Southern Asia: Interchangeable Spanner Socket Market 2024

Interchangeable Spanner Socket Market Size in Southern Asia

The South Asian interchangeable spanner socket market rose slightly to $X in 2022, increasing by 2.2% against the previous year. The market value increased at an average annual rate of +5.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2022 and is likely to see steady growth in the near future.

Interchangeable Spanner Socket Production in Southern Asia

In value terms, interchangeable spanner socket production shrank slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.3% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 40% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Interchangeable Spanner Socket Exports

Exports in Southern Asia

In 2022, exports of interchangeable spanner sockets in Southern Asia dropped to X tons, declining by -13.1% compared with the year before. In general, exports saw a pronounced reduction. The pace of growth appeared the most rapid in 2021 with an increase of 53%. The volume of export peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, interchangeable spanner socket exports totaled $X in 2022. Over the period under review, exports, however, continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2021 when exports increased by 116%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

India dominates exports structure, amounting to X tons, which was near 98% of total exports in 2022. Pakistan (X tons) followed a long way behind the leaders.

India was also the fastest-growing in terms of the interchangeable spanner sockets exports, with a CAGR of -2.4% from 2012 to 2022. Pakistan (-14.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India increased by +4.9 percentage points.

In value terms, India ($X) remains the largest interchangeable spanner socket supplier in Southern Asia, comprising 97% of total exports. The second position in the ranking was held by Pakistan ($X), with a 2.5% share of total exports.

In India, interchangeable spanner socket exports increased at an average annual rate of +6.9% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per ton, increasing by 17% against the previous year. Export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +9.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, interchangeable spanner socket export price increased by +81.5% against 2018 indices. The pace of growth was the most pronounced in 2013 when the export price increased by 72% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Pakistan ($X per ton), while India amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+14.8%).

Interchangeable Spanner Socket Imports

Imports in Southern Asia

In 2022, overseas purchases of interchangeable spanner sockets increased by 15% to X tons, rising for the second year in a row after two years of decline. In general, imports continue to indicate resilient growth. The pace of growth was the most pronounced in 2021 when imports increased by 82% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, interchangeable spanner socket imports soared to $X in 2022. Over the period under review, imports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 57%. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Imports by Country

India prevails in imports structure, finishing at X tons, which was approx. 83% of total imports in 2022. It was distantly followed by Bangladesh (X tons), constituting a 7.8% share of total imports. Pakistan (X tons), Nepal (X tons) and Sri Lanka (X tons) held a little share of total imports.

Imports into India increased at an average annual rate of +18.2% from 2012 to 2022. At the same time, Nepal (+33.7%) and Bangladesh (+10.1%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +33.7% from 2012-2022. Sri Lanka and Pakistan experienced a relatively flat trend pattern. From 2012 to 2022, the share of India and Nepal increased by +23 and +2.2 percentage points, respectively.

In value terms, India ($X) constitutes the largest market for imported interchangeable spanner sockets in Southern Asia, comprising 85% of total imports. The second position in the ranking was taken by Bangladesh ($X), with a 6.5% share of total imports. It was followed by Pakistan, with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India stood at +16.5%. The remaining importing countries recorded the following average annual rates of imports growth: Bangladesh (+7.0% per year) and Pakistan (+0.4% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2022, with an increase of 2% against the previous year. Overall, the import price, however, recorded a slight contraction. The most prominent rate of growth was recorded in 2013 when the import price increased by 25%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Nepal ($X per ton) and India ($X per ton), while Pakistan ($X per ton) and Bangladesh ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+1.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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