Peru: Base Metal Hook Market 2023

Base Metal Hook Market Size in Peru

The Peruvian base metal hook market soared to $X in 2021, jumping by 40% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, saw a mild contraction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Base Metal Hook Exports

Exports from Peru

In 2021, the amount of base metal hooks, eyes and eyelets exported from Peru soared to X tons, rising by 31% compared with 2020 figures. In general, exports, however, faced a dramatic setback. The most prominent rate of growth was recorded in 2019 with an increase of 53% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, base metal hook exports soared to $X in 2021. Overall, exports, however, recorded a sharp downturn. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Ecuador (X tons) was the main destination for base metal hook exports from Peru, with a 71% share of total exports. Moreover, base metal hook exports to Ecuador exceeded the volume sent to the second major destination, Venezuela (X kg), fivefold. Chile (X kg) ranked third in terms of total exports with an 8.3% share.

From 2012 to 2021, the average annual growth rate of volume to Ecuador stood at +6.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (+44.2% per year) and Chile (+43.7% per year).

In value terms, Ecuador ($X) remains the key foreign market for base metal hook exports from Peru, comprising 59% of total exports. The second position in the ranking was taken by Venezuela ($X), with a 22% share of total exports. It was followed by Panama, with a 9% share.

From 2012 to 2021, the average annual growth rate of value to Ecuador stood at -5.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (+25.2% per year) and Panama (+65.9% per year).

Export Prices by Country

In 2021, the average base metal hook export price amounted to $X per ton, rising by 22% against the previous year. Overall, export price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 an increase of 42%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Panama ($X per ton), while the average price for exports to Chile ($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 (+12.5%), while the prices for the other major destinations experienced mixed trend patterns.

Base Metal Hook Imports

Imports into Peru

In 2021, overseas purchases of base metal hooks, eyes and eyelets increased by 42% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, continue to indicate a slight reduction. The most prominent rate of growth was recorded in 2018 when imports increased by 65%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, base metal hook imports skyrocketed to $X in 2021. In general, imports, however, continue to indicate a pronounced decrease. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) was the main supplier of base metal hook to Peru, accounting for a 91% share of total imports. Moreover, base metal hook imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. The third position in this ranking was taken by Germany (X tons), with a 1.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-0.4% per year) and Germany (-16.9% per year).

In value terms, China ($X) constituted the largest supplier of base metal hook to Peru, comprising 68% of total imports. The second position in the ranking was taken by the United States ($X), with a 16% share of total imports. It was followed by Germany, with a 2.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-4.5% per year) and Germany (-8.6% per year).

Import Prices by Country

The average base metal hook import price stood at $X per ton in 2021, which is down by -2.1% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average import price increased by 15%. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+17.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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