Colombia: Needle Roller Bearing Market 2024

Needle Roller Bearing Market Size in Colombia

The Colombian needle roller bearing market was finally on the rise to reach $X in 2021, after two years of decline. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Needle Roller Bearing Exports

Exports from Colombia

In 2021, approx. X kg of needle roller bearings were exported from Colombia; waning by -22.5% on the year before. In general, exports, however, continue to indicate a moderate expansion. The pace of growth was the most pronounced in 2020 when exports increased by 775% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, needle roller bearing exports reduced notably to $X in 2021. Overall, exports, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2017 when exports increased by 536% 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 lower figure.

Exports by Country

El Salvador (X kg) was the main destination for needle roller bearing exports from Colombia, with a 78% share of total exports. Moreover, needle roller bearing exports to El Salvador exceeded the volume sent to the second major destination, Ecuador (X kg), fivefold. Belize (X kg) ranked third in terms of total exports with a 3.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to El Salvador stood at +28.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (-12.3% per year) and Belize (0.0% per year).

In value terms, El Salvador ($X) emerged as the key foreign market for needle roller bearing exports from Colombia, comprising 84% of total exports. The second position in the ranking was held by Ecuador ($X), with a 6.1% share of total exports. It was followed by Costa Rica, with a 4.9% share.

From 2012 to 2021, the average annual growth rate of value to El Salvador totaled +128.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (-15.7% per year) and Costa Rica (+28.7% per year).

Export Prices by Country

In 2021, the average needle roller bearing export price amounted to $X per ton, waning by -5.9% against the previous year. Over the period under review, the export price, however, recorded prominent growth. The most prominent rate of growth was recorded in 2013 when the average export price increased by 143% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Costa Rica ($X per ton), while the average price for exports to Ecuador ($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 Belgium (+28.8%), while the prices for the other major destinations experienced more modest paces of growth.

Needle Roller Bearing Imports

Imports into Colombia

In 2021, supplies from abroad of needle roller bearings increased by 37% to X tons for the first time since 2018, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, needle roller bearing imports skyrocketed to $X in 2021. Overall, imports recorded a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of needle roller bearing to Colombia, accounting for a 38% share of total imports. Moreover, needle roller bearing imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. The third position in this ranking was taken by India (X tons), with a 9.4% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-3.6% per year) and India (+8.3% per year).

In value terms, Japan ($X), the United States ($X) and Germany ($X) appeared to be the largest needle roller bearing suppliers to Colombia, together comprising 49% of total imports. China, Slovakia, India, Mexico, France, Taiwan (Chinese) and South Korea lagged somewhat behind, together accounting for a further 40%.

Among the main suppliers, Mexico, with a CAGR of +32.5%, 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

In 2021, the average needle roller bearing import price amounted to $X per ton, approximately reflecting the previous year. Overall, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 16% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2014; however, from 2015 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 Mexico ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :