Colombia: Agricultural Appliance Market 2024

Agricultural Appliance Market Size in Colombia

The Colombian agricultural appliance market surged to $X in 2021, rising by 36% 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, recorded a perceptible reduction. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2021, consumption remained at a lower figure.

Agricultural Appliance Exports

Exports from Colombia

In 2021, approx. X units of agricultural appliances were exported from Colombia; with an increase of 184% against 2020 figures. Over the period under review, exports, however, showed a abrupt contraction. Over the period under review, the exports reached the maximum at X units in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, agricultural appliance exports skyrocketed to $X in 2021. In general, exports, however, showed a abrupt decrease. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Uruguay (X units), Honduras (X units) and Peru (X units) were the main destinations of agricultural appliance exports from Colombia, together comprising 80% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Uruguay (with a CAGR of +184.7%), while the other leaders experienced mixed trend patterns.

In value terms, Ecuador ($X) remains the key foreign market for agricultural appliances exports from Colombia, comprising 64% of total exports. The second position in the ranking was taken by Honduras ($X), with a 19% share of total exports. It was followed by Peru, with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Ecuador stood at +8.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (+6.4% per year) and Peru (-7.7% per year).

Export Prices by Country

The average agricultural appliance export price stood at $X per unit in 2021, picking up by 90% against the previous year. Over the period under review, export price indicated mild growth from 2012 to 2021: its price increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Ecuador ($X per unit), while the average price for exports to Mexico ($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 Venezuela (+27.9%), while the prices for the other major destinations experienced more modest paces of growth.

Agricultural Appliance Imports

Imports into Colombia

In 2021, supplies from abroad of agricultural appliances increased by 35% to X units, rising for the third consecutive year after two years of decline. In general, imports, however, showed a slight descent. The most prominent rate of growth was recorded in 2019 with an increase of 67% against the previous year. Imports peaked at X units in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, agricultural appliance imports surged to $X in 2021. Over the period under review, imports, however, recorded a abrupt slump. The pace of growth was the most pronounced in 2019 when imports increased by 43% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest agricultural appliance supplier to Colombia, with a 60% share of total imports. Moreover, agricultural appliance imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), threefold. The United States (X units) ranked third in terms of total imports with a 4.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+39.1% per year) and the United States (-11.0% per year).

In value terms, China ($X), the United States ($X) and Italy ($X) appeared to be the largest agricultural appliance suppliers to Colombia, with a combined 56% share of total imports. Israel, Spain, Taiwan (Chinese) and South Korea lagged somewhat behind, together accounting for a further 21%.

Spain, with a CAGR of +7.7%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average agricultural appliance import price amounted to $X per unit, rising by 3% against the previous year. In general, the import price, however, showed a perceptible decline. The pace of growth appeared the most rapid in 2017 an increase of 15%. As a result, import price reached the peak level of $X per unit. From 2018 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+4.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform