United Kingdom: Knitting Machines Market 2024

Knitting Machines Market Size in the UK

The UK knitting machines market skyrocketed to $X in 2021, picking up by 470% against the previous year. Overall, consumption continues to indicate a strong increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Knitting Machines Production in the UK

In value terms, knitting machines production declined modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 7.2% against the previous year. Knitting machines production peaked at $X in 2020, and then reduced in the following year.

Knitting Machines Exports

Exports from the UK

In 2021, exports of knitting machineses from the UK fell markedly to X units, dropping by -59.8% compared with the previous year. In general, exports recorded a abrupt decline. The growth pace was the most rapid in 2019 when exports increased by 186% against the previous year. Over the period under review, the exports reached the maximum at X units in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, knitting machines exports declined notably to $X in 2021. Over the period under review, exports showed a deep slump. The most prominent rate of growth was recorded in 2014 when exports increased by 30% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

The United States (X units), Sweden (X units) and China (X units) were the main destinations of knitting machines exports from the UK, with a combined 51% share of total exports. These countries were followed by Germany, Norway, Tanzania, Gibraltar, Italy, Ireland, Turkey, the Czech Republic, France and Lithuania, which together accounted for a further 33%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Tanzania (with a CAGR of +108.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for knitting machines exported from the UK were Italy ($X), Turkey ($X) and Tanzania ($X), together comprising 22% of total exports.

Tanzania, with a CAGR of +251.1%, recorded 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

The average knitting machines export price stood at $X per unit in 2021, growing by 48% against the previous year. Over the period under review, the export price continues to indicate a resilient expansion. The pace of growth appeared the most rapid in 2014 when the average export price increased by 203% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Italy ($X per unit), while the average price for exports to Gibraltar ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Tanzania (+69.8%), while the prices for the other major destinations experienced more modest paces of growth.

Knitting Machines Imports

Imports into the UK

In 2021, approx. X units of knitting machineses were imported into the UK; jumping by 99% on the year before. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 288% against the previous year. Over the period under review, imports hit record highs at X units in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, knitting machines imports contracted sharply to $X in 2021. Overall, imports, however, recorded a slight contraction. The most prominent rate of growth was recorded in 2018 with an increase of 31%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of knitting machines to the UK, with a 71% share of total imports. Moreover, knitting machines imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), sevenfold. The third position in this ranking was taken by Vietnam (X units), with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-0.2% per year) and Vietnam (+56.6% per year).

In value terms, Japan ($X) constituted the largest supplier of knitting machineses to the UK, comprising 47% of total imports. The second position in the ranking was taken by China ($X), with a 16% share of total imports. It was followed by Taiwan (Chinese), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan totaled -2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+7.7% per year) and Taiwan (Chinese) (+8.2% per year).

Import Prices by Country

In 2021, the average knitting machines import price amounted to $X per unit, falling by -63.8% against the previous year. Over the period under review, the import price saw a pronounced setback. The pace of growth appeared the most rapid in 2013 when the average import price increased by 454%. As a result, import price attained the peak level of $X per unit. From 2014 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+18.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform