Musical Instrument Strings Price in Mexico - 2023

Musical Instrument Strings Price in Mexico (CIF) - 2023

The average musical instrument strings import price stood at $2.8 per unit in August 2023, leveling off at the previous month. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in July 2023 when the average import price increased by 14% month-to-month. Over the period under review, average import prices reached the maximum at $2.8 per unit in January 2023; afterwards, it flattened through to August 2023.

Average prices varied noticeably amongst the major supplying countries. In August 2023, the country with the highest price was the United States ($2.8 per unit), while the price for China ($2.8 per unit) was amongst the lowest.

From January 2023 to August 2023, the most notable rate of growth in terms of prices was attained by the United States (0.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Musical Instrument Strings Price in Mexico (FOB) - 2022

The average musical instrument strings export price stood at $0.7 per unit in 2022, reducing by -76.5% against the previous year. Overall, the export price saw a deep setback. The most prominent rate of growth was recorded in 2015 when the average export price increased by 41% against the previous year. Over the period under review, the average export prices hit record highs at $4.7 per unit in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to -1.1% per year.

Musical Instrument Strings Imports in Mexico

In 2022, the amount of musical instrument stringses imported into Mexico expanded significantly to 1.5M units, picking up by 12% on 2021 figures. In general, imports, however, recorded a slight downturn. Over the period under review, imports reached the peak figure at 1.6M units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, musical instrument strings imports dropped to $3.7M in 2022. The total import value increased at an average annual rate of +3.9% from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 31%. As a result, imports attained the peak of $3.7M, leveling off in the following year.

Import of Musical Instrument Strings in Mexico (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	2.7	2.4	3.3	3.2	5.8%
China	0.4	0.3	0.3	0.4	0.0%
Others	0.3	0.2	0.1	0.1	-30.7%
Total	3.3	2.8	3.7	3.7	3.9%

Top Suppliers of Musical Instrument Strings to Mexico in 2022:

United States (1308.8K units)
China (164.4K units)

Musical Instrument Strings Exports in Mexico

In 2022, overseas shipments of musical instrument stringses were finally on the rise to reach 2.4M units for the first time since 2019, thus ending a two-year declining trend. In general, exports recorded significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, musical instrument strings exports surged to $1.7M in 2022. Over the period under review, exports, however, saw a significant contraction. The exports peaked at $3.5M in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.