Colombia: Tyre Market 2024

Tyre Market Size in Colombia

In 2022, the Colombian tyre market increased by X% to $X, rising for the second year in a row after three years of decline. Overall, the total consumption indicated a pronounced 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. Tyre consumption peaked in 2022 and is expected to retain growth in the near future.

Tyre Production in Colombia

In value terms, tyre production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production showed a resilient expansion. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Tyre production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Tyre Exports

Exports from Colombia

In 2022, the amount of tyres exported from Colombia expanded rapidly to X units, surging by X% compared with the year before. Overall, exports, however, continue to indicate a deep reduction. The pace of growth was the most pronounced in 2017 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, tyre exports soared to $X in 2022. Over the period under review, exports, however, continue to indicate a deep reduction. The growth pace was the most rapid in 2018 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for tyre exports from Colombia, with a X% share of total exports. Moreover, tyre exports to the United States exceeded the volume sent to the second major destination, Mexico (X units), ninefold. Brazil (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 totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (X% per year) and Brazil (X% per year).

In value terms, the United States ($X) remains the key foreign market for tyres exports from Colombia, comprising X% of total exports. The second position in the ranking was held by Mexico ($X), with an X% share of total exports. It was followed by Brazil, with a X% share.

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

Export Prices by Country

The average tyre export price stood at $X per unit in 2022, jumping by X% against the previous year. In general, export price indicated a strong 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, tyre export price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2014 an increase of X%. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in years to come.

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

Tyre Imports

Imports into Colombia

Tyre imports into Colombia reduced to X units in 2022, which is down by X% against the previous year. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of X units, and then fell in the following year.

In value terms, tyre imports skyrocketed to $X in 2022. Overall, total imports indicated a mild 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 pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest supplier of tyre to Colombia, with a X% share of total imports. Moreover, tyre imports from China exceeded the figures recorded by the second-largest supplier, Brazil (X units), more than tenfold. The third position in this ranking was held by India (X units), with a X% share.

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

In value terms, China ($X) constituted the largest supplier of tyres to Colombia, comprising X% of total imports. The second position in the ranking was taken by Brazil ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

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

Import Prices by Country

In 2022, the average tyre import price amounted to $X per unit, increasing by X% against the previous year. Overall, the import price, however, showed a slight descent. Over the period under review, average import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Ecuador ($X per unit), while the price for Vietnam ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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