Colombia: Boring Machinery Market 2024

Boring Machinery Market Size in Colombia

After two years of decline, the Colombian boring machinery market increased by 97% to $X in 2022. Overall, consumption, however, recorded a abrupt decrease. Boring machinery consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Boring Machinery Exports

Exports from Colombia

In 2022, after three years of decline, there was significant growth in overseas shipments of boring or sinking machinery, when their volume increased by 38% to X units. Over the period under review, exports, however, showed a abrupt shrinkage. The growth pace was the most rapid in 2018 with an increase of 553%. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, boring machinery exports surged to $X in 2022. Overall, exports, however, saw a drastic downturn. The pace of growth was the most pronounced in 2018 with an increase of 641%. Over the period under review, the exports hit record highs at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Ecuador (X units), Peru (X units) and the United States (X units) were the main destinations of boring machinery exports from Colombia, with a combined 93% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +24.6%), while the other leaders experienced a decline.

In value terms, the United States ($X) remains the key foreign market for boring or sinking machinery exports from Colombia, comprising 73% of total exports. The second position in the ranking was taken by Ecuador ($X), with a 19% share of total exports. It was followed by Peru, with a 5.3% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +26.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (-7.9% per year) and Peru (-25.9% per year).

Export Prices by Country

In 2022, the average boring machinery export price amounted to $X per unit, growing by 7.3% against the previous year. In general, the export price, however, recorded a pronounced slump. The pace of growth was the most pronounced in 2016 when the average export price increased by 57%. The export price peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Peru ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (-2.9%), while the prices for the other major destinations experienced a decline.

Boring Machinery Imports

Imports into Colombia

In 2022, supplies from abroad of boring or sinking machinery was finally on the rise to reach X units after two years of decline. Overall, imports, however, showed a drastic downturn. The pace of growth appeared the most rapid in 2015 with an increase of 237%. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, boring machinery imports skyrocketed to $X in 2022. Over the period under review, imports, however, faced a significant decline. The pace of growth appeared the most rapid in 2015 when imports increased by 297%. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, the United States (X units) constituted the largest boring machinery supplier to Colombia, with a 68% share of total imports. Moreover, boring machinery imports from the United States exceeded the figures recorded by the second-largest supplier, China (X units), fourfold. The third position in this ranking was held by Italy (X units), with a 9.2% share.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to -13.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-19.4% per year) and Italy (-22.5% per year).

In value terms, the United States ($X) constituted the largest supplier of boring or sinking machinery to Colombia, comprising 78% of total imports. The second position in the ranking was held by China ($X), with an 8.6% share of total imports. It was followed by Italy, with a 6.5% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at -16.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-25.3% per year) and Italy (-27.9% per year).

Import Prices by Country

The average boring machinery import price stood at $X per unit in 2022, falling by -7.4% against the previous year. Over the period under review, the import price recorded a noticeable shrinkage. The growth pace was the most rapid in 2017 an increase of 50%. As a result, import price reached the peak level of $X per unit. From 2018 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-3.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :