Sharp Decrease in Price of Mexican Luggage to $3.5 per Unit

Mexico Luggage Import Price in April 2023

In April 2023, the luggage price amounted to $3.5 per unit (CIF, Mexico), shrinking by -23.7% against the previous month. Overall, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in September 2022 an increase of 43% against the previous month. Over the period under review, average import prices hit record highs at $4.5 per unit in March 2023, and then declined dramatically in the following month.

Prices varied noticeably by the country of origin: the country with the highest price was Cambodia ($18.3 per unit), while the price for China ($1.6 per unit) was amongst the lowest.

From April 2022 to April 2023, the most notable rate of growth in terms of prices was attained by Cambodia (+2.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Mexico Luggage Import Prices by Type

Prices varied noticeably by the product type; the product with the highest price was handbags with outer surface of leather, composition leather, or patent leather ($26.2 per unit), while the price for cases and containers; trunks, suit-cases, vanity-cases, executive-cases, brief-cases, school satchels and similar containers, with outer surface of leather, of composition leather or of patent leather ($799 per thousand units) was amongst the lowest.

From April 2022 to April 2023, the most notable rate of growth in terms of prices was attained by travel sets; for personal toilet, sewing, shoe or clothes cleaning (+19.7%), while the prices for the other products experienced more modest paces of growth.

Mexico Luggage Imports

Luggage imports into Mexico skyrocketed to 9.9M units in April 2023, with an increase of 29% against the previous month. Over the period under review, imports showed slight growth. The most prominent rate of growth was recorded in June 2022 when imports increased by 68% against the previous month. Imports peaked at 18M units in August 2022; however, from September 2022 to April 2023, imports failed to regain momentum.

In value terms, luggage imports fell slightly to $34M (IndexBox estimates) in April 2023. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in July 2022 with an increase of 28% against the previous month. Over the period under review, imports attained the maximum at 60M units in October 2022; however, from November 2022 to April 2023, imports stood at a somewhat lower figure.

Mexico Luggage Imports by Type

Handbags with outer surface of plastic sheeting or of textile materials (5.6M units), cases and containers; trunks, suit-cases, vanity-cases, executive-cases, brief-cases, school satchels and similar containers, with outer surface of plastics or of textile materials (3.1M units) and handbags with outer surface of leather, composition leather, or patent leather (459K units) were the main products of luggage imports to Mexico, with a combined 93% share of total imports. Cases and containers; trunks, suit-cases, vanity-cases, executive-cases, brief-cases, school satchels and similar containers, with outer surface of vulcanised fibre or of paperboard, cases and containers; trunks, suit-cases, vanity-cases, executive-cases, brief-cases, school satchels and similar containers, with outer surface of leather, of composition leather or of patent leather, travel sets; for personal toilet, sewing, shoe or clothes cleaning and handbags with outer surface of vulcanised fibre or of paperboard lagged somewhat behind, together accounting for a further 6.6%.

From April 2022 to April 2023, the biggest increases were in cases and containers; trunks, suit-cases, vanity-cases, executive-cases, brief-cases, school satchels and similar containers, with outer surface of leather, of composition leather or of patent leather (with a CAGR of +65.5%), while purchases for the other products experienced more modest paces of growth.

In value terms, handbags with outer surface of plastic sheeting or of textile materials ($13M), handbags with outer surface of leather, composition leather, or patent leather ($12M) and cases and containers; trunks, suit-cases, vanity-cases, executive-cases, brief-cases, school satchels and similar containers, with outer surface of plastics or of textile materials ($8.4M) appeared to be the most imported types of luggage and handbags in Mexico, with a combined 96% share of total imports. These products were followed by cases and containers; trunks, suit-cases, vanity-cases, executive-cases, brief-cases, school satchels and similar containers, with outer surface of vulcanised fibre or of paperboard, cases and containers; trunks, suit-cases, vanity-cases, executive-cases, brief-cases, school satchels and similar containers, with outer surface of leather, of composition leather or of patent leather, travel sets; for personal toilet, sewing, shoe or clothes cleaning and handbags with outer surface of vulcanised fibre or of paperboard, which together accounted for a further 3.8%.

Mexico Luggage Imports by Country

In April 2023, China (9M units) was the main supplier of luggage to Mexico, accounting for a 90% share of total imports. Moreover, luggage imports from China exceeded the figures recorded by the second-largest supplier, the United States (377K units), more than tenfold. India (201K units) ranked third in terms of total imports with a 2% share.

From April 2022 to April 2023, the average monthly rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average monthly rates of imports growth: the United States (+8.0% per month) and India (+15.3% per month).

In value terms, China ($15M) constituted the largest supplier of luggage to Mexico, comprising 43% of total imports. The second position in the ranking was held by Cambodia ($3.6M), with a 10% share of total imports. It was followed by the United States, with a 3.9% share.

From April 2022 to April 2023, the average monthly rate of growth in terms of value from China amounted to +1.2%. The remaining supplying countries recorded the following average monthly rates of imports growth: Cambodia (+17.1% per month) and the United States (+9.1% per month).

Source: IndexBox Market Intelligence Platform