Colombia: Interchangeable Tool Market 2024

Interchangeable Tool Market Size in Colombia

The Colombian interchangeable tool market skyrocketed to $X in 2021, with an increase of 22% 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). In general, consumption recorded a relatively flat trend pattern. Interchangeable tool consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Interchangeable Tool Exports

Exports from Colombia

In 2021, approx. X tons of interchangeable tools for hand tools were exported from Colombia; jumping by 21% compared with the previous year. Overall, exports saw notable growth. The most prominent rate of growth was recorded in 2016 with an increase of 296% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, interchangeable tool exports reduced to $X in 2021. In general, exports, however, saw a pronounced reduction. The pace of growth was the most pronounced in 2019 with an increase of 266%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

China (X tons), the United States (X tons) and Ecuador (X tons) were the main destinations of interchangeable tool exports from Colombia, with a combined 37% share of total exports. Peru, Jamaica, Mexico, Guatemala, Panama, Costa Rica, Sweden and Venezuela lagged somewhat behind, together comprising a further 20%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Jamaica (with a CAGR of +176.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for interchangeable tool exported from Colombia were the United States ($X), Ecuador ($X) and Mexico ($X), with a combined 66% share of total exports. Peru, China, Guatemala, Panama, Costa Rica, Jamaica, Venezuela and Sweden lagged somewhat behind, together accounting for a further 12%.

In terms of the main countries of destination, Jamaica, with a CAGR of +164.4%, recorded 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 interchangeable tool export price stood at $X per ton in 2021, dropping by -25.8% against the previous year. Over the period under review, the export price continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2018 an increase of 12% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Venezuela ($X per ton), while the average price for exports to Jamaica ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Venezuela (+13.4%), while the prices for the other major destinations experienced more modest paces of growth.

Interchangeable Tool Imports

Imports into Colombia

In 2021, interchangeable tool imports into Colombia skyrocketed to X tons, rising by 22% compared with the year before. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 154%. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the near future.

In value terms, interchangeable tool imports soared to $X in 2021. Overall, imports, however, continue to indicate a abrupt downturn. Imports peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of interchangeable tool to Colombia, accounting for a 67% share of total imports. Moreover, interchangeable tool imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), tenfold. India (X tons) ranked third in terms of total imports with a 2.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +7.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-12.0% per year) and India (+5.8% per year).

In value terms, China ($X), the United States ($X) and Canada ($X) appeared to be the largest interchangeable tool suppliers to Colombia, together comprising 61% of total imports. These countries were followed by India, Germany, Sweden, Mexico, France, Brazil, Italy, the UK and Norway, which together accounted for a further 26%.

Among the main suppliers, Mexico, with a CAGR of +16.7%, 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

The average interchangeable tool import price stood at $X per ton in 2021, surging by 11% against the previous year. Over the period under review, the import price, however, continues to indicate a deep reduction. The pace of growth appeared the most rapid in 2016 an increase of 41% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the average import prices remained 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 Canada ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :