Colombia: Wood Drilling Machine Market 2022

Wood Drilling Machine Market Size in Colombia

In 2021, the Colombian wood drilling machine market increased by 206% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption continues to indicate a buoyant expansion. Wood drilling machine consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Wood Drilling Machine Exports

Exports from Colombia

In 2021, overseas shipments of drilling or morticing machines increased by 100% to X units, rising for the seventh consecutive year after two years of decline. Over the period under review, exports enjoyed significant growth. The growth pace was the most rapid in 2017 when exports increased by 100% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, wood drilling machine exports shrank markedly to $X in 2021. In general, exports recorded a resilient expansion. The pace of growth appeared the most rapid in 2017 when exports increased by 78% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Costa Rica (X units), the Dominican Republic (X units) and Honduras (X units) were the main destinations of wood drilling machine exports from Colombia.

From 2012 to 2021, the biggest increases were in Costa Rica (with a CAGR of +121.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Costa Rica ($X) emerged as the key foreign market for wood drilling machine exports from Colombia, comprising 80% of total exports. The second position in the ranking was held by the Dominican Republic ($X), with a 19% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Costa Rica stood at +78.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+79.4% per year) and Honduras (0.0% per year).

Export Prices by Country

The average wood drilling machine export price stood at $X per unit in 2021, with a decrease of -73.4% against the previous year. In general, the export price recorded a abrupt contraction. The most prominent rate of growth was recorded in 2014 when the average export price increased by 99% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Costa Rica ($X per unit), while the average price for exports to the Dominican Republic ($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 the Dominican Republic (+28.6%), while the prices for the other major destinations experienced mixed trend patterns.

Wood Drilling Machine Imports

Imports into Colombia

After two years of decline, supplies from abroad of drilling or morticing machines increased by 232% to X units in 2021. In general, imports showed resilient growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, wood drilling machine imports soared to $X in 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 152%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X units) was the main wood drilling machine supplier to Colombia, with a 95% share of total imports. Moreover, wood drilling machine imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume from China stood at +11.4%.

In value terms, the largest wood drilling machine suppliers to Colombia were China ($X) and Italy ($X).

In terms of the main suppliers, China, with a CAGR of +15.7%, recorded the highest growth rate of the value of imports, over the period under review.

Import Prices by Country

The average wood drilling machine import price stood at $X per unit in 2021, waning by -62% against the previous year. In general, the import price showed a abrupt contraction. The growth pace was the most rapid in 2020 an increase of 94%. Over the period under review, average import prices reached the maximum at $X per unit in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Italy ($X per unit), while the price for China amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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