Venezuela: Machinery Electrical Parts Market 2024

Machinery Electrical Parts Market Size in Venezuela

The Venezuelan machinery electrical parts market declined to $X in 2022, falling by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Machinery Electrical Parts Production in Venezuela

In value terms, machinery electrical parts production shrank to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Machinery Electrical Parts Exports

Exports from Venezuela

In 2022, the amount of electrical parts of machinery or apparatus exported from Venezuela skyrocketed to X tons, picking up by X% against the year before. In general, exports posted a prominent increase. The growth pace was the most rapid in 2019 when exports increased by X%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, machinery electrical parts exports skyrocketed to $X in 2022. Overall, exports, however, showed a abrupt decline. The growth pace was the most rapid in 2019 when exports increased by X%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Colombia (X tons) was the main destination for machinery electrical parts exports from Venezuela, with a X% share of total exports. Moreover, machinery electrical parts exports to Colombia exceeded the volume sent to the second major destination, the United States (X kg), sixfold. Panama (X kg) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Colombia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Panama (X% per year).

In value terms, the United States ($X) remains the key foreign market for electrical parts of machinery or apparatus exports from Venezuela, comprising X% of total exports. The second position in the ranking was taken by Colombia ($X), with a X% share of total exports. It was followed by Panama, with a X% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (X% per year) and Panama (X% per year).

Export Prices by Country

In 2022, the average machinery electrical parts export price amounted to $X per ton, waning by X% against the previous year. In general, the export price recorded a abrupt slump. The pace of growth was the most pronounced in 2019 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Panama (X%), while the prices for the other major destinations experienced mixed trend patterns.

Machinery Electrical Parts Imports

Imports into Venezuela

In 2022, overseas purchases of electrical parts of machinery or apparatus increased by X% to X kg for the first time since 2016, thus ending a five-year declining trend. Over the period under review, imports, however, recorded a significant decrease. The most prominent rate of growth was recorded in 2014 with an increase of X%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, machinery electrical parts imports soared to $X in 2022. In general, imports, however, recorded a precipitous curtailment. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United States (X kg), the United Arab Emirates (X kg) and Mexico (X kg) were the main suppliers of machinery electrical parts imports to Venezuela, together comprising X% of total imports. Brazil, Germany and Taiwan (Chinese) lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Brazil (with a CAGR of X%), while imports for the other leaders experienced a decline.

In value terms, the largest machinery electrical parts suppliers to Venezuela were the United States ($X), the United Arab Emirates ($X) and Brazil ($X), with a combined X% share of total imports.

Among the main suppliers, Brazil, 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 a decline.

Import Prices by Country

The average machinery electrical parts import price stood at $X per ton in 2022, with an increase of X% against the previous year. Over the period under review, the import price, however, continues to indicate a mild descent. The growth pace was the most rapid in 2017 when the average import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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