Iraq: Interchangeable Tool Market 2024

Interchangeable Tool Market Size in Iraq

The Iraqi interchangeable tool market shrank to $X in 2022, dropping by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a pronounced descent. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Interchangeable Tool Exports

Exports from Iraq

In 2022, the amount of interchangeable tools for hand tools exported from Iraq fell to X tons, declining by X% compared with the previous year. Overall, exports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, interchangeable tool exports soared to $X in 2022. Over the period under review, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2018 with an increase of X%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Turkey (X tons) was the main destination for interchangeable tool exports from Iraq, with a X% share of total exports. Moreover, interchangeable tool exports to Turkey exceeded the volume sent to the second major destination, Iran (X tons), fourfold. The Netherlands (X kg) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Turkey stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (X% per year) and the Netherlands (X% per year).

In value terms, Iran ($X), the United States ($X) and Turkey ($X) appeared to be the largest markets for interchangeable tool exported from Iraq worldwide, together accounting for X% of total exports. Saudi Arabia, the Netherlands, Germany and Spain lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, the Netherlands, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average interchangeable tool export price stood at $X per ton in 2022, picking up by X% against the previous year. Overall, the export price, however, continues to indicate a deep setback. The pace of growth appeared the most rapid in 2014 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per ton), while the average price for exports to Turkey ($X per ton) was amongst the lowest.

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

Interchangeable Tool Imports

Imports into Iraq

In 2022, interchangeable tool imports into Iraq reduced to X tons, waning by X% against the previous year. Over the period under review, imports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2017 with an increase of X%. Imports peaked at X tons in 2021, and then contracted in the following year.

In value terms, interchangeable tool imports reduced to $X in 2022. In general, imports recorded a deep contraction. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of interchangeable tool to Iraq, accounting for a X% share of total imports. Moreover, interchangeable tool imports from China exceeded the figures recorded by the second-largest supplier, the United Arab Emirates (X tons), threefold. The United States (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and the United States (X% per year).

In value terms, China ($X), the United Arab Emirates ($X) and the United States ($X) constituted the largest interchangeable tool suppliers to Iraq, together comprising X% of total imports. Turkey and Germany lagged somewhat behind, together comprising a further X%.

Among the main suppliers, Germany, with a CAGR of X%, saw the highest rates of growth with regard to 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 interchangeable tool import price stood at $X per ton in 2022, flattening at the previous year. In general, the import price faced a deep reduction. The growth pace was the most rapid in 2017 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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