Colombia: Base Metal Closure Market 2024

Base Metal Closure Market Size in Colombia

In 2021, after two years of decline, there was significant growth in the Colombian base metal closure market, when its value increased by 22% to $X. Over the period under review, the total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs in 2021 and is likely to continue growth in years to come.

Base Metal Closure Exports

Exports from Colombia

In 2021, overseas shipments of base metal closures, stoppers, caps and lids increased by 129% to X tons, rising for the third year in a row after two years of decline. Over the period under review, exports saw a temperate expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, base metal closure exports surged to $X in 2021. In general, total exports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +3.5% 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 +122.0% against 2018 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Ecuador (X tons) was the main destination for base metal closure exports from Colombia, with a 45% share of total exports. Moreover, base metal closure exports to Ecuador exceeded the volume sent to the second major destination, Trinidad and Tobago (X tons), fourfold. The third position in this ranking was held by Peru (X tons), with an 8.9% share.

From 2012 to 2021, the average annual growth rate of volume to Ecuador stood at +3.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Trinidad and Tobago (+682.0% per year) and Peru (+30.6% per year).

In value terms, Ecuador ($X) remains the key foreign market for base metal closures, stoppers, caps and lids exports from Colombia, comprising 42% of total exports. The second position in the ranking was taken by Peru ($X), with an 11% share of total exports. It was followed by Panama, with an 8.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Ecuador stood at +5.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (+21.8% per year) and Panama (+5.9% per year).

Export Prices by Country

In 2021, the average base metal closure export price amounted to $X per ton, falling by -23.7% against the previous year. Over the period under review, the export price showed a mild slump. The most prominent rate of growth was recorded in 2019 an increase of 36% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was the Dominican Republic ($X per ton), while the average price for exports to the United States ($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 Aruba (+23.1%), while the prices for the other major destinations experienced more modest paces of growth.

Base Metal Closure Imports

Imports into Colombia

In 2021, the amount of base metal closures, stoppers, caps and lids imported into Colombia rose notably to X tons, picking up by 12% on the previous year. Over the period under review, total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +53.6% against 2017 indices. The growth pace was the most rapid in 2014 with an increase of 26%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, base metal closure imports skyrocketed to $X in 2021. Overall, total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United Arab Emirates (X tons), Mexico (X tons) and Brazil (X tons) were the main suppliers of base metal closure imports to Colombia, together accounting for 56% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +404.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest base metal closure suppliers to Colombia were Mexico ($X), the United Arab Emirates ($X) and Brazil ($X), together comprising 62% of total imports.

The United Arab Emirates, with a CAGR of +259.6%, recorded the highest growth rate of the value of imports, among the main suppliers 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 base metal closure import price amounted to $X per ton, with an increase of 15% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. Over the period under review, average import prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per ton), while the price for Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+6.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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