The UAE's import of parts of refrigerating or freezing equipment witnessed considerable fluctuations from 2013 to 2023. In 2023, the volume stood at 4.2118 million kilograms. Year-on-year variations highlight periods of steep decline and moderate growth, with significant drops in 2014 (-24.62%) and 2015 (-22.51%), followed by partial recovery in 2016 and 2017. The trend from 2019 showed a decline, with a brief uptick in 2021 (19.57%), but again fell modestly in 2022 (-0.75%) and 2023 (-0.74%). Looking at a longer horizon, the compound annual growth rate (CAGR) over the past five years indicates a minor negative trend of -1.16%.
The forecast for the upcoming five years shows a gradual decline, with a forecasted CAGR of -0.63%, and an overall reduction in volume by 3.1% by 2028.
Future trends to watch for:
- Technological advancements in refrigerating and freezing equipment impacting import demand.- Shifts in regulatory policies or tariffs affecting trade volumes.- Potential increases in local manufacturing capacity, reducing the necessity for imports.- Economic conditions influencing business and consumer demand for refrigerating and freezing systems.
