Colombia: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in Colombia

The Colombian market for oil and water paints and varnishes skyrocketed to $X in 2022, surging by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, enjoyed a modest expansion. Over the period under review, the market reached the peak level in 2022 and is likely to see gradual growth in the near future.

Exports of Oil And Water Paints And Varnishes

Exports from Colombia

In 2022, approx. X tons of oil and water paints and varnishes were exported from Colombia; waning by X% against the previous year's figure. In general, exports faced a deep slump. The pace of growth appeared the most rapid in 2021 with an increase of X%. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, exports of oil and water paints and varnishes declined rapidly to $X in 2022. Over the period under review, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports of reached the maximum at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Ecuador (X tons) was the main destination for exports of oil and water paints and varnishes from Colombia, accounting for a X% share of total exports. Moreover, exports of oil and water paints and varnishes to Ecuador exceeded the volume sent to the second major destination, Aruba (X tons), twofold. Venezuela (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Ecuador totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Aruba (X% per year) and Venezuela (X% per year).

In value terms, Ecuador ($X) emerged as the key foreign market for oil and water paints and varnishes exports from Colombia, comprising X% of total exports. The second position in the ranking was taken by Aruba ($X), with a X% share of total exports. It was followed by Panama, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Ecuador was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Aruba (X% per year) and Panama (X% per year).

Export Prices by Country

The average export price for oil and water paints and varnishes stood at $X per ton in 2022, with an increase of X% against the previous year. Overall, the export price showed strong growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to Curacao ($X per ton) was amongst the lowest.

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

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Imports of Oil And Water Paints And Varnishes

Imports into Colombia

After three years of growth, overseas purchases of oil and water paints and varnishes decreased by X% to X tons in 2022. Overall, imports, however, saw a slight expansion. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, imports reached the peak of X tons, and then reduced in the following year.

In value terms, imports of oil and water paints and varnishes skyrocketed to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, imports of reached the maximum at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of oil and water paints and varnishes to Colombia, accounting for a X% share of total imports. Moreover, imports of oil and water paints and varnishes from China exceeded the figures recorded by the second-largest supplier, Spain (X tons), threefold. The third position in this ranking was held by Italy (X tons), with a X% share.

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

In value terms, the United States ($X), China ($X) and Italy ($X) appeared to be the largest oil and water paints and varnishes suppliers to Colombia, together comprising X% of total imports.

Among the main suppliers, China, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for oil and water paints and varnishes amounted to $X per ton, increasing by X% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 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 the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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