Latin America and the Caribbean: Shipping Market 2024

Shipping Market Size in Latin America and the Caribbean

In 2022, the Latin American shipping market decreased by X% to $X, falling for the second consecutive year after three years of growth. In general, consumption, however, recorded a abrupt contraction. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Shipping Production in Latin America and the Caribbean

In value terms, shipping production rose modestly to $X in 2022 estimated in export price. The total output value 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 throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

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Shipping Exports

Exports in Latin America and the Caribbean

In 2022, exports of ships, vessels, ferry-boats for the transport of persons in Latin America and the Caribbean surged to X units, increasing by X% on the year before. Over the period under review, exports recorded significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, shipping exports reduced rapidly to $X in 2022. Overall, exports recorded buoyant growth. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Trinidad and Tobago (X units) represented the key exporter of ships, vessels, ferry-boats for the transport of persons in Latin America and the Caribbean, mixing up X% of total export.

Trinidad and Tobago was also the fastest-growing in terms of the ships, vessels, ferry-boats for the transport of persons exports, with a CAGR of X% from 2012 to 2022. From 2012 to 2022, the share of Trinidad and Tobago increased by X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Trinidad and Tobago ($X) also remains the largest shipping supplier in Latin America and the Caribbean.

In Trinidad and Tobago, shipping exports increased at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2022, reducing by X% against the previous year. In general, the export price saw a abrupt curtailment. The most prominent rate of growth was recorded in 2018 an increase of X%. The level of export peaked at $X,291 per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Trinidad and Tobago.

From 2012 to 2022, the rate of growth in terms of prices for Trinidad and Tobago amounted to X% per year.

Shipping Imports

Imports in Latin America and the Caribbean

Shipping imports skyrocketed to X units in 2022, rising by X% on the previous year's figure. In general, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. The volume of import peaked at X units in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, shipping imports declined significantly to $X in 2022. Overall, imports, however, continue to indicate a deep setback. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Bahamas (X units) was the largest importer of ships, vessels, ferry-boats for the transport of persons, creating X% of total imports. It was distantly followed by Trinidad and Tobago (X units), Ecuador (X units), British Virgin Islands (X units) and Saint Lucia (X units), together comprising a X% share of total imports. The following importers - Venezuela (X units) and Saint Vincent and the Grenadines (X units) - each amounted to a X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Trinidad and Tobago (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, British Virgin Islands ($X) constitutes the largest market for imported ships, vessels, ferry-boats for the transport of persons in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was taken by Trinidad and Tobago ($X), with a X% share of total imports. It was followed by Ecuador, with a X% share.

In British Virgin Islands, shipping imports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Trinidad and Tobago (X% per year) and Ecuador (X% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X,821 per unit in 2022, dropping by X% against the previous year. In general, the import price recorded a abrupt downturn. The most prominent rate of growth was recorded in 2016 an increase of X% against the previous year. Over the period under review, import prices attained the maximum at $X,321 per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was British Virgin Islands ($X,383 per unit), while Saint Lucia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Trinidad and Tobago (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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