Price for Tractors; (Other than Tractors of Heading No 8709) in the UK - 2024

Contents:

1. Price for Tractors; (Other than Tractors of Heading No 8709) in the UK (CIF) - 2022
2. Price for Tractors; (Other than Tractors of Heading No 8709) in the UK (FOB) - 2022
3. Imports of Tractors; (Other than Tractors of Heading No 8709) in the UK
4. Exports of Tractors; (Other than Tractors of Heading No 8709) in the UK

Price for Tractors; (Other than Tractors of Heading No 8709) in the UK (CIF) - 2022

In 2022, the average import price for tractors; (other than tractors of heading no 8709)s amounted to $60,211 per unit, picking up by 19% against the previous year. Overall, the import price showed resilient growth. The most prominent rate of growth was recorded in 2021 an increase of 39% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($140,808 per unit), while the price for China ($4,081 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+17.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Tractors; (Other than Tractors of Heading No 8709) in the UK (FOB) - 2022

In 2022, the average export price for tractors; (other than tractors of heading no 8709)s amounted to $18,173 per unit, jumping by 19% against the previous year. In general, export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for tractors; (other than tractors of heading no 8709)s decreased by -30.5% against 2019 indices. The pace of growth was the most pronounced in 2019 when the average export price increased by 36% against the previous year. As a result, the export price reached the peak level of $26,163 per unit. From 2020 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Belgium ($47,397 per unit), while the average price for exports to Thailand ($3,578 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 Belgium (+7.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tractors; (Other than Tractors of Heading No 8709) in the UK

In 2022, supplies from abroad of tractors; (other than tractors of heading no 8709)s increased by 20% to 47K units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, continue to indicate a deep reduction. Imports peaked at 56K units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, imports of tractors; (other than tractors of heading no 8709)s skyrocketed to $2.8B in 2022. In general, total imports indicated significant growth from 2019 to 2022: its value increased at an average annual rate of +20.6% 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 +75.6% against 2019 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Top Suppliers of Tractors; (Other than Tractors of Heading No 8709) to the UK in 2022:

1. France (10.9K units)
2. Germany (5.8K units)
3. United States (4.6K units)
4. Netherlands (4.1K units)
5. China (3.3K units)
6. Spain (3.3K units)
7. India (2.8K units)
8. Italy (2.3K units)
9. Japan (1.5K units)
10. Sweden (1.5K units)
11. Belgium (1.5K units)
12. Poland (1.3K units)
13. Austria (0.8K units)

Exports of Tractors; (Other than Tractors of Heading No 8709) in the UK

For the fourth consecutive year, the UK recorded growth in overseas shipments of tractors; (other than tractors of heading no 8709)s, which increased by 0.1% to 100K units in 2022. In general, total exports indicated a prominent expansion from 2019 to 2022: its volume increased at an average annual rate of +19.3% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +69.7% against 2019 indices. The growth pace was the most rapid in 2021 when exports increased by 41% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, exports of tractors; (other than tractors of heading no 8709)s skyrocketed to $1.8B in 2022. The total export value increased at an average annual rate of +5.6% over the period from 2019 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Top Export Markets for Tractors; (Other than Tractors of Heading No 8709) from the UK in 2022:

1. United States (17.8K units)
2. Germany (8.1K units)
3. Australia (5.8K units)
4. Ireland (5.8K units)
5. South Africa (5.0K units)
6. Belgium (5.0K units)
7. France (4.3K units)
8. Thailand (3.8K units)
9. Poland (3.3K units)
10. Netherlands (3.0K units)
11. Bulgaria (2.9K units)
12. Tanzania (2.7K units)
13. Canada (1.8K units)

Source: IndexBox Market Intelligence Platform