Analysis and Studies - Products analysis

Grand Pianos: import and export

The ancestor of piano is the harpsicord: it was not able to play different tones of volume, hence in 1709 the Italian harpsicord maker Bartolomeo Cristofori invented the piano. This new instrument was initially called “gravicembalo col piano e forte” (keyboard instrument that’s soft and loud), which was shortened to “fortepiano” or “pianoforte.” Despite their resemblance, pianos differ significantly from harpsichords: modern technological advancements and engineering have made pianos more durable and robust, allowing them to retain their vibrant sound for many years.

Grand pianos come in various sizes, with the concert grand being preferred by composers and performers for its superior sound quality. In contrast, the baby grand is a popular choice for home use due to its smaller size.

In 2022, grand pianos were the world's 2978th most traded product, with a total trade of $477M. 

 In 2022 the most important exporter was Germany with a trade of $145M, ahead of Japan ($142M), Indonesia ($54.3M), China ($32.1M), and United States ($28.3M). Whereas the country which imported grand pianos the most was China with a trade of $107M, followed by United States ($82M), Germany ($32M), Canada ($29.8M), and United Kingdom ($21.9M).

These trade dynamics highlight the interconnectedness of global trade, showcasing substantial flows between continents. Europe, Asia, and North America are closely linked, with major economies such as Germany, Japan, China, and the United States serving as essential hubs in the global economic system.

This intercontinental trade network promotes economic growth and stability by broadening trade relationships and minimizing reliance on any single region.

  1. Germany (30.4%): 33.2% China, 8.84% United Kingdom, 6.62% United States, 5.67% France, 4.79% Japan, 2.39% South Korea, 1.64% Canada
  2. Japan (29.7%): 28.9% China, 22.6% United States, 10.5% Germany, 6.47% Australia, 5.08% Canada, 2.66% United Kingdom, 2.44% France, 2.37% South Korea
  3. Indonesia (11.4%): 37.2% United States, 18.4% China, 8.9% Germany, 8.58% Malaysia, 3.06% United Kingdom, 2.92% Australia, 2.35% Canada, 2.25% France, 2.21% South Korea, 1.07% Brazil
  4. China (6.74%): 31.9% United States, 6.66% Hong Kong, 5.54% Japan, 5.37% Australia, 4.8% Czechia, 4.75% Germany, 4.06% Canada, 2.66% South Korea, 1.78% United Kingdom, 1.38% Brazil
  5. United States (5.93%): 55.6% Canada, 6.11% Poland, 5.85% China, 5.84% Japan, 5.27% Germany, 2.3% United Kingdom, 1.29% Brazil, 1.25% Australia, 1.02% South Korea

The portfolios demonstrate varied strategic approaches, with significant investments in stable, developed markets like Japan and Germany, indicating a strong confidence in their economic stability. Emerging markets, particularly Indonesia, also have significant allocations, reflecting optimism about growth potential.

The United States and China appear differently across the portfolios, showing a balance between cautious and moderate exposure to these major economies.

  1. China (22.5%): 44.7% Germany, 38.1% Japan, 9.28% Indonesia, 1.54% United States, 1.36% United Kingdom, 1.24% Czechia, 1.02% Italy
  2. United States (17.2%): 39% Japan, 24.6% Indonesia, 12.5% China, 11.7% Germany, 4.13% Italy, 2.1% Czechia
  3. Germany (6.72%): 46.3% Japan, 15.3% Austria, 15.1% Indonesia, 4.76% China, 4.65% United States, 4.38% Czechia, 1.91% Italy
  4. Canada (6.25%): 52.8% United States, 24.2% Japan, 7.98% Germany, 4.38% China, 4.28% Indonesia, 2.13% Czechia, 1.86% Austria, 1.13% Italy
  5. United Kingdom (4.59%): 58.5% Germany, 17.2% Japan, 7.6% Indonesia, 3.08% Poland, 2.98% United States, 2.62% China, 1.39% Czechia. 0.85% Italy

 Between 2021 and 2022 the fastest growing exporter was Indonesia with an increase of $10.9M, ahead of China ($4.17M), United States ($3.89M), Hong Kong ($1.14M), and Singapore ($1.13M).



  1. Indonesia: from $43.4M to $54.3M
  2. China: from $28M to $32.1M
  3. United States: from $24.4M to $28.3M
  4. Hong Kong: from $858k to $2M
  5. Singapore: from $1.3M to $2.43M

 Whereas as far as concerns the imports, the market which grew the fastest was in the United States with an increase of $11M, followed by Australia ($3.11M), South Korea ($3.04M), Canada ($2.87M), and Kazakhstan ($1.73M).


  1. United States: from $71M to $82M
  2. Australia: from $16.1M to $19.2M
  3. South Korea: from $9.02M to $12.1M
  4. Canada: from $26.9M to $29.8M
  5. Kazakhstan: from $416k to $2.14M