Uzbekistan: Suspension System Market 2024

Suspension System Market Size in Uzbekistan

For the eleventh consecutive year, the Uzbek suspension system market recorded growth in sales value, which increased by 26% to $X in 2022. Over the period under review, consumption, however, showed significant growth. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in years to come.

Suspension System Exports

Exports from Uzbekistan

For the fourth year in a row, Uzbekistan recorded growth in shipments abroad of suspension systems, which increased by 102% to X tons in 2022. Overall, exports recorded a significant increase. The pace of growth appeared the most rapid in 2020 when exports increased by 1,734% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, suspension system exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 1,151% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Kazakhstan (X tons) was the main destination for suspension system exports from Uzbekistan, with a 56% share of total exports. Moreover, suspension system exports to Kazakhstan exceeded the volume sent to the second major destination, Russia (X tons), threefold. Ukraine (X tons) ranked third in terms of total exports with an 8.5% share.

From 2017 to 2022, the average annual growth rate of volume to Kazakhstan stood at +186.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+49.8% per year) and Ukraine (+92.2% per year).

In value terms, Kazakhstan ($X) remains the key foreign market for suspension systems exports from Uzbekistan, comprising 59% of total exports. The second position in the ranking was taken by Russia ($X), with a 23% share of total exports. It was followed by Ukraine, with a 6.1% share.

From 2017 to 2022, the average annual rate of growth in terms of value to Kazakhstan stood at +181.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+62.4% per year) and Ukraine (+104.3% per year).

Export Prices by Country

In 2022, the average suspension system export price amounted to $X per ton, growing by 9.8% against the previous year. Overall, export price indicated buoyant growth from 2017 to 2022: its price increased at an average annual rate of +7.1% over the last five years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, suspension system export price increased by +53.9% against 2020 indices. The pace of growth appeared the most rapid in 2018 an increase of 67% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Kazakhstan ($X per ton) and Russia ($X per ton), while the average price for exports to Ukraine ($X per ton) and Kyrgyzstan ($X per ton) were amongst the lowest.

From 2017 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Azerbaijan (+15.2%), while the prices for the other major destinations experienced more modest paces of growth.

Suspension System Imports

Imports into Uzbekistan

In 2022, supplies from abroad of suspension systems decreased by -0.7% to X tons for the first time since 2016, thus ending a five-year rising trend. Over the period under review, imports, however, saw a significant expansion. The growth pace was the most rapid in 2019 when imports increased by 135% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then reduced in the following year.

In value terms, suspension system imports skyrocketed to $X in 2022. Overall, imports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 208% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, South Korea (X tons) constituted the largest suspension system supplier to Uzbekistan, accounting for a 61% share of total imports. Moreover, suspension system imports from South Korea exceeded the figures recorded by the second-largest supplier, China (X tons), threefold. India (X tons) ranked third in terms of total imports with a 7.5% share.

From 2017 to 2022, the average annual growth rate of volume from South Korea stood at +44.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+7.9% per year) and India (0.0% per year).

In value terms, South Korea ($X) constituted the largest supplier of suspension systems to Uzbekistan, comprising 70% of total imports. The second position in the ranking was held by China ($X), with a 13% share of total imports. It was followed by India, with a 5.3% share.

From 2017 to 2022, the average annual growth rate of value from South Korea totaled +71.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+11.2% per year) and India (0.0% per year).

Import Prices by Country

The average suspension system import price stood at $X per ton in 2022, increasing by 31% against the previous year. In general, import price indicated a resilient increase from 2017 to 2022: its price increased at an average annual rate of +13.2% over the last five years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, suspension system import price increased by +105.1% against 2018 indices. The most prominent rate of growth was recorded in 2019 when the average import price increased by 31% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady growth in years to come.

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

From 2017 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+18.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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