Colombia: Market for Instruments for Measuring Electrical Quantities 2024

Market Size for Instruments for Measuring Electrical Quantities in Colombia

In 2021, the Colombian market for instruments for measuring electrical quantities decreased by -7.8% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption, however, posted temperate growth. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Exports of Instruments for Measuring Electrical Quantities

Exports from Colombia

In 2021, the amount of instruments for measuring electrical quantities exported from Colombia soared to X units, growing by 17% on the previous year. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 321% against the previous year. As a result, the exports reached the peak of X units. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, instruments for measuring electrical quantities exports surged to $X in 2021. Over the period under review, exports continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2015 with an increase of 96%. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Germany (X units) was the main destination for instruments for measuring electrical quantities exports from Colombia, with a 32% share of total exports. Moreover, instruments for measuring electrical quantities exports to Germany exceeded the volume sent to the second major destination, Peru (X units), twofold. Ecuador (X units) ranked third in terms of total exports with a 15% share.

From 2012 to 2021, the average annual growth rate of volume to Germany stood at +83.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (+36.3% per year) and Ecuador (-18.2% per year).

In value terms, the largest markets for instruments for measuring electrical quantities exported from Colombia were Germany ($X), Ecuador ($X) and Mexico ($X), with a combined 53% share of total exports.

Germany, with a CAGR of +89.7%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination 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 export price for instruments for measuring electrical quantities amounted to $X per unit, picking up by 16% against the previous year. In general, the export price continues to indicate buoyant growth. The most prominent rate of growth was recorded in 2013 when the average export price increased by 98%. Over the period under review, the average export prices reached the maximum at $X per unit in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Mexico ($X per unit), while the average price for exports to Peru ($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 Saudi Arabia (+1,009.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Instruments for Measuring Electrical Quantities

Imports into Colombia

After four years of growth, purchases abroad of instruments for measuring electrical quantities decreased by -6.2% to X units in 2021. In general, imports, however, showed a pronounced increase. The most prominent rate of growth was recorded in 2013 with an increase of 98% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, instruments for measuring electrical quantities imports declined to $X in 2021. Over the period under review, total imports indicated a modest expansion from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +10.2% against 2019 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 107%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Taiwan (Chinese) (X units), China (X units) and the United States (X units) were the main suppliers of instruments for measuring electrical quantities imports to Colombia, with a combined 60% share of total imports. These countries were followed by Germany, Hong Kong SAR, Italy, India, France, South Korea and Malaysia, which together accounted for a further 33%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +40.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest instruments for measuring electrical quantities suppliers to Colombia were China ($X), the United States ($X) and France ($X), with a combined 68% share of total imports. Germany, Italy, Malaysia, Taiwan (Chinese), India, South Korea and Hong Kong SAR lagged somewhat behind, together accounting for a further 21%.

In terms of the main suppliers, India, with a CAGR of +49.6%, saw 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

In 2021, the average import price for instruments for measuring electrical quantities amounted to $X per unit, which is down by -1.7% against the previous year. Overall, the import price showed a mild decrease. The most prominent rate of growth was recorded in 2014 an increase of 84%. The import price peaked at $X per unit in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was France ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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