Colombia: Nitrites Market 2024

Nitrites Market Size in Colombia

The Colombian nitrites market contracted notably to $X in 2021, dropping by -64.9% 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 abrupt contraction. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Nitrites Exports

Exports from Colombia

In 2021, after two years of growth, there was significant decline in shipments abroad of nitrites, when their volume decreased by -10.2% to X tons. Overall, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 539% against the previous year. The exports peaked at X tons in 2020, and then contracted in the following year.

In value terms, nitrites exports dropped significantly to $X in 2021. In general, exports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of 443% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2020, and then declined sharply in the following year.

Exports by Country

The United States (X tons) was the main destination for nitrites exports from Colombia, with a 78% share of total exports. Moreover, nitrites exports to the United States exceeded the volume sent to the second major destination, Chile (X kg), sixfold. The third position in this ranking was taken by Ecuador (X kg), with a 4% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +70.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+36.8% per year) and Ecuador (+1.0% per year).

In value terms, the United States ($X) emerged as the key foreign market for nitrites exports from Colombia, comprising 67% of total exports. The second position in the ranking was taken by Chile ($X), with a 29% share of total exports. It was followed by Costa Rica, with a 2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +48.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+24.6% per year) and Costa Rica (-5.2% per year).

Export Prices by Country

The average nitrites export price stood at $X per ton in 2021, falling by -19.8% against the previous year. In general, the export price saw a deep downturn. The growth pace was the most rapid in 2018 an increase of 48%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to Ecuador ($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 Costa Rica (-6.4%), while the prices for the other major destinations experienced a decline.

Nitrites Imports

Imports into Colombia

For the third year in a row, Colombia recorded decline in overseas purchases of nitrites, which decreased by -64.3% to X tons in 2021. Overall, imports showed a deep slump. The growth pace was the most rapid in 2016 when imports increased by 26%. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, nitrites imports dropped notably to $X in 2021. Over the period under review, imports continue to indicate a abrupt decline. The growth pace was the most rapid in 2016 when imports increased by 28% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Germany (X tons) constituted the largest nitrites supplier to Colombia, accounting for a 76% share of total imports. Moreover, nitrites imports from Germany exceeded the figures recorded by the second-largest supplier, China (X tons), sixfold. The third position in this ranking was taken by Russia (X tons), with a 7.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany amounted to -12.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-22.6% per year) and Russia (-29.8% per year).

In value terms, Germany ($X) constituted the largest supplier of nitrites to Colombia, comprising 58% of total imports. The second position in the ranking was held by China ($X), with a 12% share of total imports. It was followed by Russia, with a 6.6% share.

From 2012 to 2021, the average annual growth rate of value from Germany stood at -15.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-21.3% per year) and Russia (-32.1% per year).

Import Prices by Country

The average nitrites import price stood at $X per ton in 2021, flattening at the previous year. In general, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average import price increased by 15%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Brazil ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+1.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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