Colombia: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in Colombia

The Colombian grinding and sharpening machine market contracted remarkably to $X in 2022, which is down by -28.2% 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, consumption recorded a deep contraction. Grinding and sharpening machine consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports from Colombia

In 2022, overseas shipments of grinding and sharpening metal finishing machines decreased by -8.3% to X units, falling for the fourth consecutive year after two years of growth. Over the period under review, exports recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2014 when exports increased by 11,117% against the previous year. As a result, the exports attained the peak of X units. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, grinding and sharpening machine exports shrank dramatically to $X in 2022. Overall, exports saw a abrupt curtailment. The growth pace was the most rapid in 2014 with an increase of 338%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Panama (X units), Ecuador (X units) and Mexico (X units) were the main destinations of grinding and sharpening machine exports from Colombia, with a combined 64% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Ecuador (with a CAGR of +4.1%), while the other leaders experienced more modest paces of growth.

In value terms, Panama ($X) remains the key foreign market for grinding and sharpening metal finishing machines exports from Colombia, comprising 86% of total exports. The second position in the ranking was taken by Mexico ($X), with a 7.8% share of total exports. It was followed by Ecuador, with a 3.2% share.

From 2012 to 2022, the average annual growth rate of value to Panama stood at +8.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+10.1% per year) and Ecuador (-0.4% per year).

Export Prices by Country

In 2022, the average grinding and sharpening machine export price amounted to $X per unit, shrinking by -11.4% against the previous year. In general, the export price showed a deep contraction. The most prominent rate of growth was recorded in 2015 an increase of 2,916% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Panama ($X per unit), while the average price for exports to Aruba ($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 the United States (+41.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports into Colombia

Grinding and sharpening machine imports into Colombia shrank sharply to X units in 2022, falling by -28.5% on the year before. Over the period under review, imports showed a pronounced curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 129%. Over the period under review, imports attained the peak figure at X units in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, grinding and sharpening machine imports declined notably to $X in 2022. Overall, imports recorded a drastic downturn. The growth pace was the most rapid in 2018 with an increase of 137%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of grinding and sharpening machine to Colombia, with a 26% share of total imports. Moreover, grinding and sharpening machine imports from China exceeded the figures recorded by the second-largest supplier, France (X units), threefold. The third position in this ranking was taken by the United States (X units), with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +2.3%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+18.6% per year) and the United States (-17.8% per year).

In value terms, the largest grinding and sharpening machine suppliers to Colombia were Taiwan (Chinese) ($X), China ($X) and Japan ($X), together accounting for 37% of total imports.

In terms of the main suppliers, Japan, with a CAGR of +24.7%, recorded the highest growth rate of 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

The average grinding and sharpening machine import price stood at $X per unit in 2022, with an increase of 2.7% against the previous year. Over the period under review, the import price, however, continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2018 when the average import price increased by 136% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, 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 Japan ($X per unit), while the price for Peru ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+24.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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