Price for Tractors; (Other than Tractors of Heading No 8709) in Australia - 2024

Contents:

1. Price for Tractors; (Other than Tractors of Heading No 8709) in Australia (CIF) - 2024
2. Price for Tractors; (Other than Tractors of Heading No 8709) in Australia (FOB) - 2022
3. Imports of Tractors; (Other than Tractors of Heading No 8709) in Australia
4. Exports of Tractors; (Other than Tractors of Heading No 8709) in Australia

Price for Tractors; (Other than Tractors of Heading No 8709) in Australia (CIF) - 2024

In December 2023, the average import price for tractors; (other than tractors of heading no 8709)s amounted to $86,039 per unit, therefore, remained relatively stable against the previous month. In general, import price indicated a moderate expansion from January 2023 to December 2023: its price increased at an average monthly rate of +4.5% over the last eleven-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on December 2023 figures, import price for tractors; (other than tractors of heading no 8709)s increased by +41.3% against June 2023 indices. The most prominent rate of growth was recorded in February 2023 when the average import price increased by 32% against the previous month. Over the period under review, average import prices hit record highs in December 2023.

Prices varied noticeably by the country of origin: the country with the highest price was the United States ($211K per unit), while the price for South Korea ($13,602 per unit) was amongst the lowest.

From January 2023 to December 2023, the most notable rate of growth in terms of prices was attained by Poland (+26.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Tractors; (Other than Tractors of Heading No 8709) in Australia (FOB) - 2022

The average export price for tractors; (other than tractors of heading no 8709)s stood at $65,155 per unit in 2022, picking up by 81% against the previous year. Overall, the export price posted a significant increase. The growth pace was the most rapid in 2016 when the average export price increased by 87%. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was New Zealand ($113,532 per unit), while the average price for exports to Belgium ($3,151 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Fiji (+84.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tractors; (Other than Tractors of Heading No 8709) in Australia

In 2022, approx. 31K units of tractors; (other than tractors of heading no 8709)s were imported into Australia; jumping by 19% against the previous year. In general, total imports indicated significant growth from 2019 to 2022: its volume increased at an average annual rate of +22.1% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +82.0% against 2019 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 38%. Over the period under review, imports of reached the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, imports of tractors; (other than tractors of heading no 8709)s rose sharply to $1.5B in 2022. Over the period under review, total imports indicated a buoyant expansion from 2019 to 2022: its value increased at an average annual rate of +19.2% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +69.3% against 2019 indices. The growth pace was the most rapid in 2021 with an increase of 46% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

Top Suppliers of Tractors; (Other than Tractors of Heading No 8709) to Australia in 2022:

1. Japan (6.0K units)
2. United States (5.0K units)
3. South Korea (3.2K units)
4. Germany (3.1K units)
5. India (2.7K units)
6. China (2.4K units)
7. Italy (1.4K units)
8. France (1.3K units)
9. United Kingdom (1.1K units)
10. Netherlands (0.9K units)
11. Turkey (0.8K units)
12. Austria (0.6K units)
13. Thailand (0.6K units)

Exports of Tractors; (Other than Tractors of Heading No 8709) in Australia

For the third year in a row, Australia recorded decline in overseas shipments of tractors; (other than tractors of heading no 8709)s, which decreased by -21% to 967 units in 2022. Overall, exports showed a significant decrease. The smallest decline of -15.9% was in 2021. The exports peaked at 3K units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, exports of tractors; (other than tractors of heading no 8709)s surged to $63M in 2022. Over the period under review, total exports indicated a noticeable increase from 2019 to 2022: its value increased at an average annual rate of +3.1% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +90.5% against 2020 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Top Export Markets for Tractors; (Other than Tractors of Heading No 8709) from Australia in 2022:

1. New Zealand (488.0 units)
2. Papua New Guinea (80.0 units)
3. Canada (57.0 units)
4. Chile (55.0 units)
5. Fiji (43.0 units)
6. Belgium (36.0 units)
7. Philippines (33.0 units)
8. United Kingdom (32.0 units)
9. Vanuatu (22.0 units)
10. Kiribati (17.0 units)
11. United States (14.0 units)
12. Croatia (12.0 units)

Source: IndexBox Market Intelligence Platform