Colombia: Sewing Machine Needle Market 2024

Sewing Machine Needle Market Size in Colombia

The Colombian sewing machine needle market declined sharply to $X in 2022, which is down by -33.6% 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 saw a perceptible reduction. Sewing machine needle consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Sewing Machine Needle Exports

Exports from Colombia

In 2022, shipments abroad of sewing machine needles increased by 48% to X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, faced a abrupt slump. The most prominent rate of growth was recorded in 2018 when exports increased by 271% against the previous year. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, sewing machine needle exports surged to $X in 2022. Overall, exports, however, continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2018 with an increase of 1,507% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Costa Rica (X units) was the main destination for sewing machine needle exports from Colombia, accounting for a 68% share of total exports. Moreover, sewing machine needle exports to Costa Rica exceeded the volume sent to the second major destination, Panama (X units), fourfold. The third position in this ranking was held by Jamaica (X units), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Costa Rica amounted to -15.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+7.8% per year) and Jamaica (-3.9% per year).

In value terms, Costa Rica ($X), Panama ($X) and Jamaica ($X) appeared to be the largest markets for sewing machine needle exported from Colombia worldwide, with a combined 96% share of total exports.

Panama, with a CAGR of +27.3%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average sewing machine needle export price stood at $X per thousand units in 2022, jumping by 24% against the previous year. Overall, the export price recorded a strong increase. The pace of growth appeared the most rapid in 2018 an increase of 333%. As a result, the export price attained the peak level of $X per thousand units. From 2019 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Panama ($X per thousand units), while the average price for exports to Jamaica ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Panama (+18.0%), while the prices for the other major destinations experienced mixed trend patterns.

Sewing Machine Needle Imports

Imports into Colombia

In 2022, the amount of sewing machine needles imported into Colombia shrank sharply to X units, which is down by -30.5% against the previous year's figure. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 237% against the previous year. As a result, imports reached the peak of X units, and then shrank sharply in the following year.

In value terms, sewing machine needle imports contracted remarkably to $X in 2022. Over the period under review, imports continue to indicate a pronounced slump. The pace of growth appeared the most rapid in 2021 with an increase of 227% against the previous year. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Germany (X units), China (X units) and Taiwan (Chinese) (X units) were the main suppliers of sewing machine needle imports to Colombia, together comprising 64% of total imports. Brazil, the Czech Republic, Mexico and India lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +88.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of sewing machine needles to Colombia, comprising 53% of total imports. The second position in the ranking was taken by the Czech Republic ($X), with a 16% share of total imports. It was followed by Brazil, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany stood at +3.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (-5.6% per year) and Brazil (-1.2% per year).

Import Prices by Country

The average sewing machine needle import price stood at $X per thousand units in 2022, waning by -6% against the previous year. Overall, the import price continues to indicate a perceptible reduction. The pace of growth appeared the most rapid in 2015 an increase of 31% against the previous year. The import price peaked at $X per thousand units in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per thousand units), while the price for China ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+2.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :