GCC: Plough Market 2024

Plough Market Size in GCC

The GCC plough market was finally on the rise to reach $X in 2023, after two years of decline. Overall, consumption, however, saw a perceptible descent. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2023, consumption failed to regain momentum.

Plough Production in GCC

In value terms, plough production rose to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of X%. The level of production peaked at $X in 2018; however, from 2019 to 2023, production stood at a somewhat lower figure.

Plough Exports

Exports in GCC

After four years of growth, overseas shipments of ploughs for agricultural purposes decreased by X% to X units in 2023. In general, exports, however, continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. The volume of export peaked at X units in 2022, and then plummeted in the following year.

In value terms, plough exports fell remarkably to $X in 2023. Over the period under review, exports, however, posted buoyant growth. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X units) represented roughly X% of total exports in 2023.

The United Arab Emirates was also the fastest-growing in terms of the ploughs for agricultural purposes exports, with a CAGR of X% from 2012 to 2023. The United Arab Emirates (X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest plough supplier in GCC.

In the United Arab Emirates, plough exports expanded at an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

The export price in GCC stood at $X per unit in 2023, growing by X% against the previous year. Over the period under review, the export price, however, showed a perceptible shrinkage. The pace of growth appeared the most rapid in 2017 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2018 to 2023, the export prices remained at a somewhat lower figure.

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

From 2012 to 2023, the rate of growth in terms of prices for the United Arab Emirates amounted to X% per year.

Plough Imports

Imports in GCC

For the third consecutive year, GCC recorded decline in purchases abroad of ploughs for agricultural purposes, which decreased by X% to X units in 2023. Overall, imports recorded a perceptible descent. The pace of growth appeared the most rapid in 2020 when imports increased by X% against the previous year. As a result, imports attained the peak of X units. From 2021 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, plough imports skyrocketed to $X in 2023. Over the period under review, imports saw a abrupt contraction. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2023, imports remained at a lower figure.

Imports by Country

In 2023, Oman (X units) represented the key importer of ploughs for agricultural purposes, creating X% of total imports. The United Arab Emirates (X units) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Qatar (X%). Kuwait (X units) held a relatively small share of total imports.

Oman was also the fastest-growing in terms of the ploughs for agricultural purposes imports, with a CAGR of X% from 2012 to 2023. Kuwait experienced a relatively flat trend pattern. the United Arab Emirates (X%) and Qatar (X%) illustrated a downward trend over the same period. While the share of Oman (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Qatar (X p.p.) and the United Arab Emirates (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest plough importing markets in GCC were Oman ($X), the United Arab Emirates ($X) and Qatar ($X), with a combined X% share of total imports. Kuwait lagged somewhat behind, comprising a further X%.

In terms of the main importing countries, Kuwait, 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 a decline in the imports figures.

Import Prices by Country

The import price in GCC stood at $X per unit in 2023, increasing by X% against the previous year. Overall, the import price, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2013 an increase of X%. As a result, import price attained the peak level of $X per unit. From 2014 to 2023, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kuwait ($X per unit), while Oman ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Kuwait (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform