Colombia: Market for Machine Tools For Working Metal 2024

Market Size for Machine Tools For Working Metal in Colombia

The Colombian machine-tool for working metal market expanded markedly to $X in 2021, with an increase of 7.5% 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, however, faced a drastic downturn. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Exports of Machine Tools For Working Metal

Exports from Colombia

In 2021, overseas shipments of machine tools for working metal increased by 139% to X units, rising for the second year in a row after two years of decline. In general, exports saw a resilient increase. The growth pace was the most rapid in 2020 with an increase of 199%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, machine-tool for working metal exports surged to $X in 2021. Over the period under review, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 207% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Canada (X units) was the main destination for machine-tool for working metal exports from Colombia, accounting for a 71% share of total exports. Moreover, machine-tool for working metal exports to Canada exceeded the volume sent to the second major destination, Honduras (X units), more than tenfold. The third position in this ranking was held by Guatemala (X units), with a 5.1% share.

From 2012 to 2021, the average annual growth rate of volume to Canada amounted to +332.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (+31.6% per year) and Guatemala (+8.0% per year).

In value terms, Guatemala ($X), Chile ($X) and Canada ($X) appeared to be the largest markets for machine-tool for working metal exported from Colombia worldwide, together comprising 34% of total exports. These countries were followed by Mexico, the United States, Honduras, Ecuador, Costa Rica and Panama, which together accounted for a further 18%.

Among the main countries of destination, Mexico, with a CAGR of +78.8%, saw the highest rates of growth with regard to 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 machine-tool for working metal export price stood at $X per unit in 2021, shrinking by -17.4% against the previous year. Overall, the export price showed a abrupt contraction. The most prominent rate of growth was recorded in 2014 when the average export price increased by 48%. As a result, the export price attained the peak level of $X per unit. From 2015 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Chile ($X per unit), while the average price for exports to Canada ($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 Honduras (+5.2%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Machine Tools For Working Metal

Imports into Colombia

In 2021, overseas purchases of machine tools for working metal were finally on the rise to reach X units after two years of decline. In general, imports, however, recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2018 when imports increased by 47%. Imports peaked at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, machine-tool for working metal imports reduced to $X in 2021. Overall, imports, however, showed a deep reduction. The pace of growth was the most pronounced in 2019 when imports increased by 37%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest machine-tool for working metal supplier to Colombia, with a 87% share of total imports. Moreover, machine-tool for working metal imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), more than tenfold. Spain (X units) ranked third in terms of total imports with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at -7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-12.4% per year) and Spain (-18.3% per year).

In value terms, China ($X) constituted the largest supplier of machine tools for working metal to Colombia, comprising 41% of total imports. The second position in the ranking was taken by Italy ($X), with a 20% share of total imports. It was followed by the United States, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to -6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-13.3% per year) and the United States (-12.2% per year).

Import Prices by Country

In 2021, the average machine-tool for working metal import price amounted to $X per unit, shrinking by -33.6% against the previous year. Over the period under review, the import price continues to indicate a noticeable decline. The pace of growth appeared the most rapid in 2019 an increase of 66% against the previous year. The import price peaked at $X per unit in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Italy ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+12.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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