In 2021, after five years of growth, there was significant decline in the Saudi market for pulley tackle and hoists powered by an electric motor, when its value decreased by -X% to $X. In general, consumption, however, posted a remarkable increase. Consumption of peaked at $X in 2020, and then declined in the following year.
In value terms, production of pulley tackle and hoists powered by an electric motor declined to $X in 2021 estimated in export price. Overall, production, however, posted buoyant growth. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, production of hit record highs at $X in 2020, and then contracted in the following year.
Overseas shipments of electric motor-driven pulley blocks and cranes increased by X% to X units in 2021, the second consecutive year of growth after five years of decline. Exports showed resilient growth during the reporting period. The growth rate was most pronounced in 2013, with exports increasing by X%. In 2014, the export volume reached the peak value of X units; however, from 2015 to 2021, the export value decreased slightly.
In terms of value, 2021 exports of electric pulley blocks and cranes dropped significantly to X dollars. Overall, exports showed elastic growth. The growth rate was most notable in 2017, with an increase of X% compared to the previous year. During the reporting period, exports from China peaked at USD X in 2020 before shrinking sharply the following year.
El Emiratos Árabes Unidos (X units) is the main destination for Arabia Saudita's electric pulley blocks and cranes exports, accounting for X% of the total exports. In addition, the number of pulley blocks and electric hoists exported to the United Arab Emirates more than doubled to the second-largest destination, Bahrain (Taiwan X).
From 2012 to 2021, the United Arab Emirates will grow at an average annual rate of +X%. The average annual growth rate of exports to other major destinations is as follows: Bahrain (+X% per annum) and Alemania (-X% per annum).
In value terms, Bahrain ($X), United Arab Emirates ($X) and Germany ($X, respectively) are the world's largest pulley blocks and electric motor driven cranes exported by Saudi Arabia markets, together accounting for X% of total exports. With a CAGR of +X% during the reporting period, Germany recorded the highest export value growth rate among the major destination countries, while other countries experienced relatively modest export growth rates.
In 2021, the number of pulley blocks and cranes driven by electric motors imported into Saudi Arabia was less than X units, roughly reflecting the previous year's situation. Overall, imports continued to show a relatively flat trend.
In terms of value, in 2021, imports of electric pulley blocks and cranes fell to X dollars. Imports showed resilient growth during the period under review. The fastest growth was seen in 2014, with imports up X% over the previous year. As a result, imports peaked at $X. From 2015 to 2021, import growth fails to regain momentum.
In value terms, Bahrain, the United Arab Emirates and Germany were the largest markets for pulley tackle and hoists powered by an electric motor exported from Saudi Arabia worldwide, with a combined 95% share of total exports.
The average export price for pulley tackle and hoists powered by an electric motor stood at $63 per unit in 2021, waning by -60.7% against the previous year.
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