Latin America and the Caribbean: Sewing Machine Needle Market 2024

Sewing Machine Needle Market Size in Latin America and the Caribbean

In 2022, the Latin American sewing machine needle market increased by X% to $X, rising for the second year in a row after three years of decline. In general, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Sewing Machine Needle Production in Latin America and the Caribbean

In value terms, sewing machine needle production rose modestly to $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

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Sewing Machine Needle Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of sewing machine needles decreased by X% to X units for the first time since 2018, thus ending a three-year rising trend. In general, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X units in 2021, and then contracted sharply in the following year.

In value terms, sewing machine needle exports declined markedly to $X in 2022. Over the period under review, exports continue to indicate a noticeable shrinkage. The pace of growth was the most pronounced in 2017 with an increase of X%. The level of export peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Brazil prevails in exports structure, accounting for X units, which was near X% of total exports in 2022. It was distantly followed by Honduras (X units), creating a X% share of total exports.

Brazil experienced a relatively flat trend pattern with regard to volume of exports of sewing machine needles. At the same time, Honduras (X%) displayed positive paces of growth. Moreover, Honduras emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. While the share of Brazil (X p.p.) and Honduras (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) remains the largest sewing machine needle supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was held by Honduras ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Brazil stood at X%.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per thousand units, leveling off at the previous year. Over the period under review, the export price, however, saw a noticeable slump. The pace of growth appeared the most rapid in 2013 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per thousand units. From 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Honduras ($X per thousand units), while Brazil totaled $X per thousand units.

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

Sewing Machine Needle Imports

Imports in Latin America and the Caribbean

Sewing machine needle imports rose slightly to X units in 2022, with an increase of X% against the previous year's figure. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, sewing machine needle imports fell modestly to $X in 2022. Overall, imports, however, continue to indicate a mild downturn. The growth pace was the most rapid in 2021 with an increase of X%. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

The purchases of the three major importers of sewing machine needles, namely Mexico, Ecuador and Guatemala, represented more than half of total import. Brazil (X units) ranks next in terms of the total imports with an X% share, followed by Peru (X%), Argentina (X%) and Colombia (X%).

From 2012 to 2022, the biggest increases were recorded for Ecuador (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest sewing machine needle importing markets in Latin America and the Caribbean were Mexico ($X), Brazil ($X) and Colombia ($X), together comprising X% of total imports. Argentina, Peru, Guatemala and Ecuador lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Peru, with a CAGR of X%, saw 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 import price in Latin America and the Caribbean amounted to $X per thousand units, which is down by X% against the previous year. Over the period under review, the import price showed a perceptible downturn. The pace of growth appeared the most rapid in 2014 an increase of X%. As a result, import price attained the peak level of $X per thousand units. From 2015 to 2022, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Brazil ($X per thousand units), while Ecuador ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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