Iraq: Bicycle Market 2022

Bicycle Market Size in Iraq

In 2021, the Iraqi bicycle market decreased by -18.3% to $X for the first time since 2018, thus ending a two-year rising trend. In general, consumption, however, enjoyed a resilient increase. As a result, consumption reached the peak level of $X, and then dropped markedly in the following year.

Bicycle Production in Iraq

In value terms, bicycle production contracted slightly to $X in 2021 estimated in export price. Over the period under review, production, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2013 with an increase of 151% against the previous year. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Bicycle Exports

Exports from Iraq

In 2021, shipments abroad of bicycles and other cycles decreased by -60% to X units for the first time since 2016, thus ending a four-year declining trend. In general, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 50%. Over the period under review, the exports attained the maximum at X units in 2020, and then dropped dramatically in the following year.

In value terms, bicycle exports fell notably to $X in 2021. Overall, exports, however, posted a significant expansion. The growth pace was the most rapid in 2020 with an increase of 2,008% against the previous year. As a result, the exports attained the peak of $X, and then declined markedly in the following year.

Exports by Country

The Netherlands (X units) was the main destination for bicycle exports from Iraq, with a approx. 100% share of total exports.

From 2015 to 2021, the average annual rate of growth in terms of volume to the Netherlands totaled +26.0%.

In value terms, the Netherlands ($X) also remains the key foreign market for bicycle exports from Iraq.

From 2015 to 2021, the average annual growth rate of value to the Netherlands amounted to +24.3%.

Export Prices by Country

The average bicycle export price stood at $X per unit in 2021, surging by 31% against the previous year. In general, the export price showed significant growth. The most prominent rate of growth was recorded in 2017 an increase of 206%. Over the period under review, the average export prices reached the peak figure in 2021 and is likely to see gradual growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for the Netherlands.

From 2015 to 2021, the rate of growth in terms of prices for the Netherlands amounted to -1.3% per year.

Bicycle Imports

Imports into Iraq

In 2021, overseas purchases of bicycles and other cycles decreased by -17.8% to X units for the first time since 2018, thus ending a two-year rising trend. In general, imports, however, recorded a resilient increase. The growth pace was the most rapid in 2020 with an increase of 94% against the previous year. As a result, imports reached the peak of X units, and then contracted markedly in the following year.

In value terms, bicycle imports dropped markedly to $X in 2021. Over the period under review, total imports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +53.3% against 2018 indices. The growth pace was the most rapid in 2020 when imports increased by 60%. As a result, imports reached the peak of $X, and then contracted sharply in the following year.

Imports by Country

In 2021, China (X units) constituted the largest supplier of bicycle to Iraq, with a 68% share of total imports. Moreover, bicycle imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X units), fivefold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +21.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (+4.6% per year) and Japan (+21.3% per year).

In value terms, China ($X) constituted the largest supplier of bicycle to Iraq, comprising 85% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with an 8.4% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +8.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (-4.3% per year) and Japan (+0.3% per year).

Import Prices by Country

In 2021, the average bicycle import price amounted to $X per unit, remaining constant against the previous year. Over the period under review, the import price saw a abrupt contraction. The pace of growth appeared the most rapid in 2018 when the average import price increased by 8.1%. Over the period under review, average import prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was China ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-8.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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