Colombia: Electrical Circuit Apparatus Market 2022

Electrical Circuit Apparatus Market Size in Colombia

The Colombian electrical circuit apparatus market surged to $X in 2021, growing by 26% 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). The market value increased at an average annual rate of +5.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Electrical Circuit Apparatus Exports

Exports from Colombia

In 2021, after two years of decline, there was significant growth in overseas shipments of electrical apparatus for circuit connection, switching and protection, when their volume increased by 53% to X tons. Over the period under review, exports, however, recorded a relatively flat trend pattern. The exports peaked at X tons in 2012; afterwards, it flattened through to 2021.

In value terms, electrical circuit apparatus exports skyrocketed to $X in 2021. In general, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 when exports increased by 40%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Costa Rica (X tons), Peru (X tons) and Mexico (X tons) were the main destinations of electrical circuit apparatus exports from Colombia, with a combined 67% share of total exports. These countries were followed by Chile, Ecuador, Panama, the United States and Venezuela, which together accounted for a further 29%.

From 2012 to 2021, the biggest increases were in Chile (with a CAGR of +16.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for electrical circuit apparatus exported from Colombia were Peru ($X), Mexico ($X) and the United States ($X), together comprising 58% of total exports.

In terms of the main countries of destination, the United States, with a CAGR of +21.8%, saw the highest rates of growth with regard to the value of exports, 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 electrical circuit apparatus export price amounted to $X per ton, declining by -20.2% against the previous year. Overall, export price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 when the average export price increased by 40% against the previous year. The export price peaked at $X per ton in 2020, and then dropped notably in the following year.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to Costa Rica ($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 the United States (+29.7%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Circuit Apparatus Imports

Imports into Colombia

In 2021, approx. X tons of electrical apparatus for circuit connection, switching and protection were imported into Colombia; picking up by 42% against the year before. Overall, total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +72.7% against 2017 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, electrical circuit apparatus imports soared to $X in 2021. The total import value increased at an average annual rate of +3.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. 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 electrical circuit apparatus to Colombia, accounting for a 70% share of total imports. Moreover, electrical circuit apparatus imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. India (X tons) ranked third in terms of total imports with a 3.6% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-4.2% per year) and India (+12.1% per year).

In value terms, China ($X) constituted the largest supplier of electrical circuit apparatus to Colombia, comprising 42% of total imports. The second position in the ranking was taken by the United States ($X), with a 12% share of total imports. It was followed by Germany, with a 7.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +12.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-4.6% per year) and Germany (+0.6% per year).

Import Prices by Country

The average electrical circuit apparatus import price stood at $X per ton in 2021, with a decrease of -13% against the previous year. Over the period under review, the import price recorded a pronounced decrease. The most prominent rate of growth was recorded in 2017 when the average import price increased by 8.8%. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+5.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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