Colombia: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in Colombia

The Colombian cranks and crankshafts market shrank to $X in 2022, waning by -11.7% 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 recorded a pronounced curtailment. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Cranks And Crankshafts Exports

Exports from Colombia

In 2022, overseas shipments of cranks and crankshafts increased by 48% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports enjoyed a strong expansion. The most prominent rate of growth was recorded in 2014 with an increase of 224% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, cranks and crankshafts exports amounted to $X in 2022. Overall, exports recorded a buoyant increase. The growth pace was the most rapid in 2017 with an increase of 99%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for cranks and crankshafts exports from Colombia, accounting for a 89% share of total exports. Moreover, cranks and crankshafts exports to the United States exceeded the volume sent to the second major destination, Ecuador (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +29.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (+13.7% per year) and Brazil (+53.1% per year).

In value terms, the United States ($X) remains the key foreign market for cranks and crankshafts exports from Colombia, comprising 70% of total exports. The second position in the ranking was held by Ecuador ($X), with a 14% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +22.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (+7.3% per year) and Brazil (+32.9% per year).

Export Prices by Country

The average cranks and crankshafts export price stood at $X per ton in 2022, with a decrease of -22.4% against the previous year. In general, the export price recorded a deep slump. The most prominent rate of growth was recorded in 2021 when the average export price increased by 49% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+0.7%), while the prices for the other major destinations experienced a decline.

Cranks And Crankshafts Imports

Imports into Colombia

In 2022, the amount of cranks and crankshafts imported into Colombia fell to X tons, waning by -6.5% on the previous year's figure. In general, imports continue to indicate a mild decline. The most prominent rate of growth was recorded in 2014 when imports increased by 56% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, cranks and crankshafts imports fell to $X in 2022. Over the period under review, imports continue to indicate a mild setback. The most prominent rate of growth was recorded in 2014 with an increase of 103% against the previous year. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

China (X tons), the United States (X tons) and India (X tons) were the main suppliers of cranks and crankshafts imports to Colombia, with a combined 69% share of total imports. Brazil, Japan, Germany, South Korea, Singapore, Mexico and Turkey lagged somewhat behind, together comprising a further 21%.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +31.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of cranks and crankshafts to Colombia, comprising 41% of total imports. The second position in the ranking was held by China ($X), with a 13% share of total imports. It was followed by Germany, with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States amounted to -3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+4.9% per year) and Germany (-1.9% per year).

Import Prices by Country

The average cranks and crankshafts import price stood at $X per ton in 2022, declining by -2.9% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 30% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 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 Singapore ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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