Q2 Import Tracker: Rising Imports Are Filling Up Warehouses
...jumped by more than 10%. For the entire group of music and audio products tracked in the report, the value of imports as measured in dollars soared 8.9% compared to the same three-month period one year ago.
For the first time ever, imports of acoustic guitars surpassed electric guitars. During the first six months of 2014 imports of acoustic guitars increased 22% to 750,202 units compared to 729,728 electric guitars. Ukuleles continue to grow in popularity, evidenced by an 18.7% increase during the first six month to 437,002 units. Factories in China continue to produce the majority of Acoustic and electric guitars, accounting for a respective 65% and 53% of all imports. Factories in Indonesia saw exports of electric guitars soar 40%.
Vertical piano imports stand 22% ahead of prior year levels, led by a 29% increase from China. Grand pianos showed a modest .3% increase for the same period, driven by a 21% increase from factories in Indonesia. For the first six months of the year, total piano imports were 17,509 units, an 11.8% increase from the year earlier period.
Imports of school music instruments are down 3.2% for the quarter and 14.8% for the year. Even at these modestly depressed levels, the total figure of 421,827 instruments is tracking near historic highs. Drums, which have been trending down for the last five years, are now up 9.9% for the year. Cymbals are flat for the quarter and down 11.6% for the year.
Imports for the pro audio category increased 8.5% for the year, driven by increases in microphones and speaker cabinets.
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