Colombia: Piano Market 2024

Piano Market Size in Colombia

The Colombian piano market surged to $X in 2022, picking up 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). In general, consumption, however, saw a deep reduction. Piano consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Piano Exports

Exports from Colombia

In 2022, approx. X units of pianos and other keyboard stringed musical instruments were exported from Colombia; declining by X% compared with 2021. In general, exports, however, continue to indicate a slight expansion. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports attained the peak of X units, and then contracted markedly in the following year.

In value terms, piano exports shrank significantly to $X in 2022. Over the period under review, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports attained the peak of $X, and then fell remarkably in the following year.

Exports by Country

Guatemala (X units) was the main destination for piano exports from Colombia, with a X% share of total exports. Moreover, piano exports to Guatemala exceeded the volume sent to the second major destination, Panama (X units), threefold. The third position in this ranking was held by Curacao (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Guatemala stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (X% per year) and Curacao (X% per year).

In value terms, Panama ($X), Guatemala ($X) and Curacao ($X) constituted the largest markets for piano exported from Colombia worldwide, together accounting for X% of total exports.

Curacao, with a CAGR of X.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average piano export price amounted to $X per unit, growing by X% against the previous year. Over the period under review, the export price showed a significant increase. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Panama ($X per unit), while the average price for exports to Aruba ($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 Curacao (X.0%), while the prices for the other major destinations experienced more modest paces of growth.

Piano Imports

Imports into Colombia

In 2022, the amount of pianos and other keyboard stringed musical instruments imported into Colombia soared to X units, jumping by X% against 2021. Overall, imports, however, faced a abrupt decline. The most prominent rate of growth was recorded in 2014 with an increase of X%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, piano imports skyrocketed to $X in 2022. In general, imports, however, continue to indicate a abrupt slump. The growth pace was the most rapid in 2014 when imports increased by X%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Indonesia (X units), China (X units) and the United States (X units) were the main suppliers of piano imports to Colombia, with a combined X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of X%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Indonesia ($X) constituted the largest supplier of pianos and other keyboard stringed musical instruments to Colombia, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports. It was followed by Japan, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Indonesia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Japan (X% per year).

Import Prices by Country

The average piano import price stood at $X per unit in 2022, which is down by X% against the previous year. Over the period under review, import price indicated a measured increase 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, piano import price decreased by X% against 2019 indices. The pace of growth appeared the most rapid in 2015 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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