Colombia: Electrical Insulating Fittings Market 2024

Electrical Insulating Fittings Market Size in Colombia

The Colombian electrical insulating fittings market shrank to $X in 2022, falling by -6.2% 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, the total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +22.0% against 2018 indices. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Electrical Insulating Fittings Exports

Exports from Colombia

In 2022, after three years of growth, there was significant decline in overseas shipments of electrical insulating fittings of plastics, when their volume decreased by -9.7% to X tons. In general, exports saw a deep contraction. The most prominent rate of growth was recorded in 2019 with an increase of 156%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, electrical insulating fittings exports declined notably to $X in 2022. Overall, exports showed a deep contraction. The most prominent rate of growth was recorded in 2019 with an increase of 257% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Costa Rica (X tons) was the main destination for electrical insulating fittings exports from Colombia, with a 61% share of total exports. Moreover, electrical insulating fittings exports to Costa Rica exceeded the volume sent to the second major destination, the United States (X kg), fourfold. The third position in this ranking was taken by Ecuador (X kg), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Costa Rica totaled +7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+25.9% per year) and Ecuador (-9.7% per year).

In value terms, the United States ($X), Costa Rica ($X) and Ecuador ($X) constituted the largest markets for electrical insulating fittings exported from Colombia worldwide, together accounting for 90% of total exports. Chile lagged somewhat behind, accounting for a further 9.1%.

In terms of the main countries of destination, Chile, with a CAGR of +28.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average electrical insulating fittings export price stood at $X per ton in 2022, which is down by -8.4% against the previous year. In general, the export price continues to indicate a drastic downturn. The pace of growth was the most pronounced in 2019 an increase of 39% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average 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 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 2022, the most notable rate of growth in terms of prices was recorded for supplies to Guatemala (+3.5%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Insulating Fittings Imports

Imports into Colombia

In 2022, the amount of electrical insulating fittings of plastics imported into Colombia declined modestly to X tons, with a decrease of -3% compared with the previous year's figure. In general, total imports indicated a measured expansion from 2012 to 2022: its volume increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +3.2% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 57% against the previous year. Over the period under review, imports reached the maximum at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, electrical insulating fittings imports shrank to $X in 2022. Over the period under review, total imports indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +28.7% against 2018 indices. The growth pace was the most rapid in 2014 with an increase of 48%. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

China (X tons), Brazil (X tons) and the United States (X tons) were the main suppliers of electrical insulating fittings imports to Colombia, with a combined 75% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +26.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest electrical insulating fittings suppliers to Colombia were China ($X), the United States ($X) and Brazil ($X), together accounting for 60% of total imports. Germany, Mexico, Taiwan (Chinese), Italy, Malaysia and Turkey lagged somewhat behind, together comprising a further 29%.

Italy, with a CAGR of +23.9%, 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

The average electrical insulating fittings import price stood at $X per ton in 2022, reducing by -3.9% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 11% against the previous year. The import price peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood 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 Germany ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+10.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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