Asia: Direction Finding Compass Market 2024

Direction Finding Compass Market Size in Southern Asia

In 2021, the South Asian direction finding compass market decreased by -7.3% to $X, falling for the third year in a row after two years of growth. Overall, consumption showed a abrupt descent. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Direction Finding Compass Production in Southern Asia

In value terms, direction finding compass production contracted to $X in 2021 estimated in export price. Overall, production, however, posted strong growth. The pace of growth was the most pronounced in 2017 with an increase of 157%. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Direction Finding Compass Exports

Exports in Southern Asia

In 2021, shipments abroad of direction finding compasses decreased by -39.5% to X units for the first time since 2016, thus ending a four-year rising trend. Over the period under review, exports, however, enjoyed temperate growth. The most prominent rate of growth was recorded in 2019 when exports increased by 108%. The volume of export peaked at X units in 2020, and then declined markedly in the following year.

In value terms, direction finding compass exports shrank to $X in 2021. In general, exports, however, enjoyed a strong increase. The most prominent rate of growth was recorded in 2020 when exports increased by 93%. As a result, the exports attained the peak of $X, and then shrank in the following year.

Exports by Country

India dominates exports structure, reaching X units, which was approx. 84% of total exports in 2021. It was distantly followed by Maldives (X units), constituting a 5% share of total exports. Bangladesh (X units), Sri Lanka (X units) and Pakistan (X units) followed a long way behind the leaders.

Exports from India increased at an average annual rate of +3.3% from 2012 to 2021. At the same time, Maldives (+47.3%), Sri Lanka (+36.4%) and Pakistan (+20.5%) displayed positive paces of growth. Moreover, Maldives emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of +47.3% from 2012-2021. By contrast, Bangladesh (-11.4%) illustrated a downward trend over the same period. While the share of Maldives (+4.8 p.p.), Sri Lanka (+3.1 p.p.), India (+2.4 p.p.) and Pakistan (+2.3 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Bangladesh (-12.8 p.p.) displayed negative dynamics.

In value terms, India ($X) remains the largest direction finding compass supplier in Southern Asia, comprising 93% of total exports. The second position in the ranking was held by Pakistan ($X), with a 5.4% share of total exports. It was followed by Sri Lanka, with a 0.6% share.

In India, direction finding compass exports expanded at an average annual rate of +14.2% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Pakistan (+20.9% per year) and Sri Lanka (+122.9% per year).

Export Prices by Country

The export price in Southern Asia stood at $X per unit in 2021, increasing by 48% against the previous year. Over the period under review, the export price showed prominent growth. The most prominent rate of growth was recorded in 2020 an increase of 64%. The level of export peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Pakistan ($X per unit), while Maldives ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+10.5%), while the other leaders experienced more modest paces of growth.

Direction Finding Compass Imports

Imports in Southern Asia

In 2021, purchases abroad of direction finding compasses decreased by -34.7% to X units, falling for the third consecutive year after two years of growth. Over the period under review, imports continue to indicate a deep contraction. The growth pace was the most rapid in 2013 with an increase of 79%. As a result, imports reached the peak of X units. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, direction finding compass imports amounted to $X in 2021. In general, imports, however, posted a modest expansion. The growth pace was the most rapid in 2013 with an increase of 156%. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, India (X units) was the largest importer of direction finding compasses, creating 41% of total imports. Bangladesh (X units) held the second position in the ranking, followed by Nepal (X units), Sri Lanka (X units) and Maldives (X units). All these countries together held near 57% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to direction finding compass imports into India stood at -12.2%. At the same time, Nepal (+41.3%), Bangladesh (+20.3%) and Maldives (+8.3%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +41.3% from 2012-2021. By contrast, Sri Lanka (-3.0%) illustrated a downward trend over the same period. Bangladesh (+17 p.p.), Nepal (+16 p.p.), Maldives (+6 p.p.) and Sri Lanka (+3.1 p.p.) significantly strengthened its position in terms of the total imports, while India saw its share reduced by -35.2% from 2012 to 2021, respectively.

In value terms, India ($X) constitutes the largest market for imported direction finding compasses in Southern Asia, comprising 55% of total imports. The second position in the ranking was held by Bangladesh ($X), with a 16% share of total imports. It was followed by Sri Lanka, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value in India totaled -1.7%. In the other countries, the average annual rates were as follows: Bangladesh (+15.6% per year) and Sri Lanka (+7.2% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per unit in 2021, surging by 60% against the previous year. Overall, the import price enjoyed a remarkable increase. As a result, import 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 importers, the country with the highest price was India ($X per unit), while Nepal ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+12.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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