Updated Nov 24, 2022 22:16

Steel Railway Material Market in Kuwait

Market Overview
Please note: Annual data for 2022 are preliminary and subject to revision
The Kuwaiti steel railway material market surged to $ in , rising by % 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). In general, consumption saw temperate growth. Steel railway material consumption peaked at $ in 2019; however, from to , consumption stood at a somewhat lower figure.


Consumption
Please note: Annual data for 2022 are preliminary and subject to revision
Steel railway material consumption in Kuwait fell slightly to tons in , almost unchanged from . Over the period under review, consumption, however, posted a pronounced expansion. Over the period under review, consumption reached the maximum volume at tons in , and then shrank in the following year.

The value of the steel railway material market in Kuwait stood at $ in , flattening at 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). In general, consumption, however, posted perceptible growth. Over the period under review, the market hit record highs at $ in 2019; however, from to , consumption remained at a lower figure.


Market Forecast
Please note: Annual data for 2022 are preliminary and subject to revision
The steel railway material market is expected to start a downward consumption trend over the next eight-year period. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -% for the eight-year period from to , which is projected to depress the market volume to tons by the end of .

In value terms, the market is forecast to contract with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
Please note: Annual data for 2022 are preliminary and subject to revision
Steel railway material market in Kuwait consists almost entirely of imported products. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
Please note: Annual data for 2022 are preliminary and subject to revision
Kuwait remains a net importer of steel railway material; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of tons, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.