Kuwait: Market for Agricultural And Forestry Tractors 2024

Market Size for Agricultural And Forestry Tractors in Kuwait

In 2022, after four years of decline, there was significant growth in the Kuwaiti agricultural and forestry tractor market, when its value increased by X% to $X. Over the period under review, consumption, however, showed a abrupt slump. Agricultural and forestry tractor consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Agricultural And Forestry Tractors in Kuwait

In value terms, agricultural and forestry tractor production reduced slightly to $X in 2022 estimated in export price. Over the period under review, production saw a abrupt contraction. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Agricultural and forestry tractor production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Agricultural And Forestry Tractors

Exports from Kuwait

After two years of growth, overseas shipments of agricultural and forestry tractors decreased by X% to X units in 2022. In general, exports recorded a abrupt downturn. The pace of growth was the most pronounced in 2020 with an increase of X%. Over the period under review, the exports hit record highs at X units in 2021, and then dropped rapidly in the following year.

In value terms, agricultural and forestry tractor exports fell remarkably to $X in 2022. Over the period under review, exports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X, and then declined notably in the following year.

Exports by Country

Saudi Arabia (X units) was the main destination for agricultural and forestry tractor exports from Kuwait, with a X% share of total exports. Moreover, agricultural and forestry tractor exports to Saudi Arabia exceeded the volume sent to the second major destination, Libya (X units), threefold. The United Arab Emirates (X units) ranked third in terms of total exports with a X% share.

From 2013 to 2022, the average annual rate of growth in terms of volume to Saudi Arabia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Libya (X% per year) and the United Arab Emirates (X% per year).

In value terms, the largest markets for agricultural and forestry tractor exported from Kuwait were the United Arab Emirates ($X), Saudi Arabia ($X) and Egypt ($X), with a combined X% share of total exports.

Among the main countries of destination, Egypt, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average agricultural and forestry tractor export price amounted to $X per unit, rising by X% against the previous year. Over the period under review, export price indicated measured growth from 2013 to 2022: its price increased at an average annual rate of X% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, agricultural and forestry tractor export price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Libya ($X per unit) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Egypt (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Agricultural And Forestry Tractors

Imports into Kuwait

Agricultural and forestry tractor imports into Kuwait dropped dramatically to X units in 2022, which is down by X% compared with 2021. In general, imports, however, recorded a pronounced expansion. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Imports peaked at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, agricultural and forestry tractor imports contracted modestly to $X in 2022. Overall, imports, however, recorded strong growth. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

China (X units), Germany (X units) and Japan (X units) were the main suppliers of agricultural and forestry tractor imports to Kuwait, together accounting for X% of total imports. Brazil, Thailand, Turkey and Poland lagged somewhat behind, together accounting for a further X%.

From 2013 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest agricultural and forestry tractor suppliers to Kuwait were Germany ($X), China ($X) and Japan ($X), with a combined X% share of total imports.

In terms of the main suppliers, China, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average agricultural and forestry tractor import price stood at $X per unit in 2022, surging by X% against the previous year. In general, import price indicated buoyant growth from 2013 to 2022: its price increased at an average annual rate of X% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is expected to retain 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 Thailand ($X per unit), while the price for Turkey ($X per unit) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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