Colombia: Lock And Key Market 2025

Lock And Key Market Size in Colombia

In 2021, the Colombian lock and key market was finally on the rise to reach $X after two years of decline. Overall, the total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Lock And Key Exports

Exports from Colombia

In 2021, overseas shipments of padlocks, locks and keys of base metal increased by 24% to X tons, rising for the second consecutive year after two years of decline. Overall, exports posted resilient growth. The pace of growth was the most pronounced in 2017 when exports increased by 47%. As a result, the exports reached the peak of X tons; afterwards, it flattened through to 2021.

In value terms, lock and key exports skyrocketed to $X in 2021. Over the period under review, exports showed a pronounced expansion. The growth pace was the most rapid in 2015 with an increase of 33% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Ecuador (X tons), the United States (X tons) and Chile (X tons) were the main destinations of lock and key exports from Colombia, together accounting for 60% of total exports. Guatemala, Panama, Costa Rica, Mexico, El Salvador, Venezuela, Honduras, Peru, Brazil and Nicaragua lagged somewhat behind, together comprising a further 37%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Brazil (with a CAGR of +125.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for lock and key exported from Colombia were Ecuador ($X), Chile ($X) and the United States ($X), together comprising 48% of total exports. Mexico, Costa Rica, Guatemala, Brazil, El Salvador, Panama, Venezuela, Honduras, Peru and Nicaragua lagged somewhat behind, together comprising a further 48%.

Among the main countries of destination, Brazil, with a CAGR of +129.6%, saw 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

In 2021, the average lock and key export price amounted to $X per ton, shrinking by -4.1% against the previous year. Over the period under review, the export price saw a noticeable downturn. The pace of growth appeared the most rapid in 2020 when the average export price increased by 10% against the previous year. Over the period under review, the average export prices reached the peak figure 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 Brazil ($X per ton), while the average price for exports to the United States ($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 Mexico (+3.8%), while the prices for the other major destinations experienced more modest paces of growth.

Lock And Key Imports

Imports into Colombia

In 2021, after two years of decline, there was significant growth in overseas purchases of padlocks, locks and keys of base metal, when their volume increased by 48% to X tons. In general, total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +8.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, lock and key imports soared to $X in 2021. Overall, total imports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. 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 lock and key supplier to Colombia, accounting for a 89% share of total imports. It was followed by the United States (X tons), with a 1.4% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +9.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+3.6% per year) and Taiwan (Chinese) (-6.2% per year).

In value terms, China ($X) constituted the largest supplier of padlocks, locks and keys of base metal to Colombia, comprising 65% of total imports. The second position in the ranking was taken by the United States ($X), with a 9.7% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +6.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+7.0% per year) and Taiwan (Chinese) (-1.0% per year).

Import Prices by Country

The average lock and key import price stood at $X per ton in 2021, surging by 11% against the previous year. Overall, the import price, however, recorded a pronounced setback. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+5.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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