Venezuela: Pressure-Reducing Iron Valve Market 2023

Pressure-Reducing Iron Valve Market Size in Venezuela

In 2021, the Venezuelan pressure-reducing iron valve market was finally on the rise to reach $X for the first time since 2014, thus ending a six-year declining trend. In general, consumption, however, saw a significant curtailment. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Pressure-Reducing Iron Valve Exports

Exports from Venezuela

In 2021, shipments abroad of pressure-reducing, control, check and safety valves decreased by -29.4% to X units, falling for the second consecutive year after two years of growth. In general, exports saw a dramatic decrease. The most prominent rate of growth was recorded in 2019 when exports increased by 433% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2021, the growth of the exports remained at a lower figure.

In value terms, pressure-reducing iron valve exports reduced to $X in 2021. Over the period under review, exports faced a dramatic curtailment. The growth pace was the most rapid in 2019 when exports increased by 2,020% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Colombia (X units) was the main destination for pressure-reducing iron valve exports from Venezuela, with a 73% share of total exports. Moreover, pressure-reducing iron valve exports to Colombia exceeded the volume sent to the second major destination, Ecuador (X units), fivefold. The third position in this ranking was held by the United States (X units), with a 5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Colombia totaled -22.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (-21.9% per year) and the United States (-19.3% per year).

In value terms, Colombia ($X) remains the key foreign market for pressure-reducing iron valve exports from Venezuela, comprising 70% of total exports. The second position in the ranking was taken by Panama ($X), with a 10% share of total exports. It was followed by the United States, with a 9.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Colombia amounted to -27.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (-5.7% per year) and the United States (-21.7% per year).

Export Prices by Country

The average pressure-reducing iron valve export price stood at $X per unit in 2021, with an increase of 23% against the previous year. Overall, the export price, however, continues to indicate a deep setback. The pace of growth appeared the most rapid in 2019 when the average export price increased by 298% against the previous year. The export price peaked at $X per unit in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Trinidad and Tobago ($X per unit), while the average price for exports to Ecuador ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Panama (+20.4%), while the prices for the other major destinations experienced mixed trend patterns.

Pressure-Reducing Iron Valve Imports

Imports into Venezuela

In 2021, overseas purchases of pressure-reducing, control, check and safety valves were finally on the rise to reach X units after six years of decline. Over the period under review, imports, however, showed a dramatic slump. Over the period under review, imports reached the peak figure at X units in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, pressure-reducing iron valve imports skyrocketed to $X in 2021. In general, imports, however, faced a precipitous shrinkage. The pace of growth appeared the most rapid in 2014 with an increase of 150% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest pressure-reducing iron valve supplier to Venezuela, accounting for a 49% share of total imports. Moreover, pressure-reducing iron valve imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), twofold. South Korea (X units) ranked third in terms of total imports with a 5.6% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at -20.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-25.9% per year) and South Korea (+13.2% per year).

In value terms, the United States ($X) constituted the largest supplier of pressure-reducing iron valve to Venezuela, comprising 37% of total imports. The second position in the ranking was held by China ($X), with a 16% share of total imports. It was followed by South Korea, with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States stood at -25.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-15.4% per year) and South Korea (+22.1% per year).

Import Prices by Country

The average pressure-reducing iron valve import price stood at $X per unit in 2021, shrinking by -34.4% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of 41% against the previous year. The import price peaked at $X per unit in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Sweden ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+32.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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