Colombia: Truck Crane Market 2022

Truck Crane Market Size in Colombia

In 2021, after three years of growth, there was significant decline in the Colombian truck crane market, when its value decreased by -74.2% to $X. In general, consumption faced a precipitous shrinkage. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Truck Crane Exports

Exports from Colombia

In 2021, overseas shipments of truck cranes were finally on the rise to reach X units after three years of decline. Overall, exports, however, faced a abrupt setback. Over the period under review, the exports attained the maximum at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, truck crane exports skyrocketed to $X in 2021. Over the period under review, exports, however, showed a abrupt descent. Over the period under review, the exports attained the maximum at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Chile (X units) was the main destination for truck crane exports from Colombia, accounting for a 90% share of total exports. Moreover, truck crane exports to Chile exceeded the volume sent to the second major destination, India (X units), ninefold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Chile was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: India (0.0% per year) and Brazil (0.0% per year).

In value terms, India ($X) remains the key foreign market for truck crane exports from Colombia, comprising 78% of total exports. The second position in the ranking was held by Chile ($X), with a 15% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to India totaled -7.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (0.0% per year) and Brazil (0.0% per year).

Export Prices by Country

The average truck crane export price stood at $X per unit in 2021, which is down by -69.5% against the previous year. Over the period under review, the export price showed a perceptible descent. The pace of growth was the most pronounced in 2014 when the average export price increased by 149% against the previous year. The export price peaked at $X per unit in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was India ($X per unit), while the average price for exports to Chile ($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 Mexico (+334.0%), while the prices for the other major destinations experienced mixed trend patterns.

Truck Crane Imports

Imports into Colombia

After three years of growth, overseas purchases of truck cranes decreased by -70.4% to X units in 2021. Over the period under review, imports faced a abrupt slump. The most prominent rate of growth was recorded in 2020 with an increase of 108% against the previous year. Imports peaked at X units in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, truck crane imports declined dramatically to $X in 2021. Overall, imports faced a sharp downturn. The most prominent rate of growth was recorded in 2018 with an increase of 47%. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the United States (X units) constituted the largest truck crane supplier to Colombia, with a 55% share of total imports. Moreover, truck crane imports from the United States exceeded the figures recorded by the second-largest supplier, Mexico (X units), twofold. China (X units) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States amounted to -20.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+18.2% per year) and China (-13.3% per year).

In value terms, Germany ($X), the United States ($X) and China ($X) appeared to be the largest truck crane suppliers to Colombia, with a combined 91% share of total imports. Mexico lagged somewhat behind, accounting for a further 6%.

In terms of the main suppliers, Mexico, with a CAGR of +14.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average truck crane import price amounted to $X per unit, rising by 48% against the previous year. In general, the import price, however, continues to indicate a perceptible contraction. Over the period under review, average import prices reached the maximum at $X per unit in 2018; however, from 2019 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, the country with the highest price was Germany ($X per unit), while the price for Mexico ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+25.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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