Colombia: Ball Bearing Market 2024

Ball Bearing Market Size in Colombia

After two years of decline, the Colombian ball bearing market increased by 23% to $X in 2021. In general, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Ball Bearing Exports

Exports from Colombia

In 2021, exports of ball bearings from Colombia dropped to X tons, therefore, remained relatively stable against the previous year's figure. Over the period under review, total exports indicated resilient growth from 2012 to 2021: its volume increased at an average annual rate of +9.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +37.5% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 67%. The exports peaked at X tons in 2020, and then dropped in the following year.

In value terms, ball bearing exports dropped modestly to $X in 2021. Overall, total exports indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -27.8% against 2016 indices. The pace of growth was the most pronounced in 2013 with an increase of 84% against the previous year. Over the period under review, the exports attained the maximum at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

Ecuador (X tons), Costa Rica (X tons) and Mexico (X tons) were the main destinations of ball bearing exports from Colombia, with a combined 81% share of total exports. These countries were followed by Guatemala, Venezuela, Switzerland and Panama, which together accounted for a further 13%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Switzerland (with a CAGR of +57.8%), while the other leaders experienced more modest paces of growth.

In value terms, Ecuador ($X), Costa Rica ($X) and Guatemala ($X) constituted the largest markets for ball bearing exported from Colombia worldwide, together comprising 63% of total exports. Mexico, Venezuela, Panama and Switzerland lagged somewhat behind, together comprising a further 16%.

Mexico, with a CAGR of +25.8%, recorded the highest growth rate of 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

In 2021, the average ball bearing export price amounted to $X per ton, reducing by -1.7% against the previous year. Over the period under review, the export price continues to indicate a perceptible decline. The most prominent rate of growth was recorded in 2019 an increase of 26%. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Venezuela ($X per ton), while the average price for exports to Switzerland ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Venezuela (+6.5%), while the prices for the other major destinations experienced more modest paces of growth.

Ball Bearing Imports

Imports into Colombia

After three years of decline, overseas purchases of ball bearings increased by 23% to X tons in 2021. The total import volume increased at an average annual rate of +3.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 31% against the previous year. 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, ball bearing imports soared to $X in 2021. Over the period under review, imports saw a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of ball bearing to Colombia, with a 60% share of total imports. Moreover, ball bearing imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold. South Korea (X tons) ranked third in terms of total imports with a 5.1% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-3.8% per year) and South Korea (+3.5% per year).

In value terms, China ($X), Japan ($X) and the United States ($X) constituted the largest ball bearing suppliers to Colombia, together accounting for 64% of total imports. These countries were followed by South Korea, France, Italy, Germany, India and Taiwan (Chinese), which together accounted for a further 27%.

In terms of the main suppliers, India, with a CAGR of +16.3%, 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 2021, the average ball bearing import price amounted to $X per ton, leveling off at the previous year. Overall, the import price, however, recorded a perceptible decline. The most prominent rate of growth was recorded in 2018 an increase of 22% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+3.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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