Chile: Tractor Market 2024

Tractor Market Size in Chile

The Chilean tractor market shrank to $X in 2022, waning by -12.3% against the previous year. In general, the total consumption indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +111.6% against 2020 indices. As a result, consumption attained the peak level of $X, and then dropped in the following year.

Tractor Production in Chile

In value terms, tractor production reduced to $X in 2022 estimated in export price. Overall, production saw a pronounced downturn. The growth pace was the most rapid in 2015 when the production volume increased by 59% against the previous year. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Tractor Exports

Exports from Chile

In 2022, overseas shipments of tractors increased by 4.3% to X units, rising for the fourth year in a row after three years of decline. Overall, exports posted a resilient increase. The most prominent rate of growth was recorded in 2019 with an increase of 239%. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, tractor exports rose rapidly to $X in 2022. Over the period under review, exports showed a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of 111%. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in years to come.

Exports by Country

Bolivia (X units) was the main destination for tractor exports from Chile, accounting for a 43% share of total exports. Moreover, tractor exports to Bolivia exceeded the volume sent to the second major destination, Peru (X units), sixfold.

From 2012 to 2022, the average annual growth rate of volume to Bolivia stood at +27.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (+11.6% per year) and Paraguay (-22.9% per year).

In value terms, Bolivia ($X) remains the key foreign market for tractors exports from Chile, comprising 35% of total exports. The second position in the ranking was taken by Peru ($X), with a 14% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Bolivia totaled +18.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (+20.9% per year) and Paraguay (-32.8% per year).

Export Prices by Country

In 2022, the average tractor export price amounted to $X per unit, rising by 4.6% against the previous year. In general, the export price, however, showed a pronounced descent. The growth pace was the most rapid in 2016 when the average export price increased by 79%. As a result, the export price attained the peak level of $X per unit. From 2017 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Peru ($X per unit), while the average price for exports to Paraguay ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Peru (+8.4%), while the prices for the other major destinations experienced a decline.

Tractor Imports

Imports into Chile

In 2022, approx. X units of tractors were imported into Chile; remaining constant against the previous year. Overall, imports, however, posted a resilient expansion. The pace of growth appeared the most rapid in 2021 with an increase of 149%. As a result, imports attained the peak of X units, leveling off in the following year.

In value terms, tractor imports contracted remarkably to $X in 2022. In general, total imports indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +94.2% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 138% against the previous year. As a result, imports attained the peak of $X, and then shrank rapidly in the following year.

Imports by Country

Brazil (X units), China (X units) and India (X units) were the main suppliers of tractor imports to Chile, together comprising 27% of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +23.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X) constituted the largest supplier of tractors to Chile, comprising 17% of total imports. The second position in the ranking was held by Germany ($X), with a 7% share of total imports. It was followed by Mexico, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Brazil stood at +3.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+1.8% per year) and Mexico (-5.2% per year).

Import Prices by Country

The average tractor import price stood at $X per unit in 2022, dropping by -18.1% against the previous year. Over the period under review, the import price continues to indicate a noticeable contraction. The pace of growth was the most pronounced in 2020 when the average import price increased by 35%. The import price peaked at $X per unit in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

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 Germany ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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