Colombia: Smart Card Market 2024

Smart Card Market Size in Colombia

The Colombian smart card market contracted to $X in 2022, with a decrease of -7.1% against the previous year. In general, consumption, however, continues to indicate a resilient increase. Smart card consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Smart Card Production in Colombia

In value terms, smart card production shrank modestly to $X in 2022 estimated in export price. Overall, production recorded a prominent increase. The pace of growth was the most pronounced in 2016 with an increase of 40% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Smart Card Exports

Exports from Colombia

Smart card exports from Colombia amounted to X units in 2022, surging by 9.2% against the previous year. In general, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2019 with an increase of 183%. Over the period under review, the exports hit record highs at X units in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, smart card exports rose rapidly to $X in 2022. Over the period under review, exports posted significant growth. The growth pace was the most rapid in 2019 when exports increased by 164% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for smart card exports from Colombia, with a 61% share of total exports. Moreover, smart card exports to the United States exceeded the volume sent to the second major destination, Chile (X units), more than tenfold. The third position in this ranking was held by Bolivia (X units), with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +67.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+70.6% per year) and Bolivia (+55.0% per year).

In value terms, the United States ($X) remains the key foreign market for cards incorporating an electronic integrated circuit (smart card) exports from Colombia, comprising 72% of total exports. The second position in the ranking was taken by Chile ($X), with an 8.1% share of total exports. It was followed by the Dominican Republic, with a 6.6% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +68.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+81.0% per year) and the Dominican Republic (+124.3% per year).

Export Prices by Country

In 2022, the average smart card export price amounted to $X per unit, falling by -2.6% against the previous year. Over the period under review, the export price continues to indicate a perceptible slump. The most prominent rate of growth was recorded in 2016 an increase of 21%. As a result, the export price reached the peak level of $X per unit. From 2017 to 2022, the average export prices remained at a 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 Guatemala ($X per unit), while the average price for exports to Bolivia ($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 Chile (+6.1%), while the prices for the other major destinations experienced mixed trend patterns.

Smart Card Imports

Imports into Colombia

In 2022, overseas purchases of cards incorporating an electronic integrated circuit (smart card) decreased by -10.9% to X units, falling for the second consecutive year after four years of growth. In general, imports, however, posted strong growth. The pace of growth was the most pronounced in 2015 when imports increased by 116%. Over the period under review, imports attained the maximum at X units in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, smart card imports rose notably to $X in 2022. Over the period under review, imports saw a noticeable decrease. Over the period under review, imports attained the maximum at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

China (X units), Brazil (X units) and Mexico (X units) were the main suppliers of smart card imports to Colombia, together accounting for 69% of total imports. Hong Kong SAR, Poland, the United States and South Korea lagged somewhat behind, together accounting for a further 19%.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +275.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constituted the largest supplier of cards incorporating an electronic integrated circuit (smart card) to Colombia, comprising 28% of total imports. The second position in the ranking was taken by China ($X), with a 14% share of total imports. It was followed by Brazil, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Mexico amounted to -9.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+6.9% per year) and Brazil (-8.8% per year).

Import Prices by Country

The average smart card import price stood at $X per unit in 2022, jumping by 25% against the previous year. Over the period under review, the import price, however, recorded a drastic downturn. Over the period under review, average import prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Hong Kong SAR ($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 (-0.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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