Latin America and the Caribbean: Tufted Carpet Market 2024

Tufted Carpet Market Size in Latin America and the Caribbean

The Latin American tufted carpet market contracted to $X in 2022, falling by -2.2% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. The level of consumption peaked at $X in 2021, and then dropped slightly in the following year.

Tufted Carpet Production in Latin America and the Caribbean

In value terms, tufted carpet production stood at $X in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 12%. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Tufted Carpet Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of tufted carpets and other tufted textile floor coverings decreased by -9.5% to X square meters, falling for the third consecutive year after two years of growth. Total exports indicated slight growth from 2012 to 2022: its volume increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -26.3% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 55% against the previous year. As a result, the exports attained the peak of X square meters. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, tufted carpet exports expanded modestly to $X in 2022. Total exports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -18.4% against 2019 indices. The most prominent rate of growth was recorded in 2019 when exports increased by 43% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Mexico was the major exporting country with an export of about X square meters, which recorded 75% of total exports. It was distantly followed by Chile (X square meters), generating a 17% share of total exports. The following exporters - Panama (X square meters), Brazil (X square meters) and Paraguay (X square meters) - each resulted at a 5.9% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to tufted carpet exports from Mexico stood at +3.4%. At the same time, Paraguay (+43.1%) and Chile (+15.3%) displayed positive paces of growth. Moreover, Paraguay emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +43.1% from 2012-2022. By contrast, Brazil (-10.7%) and Panama (-15.0%) illustrated a downward trend over the same period. Mexico (+14 p.p.), Chile (+12 p.p.) and Paraguay (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Brazil and Panama saw its share reduced by -4.6% and -11.6% from 2012 to 2022, respectively.

In value terms, Mexico ($X) remains the largest tufted carpet supplier in Latin America and the Caribbean, comprising 81% of total exports. The second position in the ranking was taken by Chile ($X), with a 12% share of total exports. It was followed by Panama, with a 2.2% share.

In Mexico, tufted carpet exports expanded at an average annual rate of +6.4% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Chile (+19.9% per year) and Panama (-16.5% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per square meter, increasing by 13% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2016 an increase of 25%. The level of export peaked in 2022 and is likely to see gradual growth in the near future.

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 Mexico ($X per square meter), while Paraguay ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+4.0%), while the other leaders experienced mixed trends in the export price figures.

Tufted Carpet Imports

Imports in Latin America and the Caribbean

Tufted carpet imports reduced to X square meters in 2022, declining by -12.2% against the previous year. The total import volume increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 39%. As a result, imports reached the peak of X square meters, and then dropped in the following year.

In value terms, tufted carpet imports fell sharply to $X in 2022. Overall, imports saw a slight contraction. The pace of growth was the most pronounced in 2021 when imports increased by 26% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Mexico (X square meters) and Chile (X square meters) represented the largest importers of tufted carpets and other tufted textile floor coverings in Latin America and the Caribbean, together generating 64% of total imports. Peru (X square meters) ranks next in terms of the total imports with an 8.5% share, followed by Brazil (5.3%). Colombia (X square meters), Bolivia (X square meters), Argentina (X square meters), Guatemala (X square meters), Ecuador (X square meters) and Costa Rica (X square meters) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Guatemala (with a CAGR of +11.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constitutes the largest market for imported tufted carpets and other tufted textile floor coverings in Latin America and the Caribbean, comprising 42% of total imports. The second position in the ranking was taken by Chile ($X), with a 19% share of total imports. It was followed by Peru, with a 6.4% share.

From 2012 to 2022, the average annual growth rate of value in Mexico stood at -2.1%. The remaining importing countries recorded the following average annual rates of imports growth: Chile (+3.5% per year) and Peru (+0.4% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per square meter in 2022, reducing by -4.3% against the previous year. Overall, the import price recorded a noticeable slump. The pace of growth appeared the most rapid in 2018 an increase of 5.3%. As a result, import price reached the peak level of $X per square meter. From 2019 to 2022, the import prices remained at a lower figure.

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 Guatemala ($X per square meter), while Bolivia ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (-0.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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