Colombia: Market for Iron or Steel Wire Products 2024

Market Size for Iron or Steel Wire Products in Colombia

In 2022, the Colombian market for iron or steel wire products decreased by X% to $X, falling for the third year in a row after three years of growth. Overall, the total consumption indicated modest growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Exports of Iron or Steel Wire Products

Exports from Colombia

For the third consecutive year, Colombia recorded growth in shipments abroad of iron or steel wire products, which increased by X% to X tons in 2022. Over the period under review, exports showed a buoyant expansion. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, iron or steel wire product exports dropped rapidly to $X in 2022. In general, exports continue to indicate a strong increase. The growth pace was the most rapid in 2021 when exports increased by X%. As a result, the exports attained the peak of $X, and then dropped rapidly in the following year.

Exports by Country

Mexico (X tons), Panama (X tons) and Costa Rica (X tons) were the main destinations of iron or steel wire product exports from Colombia, with a combined X% share of total exports. Ecuador, the Dominican Republic, Peru, the United States, Venezuela and the Netherlands lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Dominican Republic (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for iron or steel wire product exported from Colombia were Mexico ($X), Ecuador ($X) and Panama ($X), with a combined X% share of total exports. Costa Rica, Peru, the Dominican Republic, the United States, Venezuela and the Netherlands lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, the Dominican Republic, with a CAGR of X%, saw the highest growth rate of 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

The average export price for iron or steel wire products stood at $X per ton in 2022, which is down by X% against the previous year. Over the period under review, the export price continues to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. As a result, the export price reached 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 external markets. In 2022, amid the top suppliers, the country with the highest price was Ecuador ($X per ton), while the average price for exports to the Dominican Republic ($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 Mexico (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Iron or Steel Wire Products

Imports into Colombia

In 2022, purchases abroad of iron or steel wire products decreased by X% to X tons, falling for the third year in a row after three years of growth. In general, total imports indicated a mild expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of X%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, iron or steel wire product imports fell to $X in 2022. Over the period under review, total imports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

The Czech Republic (X tons), China (X tons) and South Korea (X tons) were the main suppliers of iron or steel wire product imports to Colombia, together accounting for X% of total imports. Germany, Brazil, Taiwan (Chinese) and Belgium lagged somewhat behind, together comprising a further X%.

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

In value terms, the largest iron or steel wire product suppliers to Colombia were China ($X), the Czech Republic ($X) and Brazil ($X), with a combined X% share of total imports.

In terms of the main suppliers, the Czech Republic, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for iron or steel wire products amounted to $X per ton, surging by X% against the previous year. In general, import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron or steel wire product import price increased by X% against 2018 indices. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

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

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

Source: IndexBox Platform

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