Colombia: Spectacles And Goggles Market 2024

Spectacles And Goggles Market Size in Colombia

The Colombian spectacles and goggles market declined sharply to $X in 2021, waning by -16.3% 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 saw a noticeable shrinkage. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Spectacles And Goggles Exports

Exports from Colombia

Spectacles and goggles exports from Colombia stood at X units in 2021, growing by 13% on the previous year. Over the period under review, exports continue to indicate a significant increase. The growth pace was the most rapid in 2016 when exports increased by 166%. The exports peaked in 2021 and are likely to continue growth in years to come.

In value terms, spectacles and goggles exports expanded significantly to $X in 2021. Overall, exports posted a significant expansion. The growth pace was the most rapid in 2020 when exports increased by 207%. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

Ecuador (X units) was the main destination for spectacles and goggles exports from Colombia, with a 45% share of total exports. Moreover, spectacles and goggles exports to Ecuador exceeded the volume sent to the second major destination, Mexico (X units), twofold. The third position in this ranking was taken by Panama (X units), with a 9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Ecuador amounted to +41.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+179.5% per year) and Panama (+19.5% per year).

In value terms, Ecuador ($X) remains the key foreign market for spectacles and goggles exports from Colombia, comprising 49% of total exports. The second position in the ranking was taken by Peru ($X), with a 13% share of total exports. It was followed by Mexico, with a 13% share.

From 2012 to 2021, the average annual growth rate of value to Ecuador amounted to +40.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (+11.7% per year) and Mexico (+158.5% per year).

Export Prices by Country

In 2021, the average spectacles and goggles export price amounted to $X per unit, reducing by -1.9% against the previous year. Over the period under review, the export price saw a abrupt contraction. The growth pace was the most rapid in 2020 when the average export price increased by 109%. Over the period under review, the average export prices hit record highs at $X per unit in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Peru ($X per unit), while the average price for exports to Venezuela ($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 Ecuador (-0.7%), while the prices for the other major destinations experienced a decline.

Spectacles And Goggles Imports

Imports into Colombia

In 2021, the amount of spectacles and goggles imported into Colombia contracted rapidly to X units, falling by -27.8% compared with the year before. Overall, imports showed a abrupt decrease. The most prominent rate of growth was recorded in 2014 with an increase of 31% against the previous year. As a result, imports reached the peak of X units. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, spectacles and goggles imports fell to $X in 2021. The total import value increased at an average annual rate of +1.4% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 when imports increased by 23%. As a result, imports attained the peak of $X, and then declined in the following year.

Imports by Country

In 2021, China (X units) constituted the largest supplier of spectacles and goggles to Colombia, accounting for a 79% share of total imports. Moreover, spectacles and goggles imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), fourfold. The United States (X units) ranked third in terms of total imports with a 0.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -9.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-13.6% per year) and the United States (-37.5% per year).

In value terms, China ($X) constituted the largest supplier of spectacles and goggles to Colombia, comprising 62% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 27% share of total imports. It was followed by the United States, with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +5.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+1.8% per year) and the United States (-11.9% per year).

Import Prices by Country

The average spectacles and goggles import price stood at $X per unit in 2021, rising by 26% against the previous year. Over the period under review, the import price posted strong growth. The pace of growth was the most pronounced in 2018 when the average import price increased by 112% against the previous year. The import price peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+41.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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