Colombia: Lifting Equipment Market 2024

Lifting Equipment Market Size in Colombia

The Colombian lifting equipment market skyrocketed to $X in 2021, picking up by 25% 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, however, continues to indicate a deep downturn. Lifting equipment consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Lifting Equipment Exports

Exports from Colombia

In 2021, shipments abroad of lifting equipment increased by 158% to X units, rising for the second year in a row after two years of decline. Overall, exports enjoyed a noticeable expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 1,100%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, lifting equipment exports surged to $X in 2021. In general, exports recorded a significant expansion. The growth pace was the most rapid in 2015 with an increase of 5,197% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to see gradual growth in years to come.

Exports by Country

Panama (X units), the United States (X units) and Peru (X units) were the main destinations of lifting equipment exports from Colombia, together accounting for 81% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Panama (with a CAGR of +31.8%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for lifting equipment exports from Colombia, comprising 42% of total exports. The second position in the ranking was taken by Peru ($X), with a 7.1% share of total exports. It was followed by Ecuador, with a 0.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +92.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (+48.9% per year) and Ecuador (+26.9% per year).

Export Prices by Country

The average lifting equipment export price stood at $X per unit in 2021, shrinking by -4.8% against the previous year. In general, the export price, however, showed a buoyant increase. The pace of growth was the most pronounced in 2013 when the average export price increased by 103% against the previous year. The export price peaked at $X per unit in 2020, and then shrank slightly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Panama ($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 the United States (+67.0%), while the prices for the other major destinations experienced more modest paces of growth.

Lifting Equipment Imports

Imports into Colombia

In 2021, the amount of lifting equipment imported into Colombia skyrocketed to X units, picking up by 23% on the year before. In general, imports, however, showed a abrupt downturn. The pace of growth was the most pronounced in 2019 with an increase of 80%. Imports peaked at X units in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, lifting equipment imports soared to $X in 2021. Overall, imports, however, saw a noticeable decrease. The most prominent rate of growth was recorded in 2013 when imports increased by 100% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of lifting equipment to Colombia, accounting for a 90% share of total imports. Moreover, lifting equipment imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), more than tenfold. Mexico (X units) ranked third in terms of total imports with a 2.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-24.3% per year) and Mexico (+8.0% per year).

In value terms, Italy ($X) constituted the largest supplier of lifting equipment to Colombia, comprising 15% of total imports. The second position in the ranking was taken by China ($X), with a 3.9% share of total imports. It was followed by the United States, with a 1.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Italy stood at -5.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+9.5% per year) and the United States (-19.3% per year).

Import Prices by Country

In 2021, the average lifting equipment import price amounted to $X per unit, increasing by 16% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average import price increased by 192% against the previous year. As a result, import price attained the peak level of $X per unit. From 2014 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per unit), while the price for Mexico ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+30.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :