Colombia: Gear Cutting Machine Market 2024

Gear Cutting Machine Market Size in Colombia

The Colombian gear cutting machine market skyrocketed to $X in 2021, growing by 74% against the previous year. Overall, consumption, however, recorded a pronounced reduction. Gear cutting machine consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Gear Cutting Machine Production in Colombia

In value terms, gear cutting machine production rose significantly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.6% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2019 with an increase of 12%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth failed to regain momentum.

Gear Cutting Machine Exports

Exports from Colombia

In 2021, exports of gear cutting, gear grinding or gear finishing machines from Colombia was estimated at X units, almost unchanged from 2020 figures. Overall, exports posted buoyant growth. The pace of growth appeared the most rapid in 2016 with an increase of 150%. As a result, the exports reached the peak of X units. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, gear cutting machine exports declined markedly to $X in 2021. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 35% against the previous year. As a result, the exports attained the peak of $X, and then reduced sharply in the following year.

Exports by Country

The United States (X units) was the main destination for gear cutting machine exports from Colombia, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +8.0%.

In value terms, the United States ($X) also remains the key foreign market for gear cutting, gear grinding or gear finishing machines exports from Colombia.

From 2012 to 2021, the average annual growth rate of value to the United States was relatively modest.

Export Prices by Country

The average gear cutting machine export price stood at $X per unit in 2021, falling by -37.6% against the previous year. In general, the export price saw a abrupt descent. The pace of growth was the most pronounced in 2017 an increase of 211%. Over the period under review, the average export prices hit record highs at $X per unit in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for the United States.

From 2012 to 2021, the rate of growth in terms of prices for the United States amounted to -8.2% per year.

Gear Cutting Machine Imports

Imports into Colombia

In 2021, approx. X units of gear cutting, gear grinding or gear finishing machines were imported into Colombia; with an increase of 59% compared with 2020 figures. Over the period under review, imports, however, showed a slight reduction. The most prominent rate of growth was recorded in 2017 with an increase of 190% against the previous year. Over the period under review, imports hit record highs at X units in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, gear cutting machine imports skyrocketed to $X in 2021. Overall, imports, however, showed a deep contraction. The growth pace was the most rapid in 2018 with an increase of 134% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Spain (X units) constituted the largest supplier of gear cutting machine to Colombia, with a 86% share of total imports. Moreover, gear cutting machine imports from Spain exceeded the figures recorded by the second-largest supplier, China (X units), more than tenfold. The third position in this ranking was taken by Russia (X units), with a 1.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Spain amounted to +37.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-2.4% per year) and Russia (-11.5% per year).

In value terms, Spain ($X) constituted the largest supplier of gear cutting, gear grinding or gear finishing machines to Colombia, comprising 40% of total imports. The second position in the ranking was held by China ($X), with a 19% 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 Spain totaled +25.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+13.9% per year) and Germany (-14.0% per year).

Import Prices by Country

In 2021, the average gear cutting machine import price amounted to $X per unit, growing by 31% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced shrinkage. The pace of growth appeared the most rapid in 2015 when the average import price increased by 228% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+15.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :