GCC: Interchangeable Spanner Socket Market 2024

Interchangeable Spanner Socket Market Size in GCC

The GCC interchangeable spanner socket market soared to $X in 2023, increasing by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2023 and is likely to continue growth in the immediate term.

Interchangeable Spanner Socket Production in GCC

In value terms, interchangeable spanner socket production skyrocketed to $X in 2023 estimated in export price. The total production indicated pronounced growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of X%. The level of production peaked in 2023 and is expected to retain growth in the immediate term.

Interchangeable Spanner Socket Exports

Exports in GCC

In 2023, shipments abroad of interchangeable spanner sockets decreased by X% to X tons, falling for the second year in a row after two years of growth. In general, exports, however, recorded a tangible increase. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2023, the growth of the exports failed to regain momentum.

In value terms, interchangeable spanner socket exports reduced to $X in 2023. Overall, exports, however, posted a notable increase. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2023, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates dominates exports structure, reaching X tons, which was near X% of total exports in 2023. It was distantly followed by Saudi Arabia (X tons), committing a X% share of total exports. The following exporters - Bahrain (X tons) and Kuwait (X tons) - together made up X% of total exports.

From 2012 to 2023, average annual rates of growth with regard to interchangeable spanner socket exports from the United Arab Emirates stood at X%. At the same time, Kuwait (X%) and Saudi Arabia (X%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2023. By contrast, Bahrain (X%) illustrated a downward trend over the same period. While the share of Saudi Arabia (X p.p.) and Kuwait (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Bahrain (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest interchangeable spanner socket supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a X% share of total exports. It was followed by Bahrain, with an X% share.

In the United Arab Emirates, interchangeable spanner socket exports remained relatively stable over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (X% per year) and Bahrain (X% per year).

Export Prices by Country

The export price in GCC stood at $X per ton in 2023, rising by X% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of X%. The level of export peaked at $X per ton in 2020; however, from 2021 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Bahrain (X%), while the other leaders experienced more modest paces of growth.

Interchangeable Spanner Socket Imports

Imports in GCC

In 2023, approx. X tons of interchangeable spanner sockets were imported in GCC; shrinking by X% on the previous year. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2023, imports failed to regain momentum.

In value terms, interchangeable spanner socket imports reached $X in 2023. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of X%. The level of import peaked at $X in 2015; however, from 2016 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, the United Arab Emirates (X tons) was the largest importer of interchangeable spanner sockets, achieving X% of total imports. It was distantly followed by Saudi Arabia (X tons), achieving a X% share of total imports. The following importers - Kuwait (X tons) and Oman (X tons) - together made up X% of total imports.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of imports of interchangeable spanner sockets. At the same time, Oman (X%) and Kuwait (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. By contrast, Saudi Arabia (X%) illustrated a downward trend over the same period. While the share of Saudi Arabia (X p.p.) decreased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported interchangeable spanner sockets in GCC, comprising X% of total imports. The second position in the ranking was taken by Saudi Arabia ($X), with a X% share of total imports. It was followed by Kuwait, with a X% share.

In the United Arab Emirates, interchangeable spanner socket imports remained relatively stable over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (X% per year) and Kuwait (X% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2023, rising by X% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2023, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Oman ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform