Colombia: Power Tool Market 2024

Power Tool Market Size in Colombia

The Colombian power tool market surged to $X in 2021, growing by 34% 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). Over the period under review, the total consumption indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +65.5% against 2016 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Power Tool Exports

Exports from Colombia

In 2021, power tool exports from Colombia dropped to X units, declining by -11.2% on 2020. Overall, exports, however, posted a buoyant increase. The pace of growth was the most pronounced in 2017 when exports increased by 191%. As a result, the exports reached the peak of X units. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, power tool exports contracted significantly to $X in 2021. In general, exports, however, saw a notable increase. The growth pace was the most rapid in 2017 when exports increased by 188% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Guatemala (X units), Panama (X units) and Costa Rica (X units) were the main destinations of power tool exports from Colombia, with a combined 59% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Costa Rica (with a CAGR of +114.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for power tool exported from Colombia were Guatemala ($X), Panama ($X) and Costa Rica ($X), together comprising 71% of total exports.

In terms of the main countries of destination, Costa Rica, with a CAGR of +96.9%, 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 more modest paces of growth.

Export Prices by Country

In 2021, the average power tool export price amounted to $X per unit, declining by -7.5% against the previous year. Overall, the export price continues to indicate a abrupt setback. The pace of growth was the most pronounced in 2018 an increase of 16% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Ecuador ($X per unit), while the average price for exports to Venezuela ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Panama (+1.3%), while the prices for the other major destinations experienced mixed trend patterns.

Power Tool Imports

Imports into Colombia

In 2021, overseas purchases of power tools were finally on the rise to reach X units after two years of decline. The total import volume increased at an average annual rate of +3.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, power tool imports soared to $X in 2021. Overall, total imports indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +72.3% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) was the main supplier of power tool to Colombia, accounting for a 137% share of total imports. It was followed by Brazil (X units), with a 3.6% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China totaled +8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+13.7% per year) and Mexico (-6.5% per year).

In value terms, China ($X) constituted the largest supplier of power tools to Colombia, comprising 78% of total imports. The second position in the ranking was held by Brazil ($X), with a 5% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+12.7% per year) and Mexico (-9.8% per year).

Import Prices by Country

The average power tool import price stood at $X per unit in 2021, growing by 8.3% against the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of 26%. The import price peaked in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Brazil ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (-0.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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