Colombia: Internal Combustion Engines Market 2024

Internal Combustion Engines Market Size in Colombia

In 2022, the Colombian internal combustion engines market increased by X% to $X for the first time since 2017, thus ending a four-year declining trend. Over the period under review, consumption continues to indicate a tangible expansion. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Internal Combustion Engines Exports

Exports from Colombia

Internal combustion engines exports from Colombia rose notably to X units in 2022, surging by X% on 2021 figures. Over the period under review, exports, however, showed a pronounced curtailment. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, internal combustion engines exports surged to $X in 2022. Overall, exports continue to indicate a measured increase. The pace of growth appeared the most rapid in 2021 with an increase of X%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for internal combustion engines exports from Colombia, accounting for a X% share of total exports. Moreover, internal combustion engines exports to the United States exceeded the volume sent to the second major destination, Belgium (X units), twofold. Spain (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (X% per year) and Spain (X% per year).

In value terms, the United States ($X) remains the key foreign market for motor vehicles compression-ignition internal combustion piston engines exports from Colombia, comprising X% of total exports. The second position in the ranking was taken by Belgium ($X), with a X% share of total exports. It was followed by France, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (X% per year) and France (X% per year).

Export Prices by Country

In 2022, the average internal combustion engines export price amounted to $X per unit, growing by X% against the previous year. Overall, export price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, internal combustion engines export price increased by X% against 2019 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per unit), while the average price for exports to Spain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to France (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Internal Combustion Engines Imports

Imports into Colombia

After two years of decline, supplies from abroad of motor vehicles compression-ignition internal combustion piston engines increased by X% to X units in 2022. In general, imports posted a prominent expansion. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, imports attained the peak of X units. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, internal combustion engines imports soared to $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, the United States (X units) constituted the largest supplier of internal combustion engines to Colombia, with a X% share of total imports. Moreover, internal combustion engines imports from the United States exceeded the figures recorded by the second-largest supplier, Canada (X units), threefold. China (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (X% per year) and China (X% per year).

In value terms, the United States ($X) constituted the largest supplier of motor vehicles compression-ignition internal combustion piston engines to Colombia, comprising X% of total imports. The second position in the ranking was held by Japan ($X), with a X% share of total imports. It was followed by Switzerland, with a X% share.

From 2012 to 2022, the average annual growth rate of value from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Switzerland (X% per year).

Import Prices by Country

The average internal combustion engines import price stood at $X per unit in 2022, growing by X% against the previous year. Over the period under review, the import price, however, showed a perceptible setback. Over the period under review, average import prices reached the maximum at $X per unit in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per unit), while the price for Canada ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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