Colombia: Market for Agricultural And Forestry Tractors 2023

Market Size for Agricultural And Forestry Tractors in Colombia

The Colombian agricultural and forestry tractor market was finally on the rise to reach $X in 2021, after three years of decline. In general, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Exports of Agricultural And Forestry Tractors

Exports from Colombia

In 2021, overseas shipments of agricultural and forestry tractors decreased by -36.8% to X units for the first time since 2018, thus ending a two-year rising trend. Overall, exports, however, posted significant growth. The pace of growth appeared the most rapid in 2015 when exports increased by 833%. The exports peaked at X units in 2020, and then declined sharply in the following year.

In value terms, agricultural and forestry tractor exports plummeted to $X in 2021. In general, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 493% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Peru (X units) was the main destination for agricultural and forestry tractor exports from Colombia, accounting for a 58% share of total exports. Moreover, agricultural and forestry tractor exports to Peru exceeded the volume sent to the second major destination, the United States (X units), threefold.

From 2012 to 2021, the average annual growth rate of volume to Peru totaled +39.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (0.0% per year) and Ecuador (+19.6% per year).

In value terms, Peru ($X), Ecuador ($X) and the United States ($X) constituted the largest markets for agricultural and forestry tractor exported from Colombia worldwide.

In terms of the main countries of destination, the United States, with a CAGR of +70.0%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average agricultural and forestry tractor export price amounted to $X per unit, picking up by 8.6% against the previous year. Over the period under review, the export price, however, recorded a perceptible setback. The most prominent rate of growth was recorded in 2016 when the average export price increased by 78% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2017 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Ecuador ($X per unit), while the average price for exports to the United States ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ecuador (+8.4%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Agricultural And Forestry Tractors

Imports into Colombia

In 2021, supplies from abroad of agricultural and forestry tractors was finally on the rise to reach X units after three years of decline. Overall, imports posted a temperate increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, agricultural and forestry tractor imports skyrocketed to $X in 2021. In general, imports, however, continue to indicate a pronounced decline. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Japan (X units), Brazil (X units) and Mexico (X units) were the main suppliers of agricultural and forestry tractor imports to Colombia, together accounting for 35% of total imports. India, China, the United States, the UK and Italy lagged somewhat behind, together comprising a further 20%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the UK (with a CAGR of +20.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest agricultural and forestry tractor suppliers to Colombia were Japan ($X), Brazil ($X) and Mexico ($X), together comprising 64% of total imports. India, the United States, the UK, China and Italy lagged somewhat behind, together comprising a further 28%.

The UK, with a CAGR of +24.7%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average agricultural and forestry tractor import price stood at $X per unit in 2021, reducing by -30.7% against the previous year. Over the period under review, the import price showed a abrupt slump. The pace of growth was the most pronounced in 2015 when the average import price increased by 19%. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the UK ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the UK (+3.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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