Pakistan hoisting equipment market shrinks to $X in 2021, down -X% YoY. There was a marked drop in consumption during the period under review. Lifting equipment consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.
In value terms, 2021 hoisting equipment production is estimated to fall to $X at export prices. Overall, production saw a severe decline. The fastest growth in 2020, with an X% increase in production. During the period under review, production hit an all-time high of $X in 2012; however, production has remained low from 2013 to 2021.
Overseas shipments of lifting equipment in 2021 fell -X% to X units for the first time since 2018, ending a two-year upward trend. Overall, there was a sudden contraction in exports. The most significant growth rate occurred in 2015, when exports increased by X%. Exports peaked at X units in 2020, before falling sharply the following year.
In terms of value, hoisting equipment exports fell rapidly to $X in 2021. Exports continued to show sharp declines during the review period. The growth rate was the most significant in 2019, with exports increasing by X% year-on-year. Exports peaked at $X in 2012; however, from 2013 to 2021, exports were at lower levels.
The United Arab Emirates (unit X) and China (unit X) are the main destinations for Pakistani hoisting equipment exports.
From 2012 to 2021, among the major destination countries, the most significant growth rate in shipments is the United Arab Emirates (CAGR of -X value, the United Arab Emirates ($X) remains the top country for lifting equipment in Pakistan The main foreign market for exports, accounting for X% of total exports. Second place is China ($X), accounting for X% of total exports.
From 2012 to 2021, the average annual growth in value to the UAE will total -X%.
Overseas purchases of lifting equipment decreased by -X% to X units in 2021, falling for the second consecutive year after three years of growth. Overall, imports are on a sharp downward trend. The most significant growth rate occurred in 2017, when imports increased by X%. During the period under review, imports peaked at X units in 2019; however, from 2020 to 2021, imports were slightly lower.
Lifting equipment imports contract sharply to $X in 2021 in value terms. Overall, imports fell slightly. The growth rate was most pronounced in 2018, when imports increased by X% year-on-year. As a result, imports peaked at X dollars. Import growth momentum failed to recover from 2019 to 2021.
New Zealand (X units), China (X units) and Saudi Arabia (X units) are the main suppliers of lifting equipment imports to Pakistan, accounting for X% of total imports. From 2012 to 2021, the largest increase was in China (+X% CAGR), while other leaders saw more modest purchase growth.
Turkey ($X) is the largest lifting equipment supplier to Pakistan by value, accounting for X% of total imports. In second place is China ($X) with X% of total imports. It was followed by New Zealand with an X% share.
From 2012 to 2021, the average annual growth rate of Turkey's value is +X%. The average annual growth rates of imports for the remaining suppliers are as follows: China (+X% per annum) and New Zealand (+X% per annum).
Turkey is Pakistan's largest supplier of lifting equipment by value, accounting for 63% of total imports. In second place is China, which accounts for 23% of total imports. It is followed by New Zealand with a share of 7.1%.
In terms of value, the United Arab Emirates remains the main foreign market for Pakistani hoisting equipment exports, accounting for 90% of total exports. In second place was China, which accounted for 9.9% of total exports.
The average export price of lifting equipment in 2021 will be US$7,591 per unit, up 269% from the previous year.
The average import price of hoisting equipment in 2021 will be US$8,956 per unit, a year-on-year increase of 91%.
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