Tanzania: Interchangeable Spanner Socket Market 2024

Interchangeable Spanner Socket Market Size in Tanzania

The Tanzanian interchangeable spanner socket market dropped notably to $X in 2022, falling by -53% 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). Overall, consumption recorded a mild downturn. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Interchangeable Spanner Socket Exports

Exports from Tanzania

In 2022, overseas shipments of interchangeable spanner sockets were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports showed a buoyant increase. The growth pace was the most rapid in 2014 with an increase of 1,207%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, interchangeable spanner socket exports soared to $X in 2022. Overall, exports continue to indicate a strong increase. The pace of growth appeared the most rapid in 2014 with an increase of 625%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Hong Kong SAR (X kg) was the main destination for interchangeable spanner socket exports from Tanzania, with a 51% share of total exports. Moreover, interchangeable spanner socket exports to Hong Kong SAR exceeded the volume sent to the second major destination, Democratic Republic of the Congo (X kg), threefold. The third position in this ranking was held by the United Arab Emirates (X kg), with a 19% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Hong Kong SAR was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Democratic Republic of the Congo (+24.9% per year) and the United Arab Emirates (0.0% per year).

In value terms, Democratic Republic of the Congo ($X) emerged as the key foreign market for interchangeable spanner sockets exports from Tanzania, comprising 91% of total exports. The second position in the ranking was held by South Africa ($X), with a 0.8% share of total exports. It was followed by Hong Kong SAR, with a 0.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Democratic Republic of the Congo stood at +61.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (-41.4% per year) and Hong Kong SAR (0.0% per year).

Export Prices by Country

In 2022, the average interchangeable spanner socket export price amounted to $X per ton, dropping by -65.4% against the previous year. In general, the export price recorded a noticeable shrinkage. The pace of growth was the most pronounced in 2020 an increase of 213% against the previous year. The export price peaked at $X per ton in 2021, and then dropped sharply in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Democratic Republic of the Congo ($X per ton), while the average price for exports to the United Arab Emirates ($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 Belgium (+251.6%), while the prices for the other major destinations experienced more modest paces of growth.

Interchangeable Spanner Socket Imports

Imports into Tanzania

After two years of growth, supplies from abroad of interchangeable spanner sockets decreased by -61.7% to X tons in 2022. Overall, imports showed a pronounced decrease. The pace of growth appeared the most rapid in 2017 with an increase of 113% against the previous year. Imports peaked at X tons in 2021, and then fell significantly in the following year.

In value terms, interchangeable spanner socket imports contracted sharply to $X in 2022. In general, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of 86%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest interchangeable spanner socket supplier to Tanzania, with a 54% share of total imports. Moreover, interchangeable spanner socket imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), threefold. The third position in this ranking was taken by India (X tons), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to -4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+0.1% per year) and India (+15.0% per year).

In value terms, China ($X) constituted the largest supplier of interchangeable spanner sockets to Tanzania, comprising 37% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 12% share of total imports. It was followed by the United States, with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +2.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-1.7% per year) and the United States (+12.6% per year).

Import Prices by Country

The average interchangeable spanner socket import price stood at $X per ton in 2022, surging by 43% against the previous year. Overall, import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +2.9% 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 import price decreased by -6.2% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the average import price increased by 58%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+7.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform