Colombia: Permanent Magnet Market 2024

Permanent Magnet Market Size in Colombia

The Colombian permanent magnet market rose remarkably 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). Over the period under review, the total consumption indicated a resilient increase from 2012 to 2022: its value 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, consumption increased by X% against 2020 indices. Permanent magnet consumption peaked in 2022 and is expected to retain growth in the near future.

Permanent Magnet Exports

Exports from Colombia

In 2022, permanent magnet exports from Colombia surged to X tons, growing by X% against the previous year. Over the period under review, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, permanent magnet exports skyrocketed to $X in 2022. Overall, exports recorded a resilient increase. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Ecuador (X tons) was the main destination for permanent magnet exports from Colombia, accounting for a X% share of total exports. Moreover, permanent magnet exports to Ecuador exceeded the volume sent to the second major destination, Argentina (X tons), tenfold. Chile (X tons) 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 Ecuador stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Argentina (X% per year) and Chile (X% per year).

In value terms, Ecuador ($X) remains the key foreign market for permanent magnets exports from Colombia, comprising X% of total exports. The second position in the ranking was taken by Argentina ($X), with a X% share of total exports. It was followed by the United States, with a X% share.

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

Export Prices by Country

The average permanent magnet export price stood at $X per ton in 2022, growing by X% against the previous year. In general, the export price posted resilient growth. The most prominent rate of growth was recorded in 2018 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Libya ($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 Argentina (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Permanent Magnet Imports

Imports into Colombia

Permanent magnet imports into Colombia rose slightly to X tons in 2022, surging by X% against the previous year. Overall, total imports indicated a buoyant expansion from 2012 to 2022: its volume 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, imports increased by X% against 2017 indices. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in the near future.

In value terms, permanent magnet imports expanded notably to $X in 2022. Over the period under review, total imports indicated a strong expansion from 2012 to 2022: its value 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, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2013 with an increase of X%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of permanent magnet to Colombia, accounting for a X% share of total imports. Moreover, permanent magnet imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled X%.

In value terms, China ($X) constituted the largest supplier of permanent magnets to Colombia, comprising X% of total imports. The second position in the ranking was held by Germany ($X), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China amounted to X%.

Import Prices by Country

The average permanent magnet import price stood at $X per ton in 2022, surging by X% against the previous year. Over the period under review, the import price, however, continues to indicate a slight contraction. The growth pace was the most rapid in 2017 when the average import price increased by X%. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for Germany amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (X%).

Source: IndexBox Platform

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