Musical Instrument Strings Price in Turkey - 2023

Musical Instrument Strings Price in Turkey (CIF) - 2023

The average musical instrument strings import price stood at $1.4 per unit in September 2023, shrinking by -17.9% against the previous month. Overall, the import price saw a pronounced decrease. The growth pace was the most rapid in December 2022 an increase of 81% against the previous month. Over the period under review, average import prices hit record highs at $2.7 per unit in June 2023; however, from July 2023 to September 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In September 2023, the country with the highest price was the United States ($1.8 per unit), while the price for China ($280 per thousand units) was amongst the lowest.

From September 2022 to September 2023, the most notable rate of growth in terms of prices was attained by South Korea (-0.1%), while the prices for the other major suppliers experienced a decline.

Musical Instrument Strings Price in Turkey (FOB) - 2022

The average musical instrument strings export price stood at $1.9 per unit in 2022, surging by 484% against the previous year. Overall, the export price enjoyed a strong expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Saudi Arabia ($7.6 per unit), while the average price for exports to Iraq ($0.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+34.9%), while the prices for the other major destinations experienced more modest paces of growth.

Musical Instrument Strings Imports in Turkey

In 2022, approx. 943K units of musical instrument stringses were imported into Turkey; growing by 29% on 2021. In general, total imports indicated a strong increase from 2019 to 2022: its volume increased at an average annual rate of +10.0% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +90.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 48%. Over the period under review, imports reached the peak figure in 2022 and are likely to continue growth in the immediate term.

In value terms, musical instrument strings imports reached $1.4M in 2022. Overall, total imports indicated a slight expansion from 2019 to 2022: its value increased at an average annual rate of +1.2% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +63.9% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 54% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Import of Musical Instrument Strings in Turkey (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	807	476	797	681	-5.5%
China	141	137	211	231	17.9%
Germany	164	85.4	83.3	173	1.8%
Italy	43.7	10.4	39.0	34.9	-7.2%
South Korea	0.1	N/A	N/A	25.6	535.0%
Others	185	139	172	245	9.8%
Total	1,341	848	1,302	1,390	1.2%

Top Suppliers of Musical Instrument Strings to Turkey in 2022:

China (400.3K units)
United States (342.6K units)
Germany (111.7K units)
South Korea (23.1K units)
Italy (22.1K units)

Musical Instrument Strings Exports in Turkey

In 2022, the amount of musical instrument stringses exported from Turkey shrank dramatically to 147K units, dropping by -67.3% on the year before. Over the period under review, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 676% against the previous year. As a result, the exports attained the peak of 449K units, and then declined sharply in the following year.

In value terms, musical instrument strings exports surged to $276K in 2022. Overall, exports, however, recorded a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Export of Musical Instrument Strings in Turkey (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Saudi Arabia	47.9	55.8	N/A	135	41.3%
Qatar	N/A	2.8	3.9	42.0	287.3%
Kuwait	3.3	N/A	24.8	26.3	99.7%
Germany	9.6	11.1	12.4	23.6	35.0%
Israel	23.6	9.2	16.2	6.8	-34.0%
United Arab Emirates	N/A	4.1	6.6	4.2	1.2%
Russia	N/A	N/A	N/A	3.9	0%
Brazil	N/A	N/A	N/A	3.1	0%
Greece	4.3	2.9	8.9	2.8	-13.3%
China	N/A	N/A	11.4	2.7	-76.3%
Azerbaijan	1.1	0.2	2.9	2.3	27.9%
Netherlands	N/A	0.1	39.6	1.3	260.6%
Iraq	N/A	1.5	5.5	0.5	-42.3%
Others	0.9	6.7	12.4	21.6	188.4%
Total	90.6	94.4	145	276	45.0%