Colombia: Golf Equipment Market 2024

Golf Equipment Market Size in Colombia

The Colombian golf equipment market declined to $X in 2022, shrinking by -5.6% 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, consumption faced a deep setback. Golf equipment consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Golf Equipment Exports

Exports from Colombia

In 2022, the amount of golf clubs and other golf equipment exported from Colombia dropped sharply to X units, with a decrease of -48.1% compared with the year before. In general, exports, however, continue to indicate a strong increase. The pace of growth appeared the most rapid in 2021 when exports increased by 1,930% against the previous year. As a result, the exports reached the peak of X units, and then fell rapidly in the following year.

In value terms, golf equipment exports declined notably to $X in 2022. Over the period under review, exports, however, showed significant growth. The pace of growth appeared the most rapid in 2021 with an increase of 6,951% 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 golf equipment exports from Colombia, accounting for a 93% share of total exports. It was followed by Panama (X units), with a 2% share of total exports. The third position in this ranking was taken by Chile (X units), with a 0.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +28.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+41.9% per year) and Chile (-4.2% per year).

In value terms, the United States ($X) remains the key foreign market for golf clubs and other golf equipment exports from Colombia, comprising 94% of total exports. The second position in the ranking was held by Panama ($X), with a 0.3% share of total exports. It was followed by Chile, with a 0.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled +29.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+36.4% per year) and Chile (-8.6% per year).

Export Prices by Country

In 2022, the average golf equipment export price amounted to $X per unit, reducing by -2.3% against the previous year. In general, the export price, however, saw a resilient increase. The most prominent rate of growth was recorded in 2021 when the average export price increased by 247%. As a result, the export price reached the peak level of $X per unit, and then shrank slightly in the following year.

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 the United States ($X per unit), while the average price for exports to Guatemala ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Guatemala (+10.2%), while the prices for the other major destinations experienced mixed trend patterns.

Golf Equipment Imports

Imports into Colombia

Golf equipment imports into Colombia dropped to X units in 2022, waning by -13.6% on the previous year's figure. In general, imports recorded a deep downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 44% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, golf equipment imports shrank notably to $X in 2022. Over the period under review, imports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 57% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

The United States (X units), Canada (X units) and China (X units) were the main suppliers of golf equipment imports to Colombia, together accounting for 81% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Canada (with a CAGR of +17.8%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest golf equipment suppliers to Colombia were the United States ($X), China ($X) and Canada ($X), with a combined 86% share of total imports. Taiwan (Chinese), Panama and Peru lagged somewhat behind, together accounting for a further 9.3%.

Taiwan (Chinese), with a CAGR of +7.2%, 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 golf equipment import price stood at $X per unit in 2022, shrinking by -5.4% against the previous year. Overall, the import price continues to indicate a perceptible curtailment. The pace of growth was the most pronounced in 2014 when the average import price increased by 18% against the previous year. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the average import prices remained at a 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 the United States ($X per unit), while the price for Peru ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+8.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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