Ecuador: Base Metal Hook Market 2023

Base Metal Hook Market Size in Ecuador

In 2021, the Ecuadorian base metal hook market was finally on the rise to reach $X after three years of decline. Overall, consumption, however, showed a relatively flat trend pattern. Base metal hook consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Base Metal Hook Exports

Exports from Ecuador

In 2021, after four years of decline, there was significant growth in shipments abroad of base metal hooks, eyes and eyelets, when their volume increased by 1,509% to X kg. In general, exports, however, recorded a dramatic curtailment. Over the period under review, the exports reached the maximum at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, base metal hook exports skyrocketed to $X in 2021. Over the period under review, exports, however, faced a dramatic contraction. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

India (X kg) was the main destination for base metal hook exports from Ecuador, with a 85% share of total exports. Moreover, base metal hook exports to India exceeded the volume sent to the second major destination, China (X kg), more than tenfold. The third position in this ranking was held by Peru (X kg), with a 2.3% share.

From 2012 to 2021, the average annual growth rate of volume to India stood at -10.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+8.0% per year) and Peru (-44.1% per year).

In value terms, India ($X) remains the key foreign market for base metal hook exports from Ecuador, comprising 95% of total exports. The second position in the ranking was taken by Chile ($X), with a 1.5% share of total exports. It was followed by China, with a 1.5% share.

From 2012 to 2021, the average annual growth rate of value to India stood at -16.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (0.0% per year) and China (-27.1% per year).

Export Prices by Country

The average base metal hook export price stood at $X per ton in 2021, declining by -29.2% against the previous year. In general, the export price recorded a abrupt setback. The growth pace was the most rapid in 2017 when the average export price increased by 72%. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was India ($X per ton), while the average price for exports to Peru ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Colombia (+51.0%), while the prices for the other major destinations experienced a decline.

Base Metal Hook Imports

Imports into Ecuador

In 2021, overseas purchases of base metal hooks, eyes and eyelets were finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports, however, saw a perceptible decline. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, base metal hook imports surged to $X in 2021. Overall, imports showed a relatively flat trend pattern. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest base metal hook supplier to Ecuador, accounting for a 85% share of total imports. Moreover, base metal hook imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), more than tenfold. The third position in this ranking was held by Hong Kong SAR (X tons), with a 2.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-4.1% per year) and Hong Kong SAR (-3.5% per year).

In value terms, China ($X) constituted the largest supplier of base metal hook to Ecuador, comprising 59% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 20% share of total imports. It was followed by Colombia, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-1.0% per year) and Colombia (+3.7% per year).

Import Prices by Country

In 2021, the average base metal hook import price amounted to $X per ton, rising by 16% against the previous year. Over the last nine years, it increased at an average annual rate of +2.2%. The pace of growth appeared the most rapid in 2014 an increase of 18% against the previous year. The import price peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Colombia ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+9.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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