The Luxembourg crane market fell -X% to $X in 2020, the third consecutive year of decline after two years of growth. Overall, consumption has shown a relatively flat trend pattern. The fastest growth rate in 2013, an increase of X% year-on-year. As a result, spending reached the highest level of X dollars. From 2014 to 2020, the market growth rate remained at a low level.
In 2020, overseas shipments of cranes and mobile cranes increased by X% to X units, the second consecutive year of growth after two years of decline. Overall, however, there has been a sharp decline in exports. The most significant growth rate occurred in 2019, when exports increased by X% year-on-year. During the period under review, exports peaked at X units in 2007; however, from 2008 to 2020, export figures were slightly lower.
In value terms, crane exports contracted significantly to $X in 2020. During the review period, however, exports fell sharply. In 2014, the growth rate was the fastest, with an increase of X% year-on-year. Exports peaked at $X in 2007; however, from 2008 to 2020, exports failed to regain momentum.
Singapore (X units) is the main destination for Luxembourg crane exports, accounting for X% of total exports. In addition, the number of cranes exported to Singapore exceeded three times the number exported to the second largest destination, the Netherlands (X units). Germany (X units) ranks third with X% of total exports.
From 2007 to 2020, the average annual growth rate of freight traffic to Singapore has been relatively modest. Exports to other major destinations recorded the following average annual export growth rates: Netherlands (+X% per annum) and Germany (+X% per annum).
In value terms, Germany ($X), Belgium ($X) and the Netherlands ($X) appear to be the largest markets for Luxembourg's global crane exports, together accounting for X% of total exports. Singapore lags behind, including another X major destination countries, which saw the highest export value growth rate during the review period, while the other leading countries saw more modest growth in shipments.
After two years of growth, the supply of cranes, mobile cranes from abroad in 2020 decreased by -X% to X units. During the period under review, imports continued to show a sudden plunge. The fastest growth was in 2013, with imports increasing by X% year-on-year. Imports peaked at X units in 2007; however, from 2008 to 2020, imports have remained low.
Crane imports in 2020 fell slightly to $X in value terms. Overall, imports have decreased significantly. The most significant growth rate occurred in 2013, when imports increased by X% year-on-year. Imports peaked at $X in 2008; however, from 2009 to 2020, import volumes have remained low.
In 2020, Italy (X units) was the largest crane supplier to Luxembourg, accounting for X% of total imports. In addition, the number of cranes imported from Italy was more than double the number recorded by the second largest supplier, Germany (X units).
From 2007 to 2020, the average annual growth rate of sales from Italy reached +X%. The average annual growth rates of imports for the remaining supplier countries are as follows: Germany (-X% per annum) and Belgium (-X% per annum).
By value, the largest crane suppliers to Luxembourg are Germany ($X), Belgium ($X) and Italy ($X), which together account for X% of total imports.
During the period under review, Italy's main supplier countries experienced the highest growth in the value of imports, while other leaders saw a decline in purchases.
Luxembourg's largest crane suppliers by value are Germany, Belgium and Italy, which together account for 63% of total imports.
Germany, Belgium and the Netherlands are the largest markets for Luxembourg's global crane exports by value, accounting for 97% of total exports. Singapore was slightly behind, gaining another 0.9%.
In 2020, the average export price of cranes was US$38,569 per unit, down -34.8% from the previous year.
In 2020, the average price of crane imports was $23,894 per unit, an increase of 72% over the previous year.
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