Colombia: Market for Asphalt or Bitumen Articles 2024

Market Size for Asphalt or Bitumen Articles in Colombia

In 2022, after five years of growth, there was significant decline in the Colombian asphalt or bitumen article market, when its value decreased by -14.3% to $X. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Asphalt or bitumen article consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Exports of Asphalt or Bitumen Articles

Exports from Colombia

After two years of growth, shipments abroad of asphalt or bitumen articles decreased by -0.4% to X tons in 2022. In general, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 168% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, asphalt or bitumen article exports rose to $X in 2022. Overall, exports, however, saw a significant increase. The pace of growth was the most pronounced in 2013 when exports increased by 133%. The exports peaked at $X in 2017; afterwards, it flattened through to 2022.

Exports by Country

The United States (X tons) was the main destination for asphalt or bitumen article exports from Colombia, with a 53% share of total exports. Moreover, asphalt or bitumen article exports to the United States exceeded the volume sent to the second major destination, the Dominican Republic (X tons), twofold. Panama (X tons) ranked third in terms of total exports with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +29.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+61.8% per year) and Panama (+72.0% per year).

In value terms, the United States ($X) remains the key foreign market for asphalt or bitumen articles exports from Colombia, comprising 57% of total exports. The second position in the ranking was held by the Dominican Republic ($X), with a 14% share of total exports. It was followed by Panama, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +34.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+49.4% per year) and Panama (+92.7% per year).

Export Prices by Country

In 2022, the average asphalt or bitumen article export price amounted to $X per ton, rising by 3.9% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 11%. The export price peaked at $X per ton in 2020; afterwards, it flattened through to 2022.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to Peru ($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 (+12.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Asphalt or Bitumen Articles

Imports into Colombia

In 2022, overseas purchases of asphalt or bitumen articles decreased by -10.7% to X tons for the first time since 2015, thus ending a six-year rising trend. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when imports increased by 30%. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, asphalt or bitumen article imports shrank to $X in 2022. In general, imports, however, recorded notable growth. The most prominent rate of growth was recorded in 2013 with an increase of 75% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Free Zones (X tons), Venezuela (X tons) and Russia (X tons) were the main suppliers of asphalt or bitumen article imports to Colombia, with a combined 69% share of total imports. Italy, Lithuania, Ecuador, Canada, Brazil, Spain, Mexico and the United States lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the biggest increases were recorded for Lithuania (with a CAGR of +104.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest asphalt or bitumen article suppliers to Colombia were Free Zones ($X), Venezuela ($X) and Italy ($X), with a combined 54% share of total imports. Ecuador, Russia, Lithuania, Brazil, Canada, Spain, Mexico and the United States lagged somewhat behind, together accounting for a further 43%.

Lithuania, with a CAGR of +125.1%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average asphalt or bitumen article import price stood at $X per ton in 2022, shrinking by -3.3% against the previous year. Over the last decade, it increased at an average annual rate of +2.4%. The pace of growth was the most pronounced in 2013 when the average import price increased by 35% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Ecuador ($X per ton), while the price for Venezuela ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+10.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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