Ethiopia: Steel Spring Market 2024

Steel Spring Market Size in Ethiopia

The Ethiopian steel spring market rose notably to $X in 2023, with an increase of X% against the previous year. Overall, consumption saw a resilient increase. Over the period under review, the market reached the peak level at $X in 2021; however, from 2022 to 2023, consumption failed to regain momentum.

Steel Spring Production in Ethiopia

In value terms, steel spring production rose rapidly to $X in 2023 estimated in export price. Overall, production recorded a buoyant expansion. The pace of growth was the most pronounced in 2013 when the production volume increased by X%. Over the period under review, production attained the maximum level at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

Steel Spring Exports

Exports from Ethiopia

In 2023, the amount of steel springs and leaves for springs exported from Ethiopia declined slightly to X kg, with a decrease of X% compared with 2022. Over the period under review, exports recorded a deep contraction. The pace of growth appeared the most rapid in 2020 with an increase of X%. The exports peaked at X tons in 2014; however, from 2015 to 2023, the exports remained at a lower figure.

In value terms, steel spring exports fell rapidly to $X in 2023. In general, exports recorded a abrupt downturn. The pace of growth was the most pronounced in 2020 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X kg) was the main destination for steel spring exports from Ethiopia, accounting for a X% share of total exports. Moreover, steel spring exports to the United Arab Emirates exceeded the volume sent to the second major destination, Kenya (X kg), twofold. Madagascar (X kg) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to the United Arab Emirates stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kenya (X% per year) and Madagascar (X% per year).

In value terms, the United Arab Emirates ($X), Angola ($X) and Madagascar ($X) constituted the largest markets for steel spring exported from Ethiopia worldwide, together accounting for X% of total exports. Kenya, Italy, Belgium and Tanzania lagged somewhat behind, together comprising a further X%.

Kenya, with a CAGR of X%, recorded the highest rates of growth with regard to 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

In 2023, the average steel spring export price amounted to $X per ton, with a decrease of X% against the previous year. Over the period under review, the export price, however, enjoyed notable growth. The pace of growth was the most pronounced in 2022 an increase of X%. As a result, the export price reached the peak level of $X per ton, and then reduced notably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Angola ($X per ton), while the average price for exports to Kenya ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Tanzania (X%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Spring Imports

Imports into Ethiopia

In 2023, supplies from abroad of steel springs and leaves for springs increased by X% to X tons for the first time since 2020, thus ending a two-year declining trend. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2020; however, from 2021 to 2023, imports remained at a lower figure.

In value terms, steel spring imports reduced slightly to $X in 2023. In general, imports, however, saw a mild reduction. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2020; however, from 2021 to 2023, imports remained at a lower figure.

Imports by Country

In 2023, China (X tons) constituted the largest supplier of steel spring to Ethiopia, with a X% share of total imports. Moreover, steel spring imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), twofold. The third position in this ranking was taken by Turkey (X tons), with a X% share.

From 2012 to 2023, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and Turkey (X% per year).

In value terms, the largest steel spring suppliers to Ethiopia were China ($X), the United Arab Emirates ($X) and India ($X), with a combined X% share of total imports. These countries were followed by Turkey, which accounted for a further X%.

Among the main suppliers, Turkey, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average steel spring import price stood at $X per ton in 2023, waning by X% against the previous year. Overall, the import price showed a slight reduction. The pace of growth appeared the most rapid in 2017 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2023, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2023, amid the top importers, the countries with the highest prices were India ($X per ton) and the United Arab Emirates ($X per ton), while the price for Turkey ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by India (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform