Colombia: Bearing Market 2024

Bearing Market Size in Colombia

The Colombian bearing market skyrocketed to $X in 2021, picking up by 24% 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, showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Bearing Exports

Exports from Colombia

In 2021, exports of ball and roller bearings from Colombia fell dramatically to X tons, dropping by -29.8% compared with the previous year's figure. Over the period under review, total exports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +17.3% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 98% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, bearing exports declined dramatically to $X in 2021. Overall, total exports indicated temperate growth from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 129% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Ecuador (X tons), Guatemala (X tons) and the United States (X tons) were the main destinations of bearing exports from Colombia, together accounting for 11% of total exports. These countries were followed by Costa Rica, Russia, Mexico, Saudi Arabia, Honduras, Indonesia, Brazil, the Netherlands, Australia and Peru, which together accounted for a further 12%.

From 2012 to 2020, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of +112.5%), while the other leaders experienced more modest paces of growth.

In value terms, Ecuador ($X), Guatemala ($X) and the United States ($X) were the largest markets for bearing exported from Colombia worldwide, together comprising 42% of total exports. These countries were followed by Costa Rica, Russia, Mexico, Saudi Arabia, Brazil, the Netherlands, Indonesia, Honduras, Australia and Peru, which together accounted for a further 44%.

Australia, with a CAGR of +116.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average bearing export price stood at $X per ton in 2020, with a decrease of -24.9% against the previous year. In general, the export price continues to indicate a perceptible setback. The pace of growth appeared the most rapid in 2017 when the average export price increased by 18%. The export price peaked at $X per ton in 2013; however, from 2014 to 2020, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2020, amid the top suppliers, the country with the highest price was Mexico ($X per ton), while the average price for exports to Honduras ($X per ton) was amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Peru (+8.9%), while the prices for the other major destinations experienced more modest paces of growth.

Bearing Imports

Imports into Colombia

In 2021, bearing imports into Colombia soared to X tons, surging by 20% on the year before. The total import volume increased at an average annual rate of +1.9% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 when imports increased by 24%. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, bearing imports surged to $X in 2021. In general, imports, however, showed a relatively flat trend pattern. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Japan (X tons), China (X tons) and the United States (X tons) were the main suppliers of bearing imports to Colombia.

From 2012 to 2020, the biggest increases were recorded for Austria (with a CAGR of +19.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and the United States ($X) constituted the largest bearing suppliers to Colombia, with a combined 66% share of total imports. These countries were followed by Germany, France, South Korea, Italy, India, Sweden, Austria, Taiwan (Chinese) and Romania, which together accounted for a further 35%.

In terms of the main suppliers, Austria, with a CAGR of +13.1%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2020, the average bearing import price amounted to $X per ton, falling by -9.5% against the previous year. Over the period under review, the import price recorded a perceptible downturn. The most prominent rate of growth was recorded in 2018 an increase of 10%. The import price peaked at $X per ton in 2013; however, from 2014 to 2020, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2020, amid the top importers, the highest price was recorded for prices from Romania ($X per ton) and India ($X per ton), while the price for South Korea ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2020, the most notable rate of growth in terms of prices was attained by Romania (-4.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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