Colombia: Stainless Steel Sink Market 2024

Stainless Steel Sink Market Size in Colombia

The Colombian stainless steel sink market was finally on the rise to reach $X in 2021, after two years of decline. In general, consumption showed a resilient increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Stainless Steel Sink Exports

Exports from Colombia

In 2021, shipments abroad of stainless steel sinks and wash basins was finally on the rise to reach X units after two years of decline. Overall, exports, however, showed a deep downturn. The most prominent rate of growth was recorded in 2018 with an increase of 477% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, stainless steel sink exports skyrocketed to $X in 2021. Over the period under review, exports, however, recorded a deep contraction. The growth pace was the most rapid in 2018 when exports increased by 391%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Mexico (X units), the United States (X units) and Chile (X units) were the main destinations of stainless steel sink exports from Colombia, with a combined 67% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +22.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for stainless steel sink exported from Colombia were Cuba ($X), Mexico ($X) and the United States ($X), together comprising 59% of total exports.

In terms of the main countries of destination, the United States, with a CAGR of +24.6%, saw the highest rates of growth with regard to 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

The average stainless steel sink export price stood at $X per unit in 2021, falling by -2.6% against the previous year. Over the period under review, the export price saw a perceptible reduction. The growth pace was the most rapid in 2019 when the average export price increased by 10% against the previous year. 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 remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Peru ($X per unit), while the average price for exports to Chile ($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 Cuba (+7.6%), while the prices for the other major destinations experienced more modest paces of growth.

Stainless Steel Sink Imports

Imports into Colombia

In 2021, purchases abroad of stainless steel sinks and wash basins was finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. Overall, imports saw a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, stainless steel sink imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +7.6% 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, Malaysia (X units) constituted the largest supplier of stainless steel sink to Colombia, with a 64% share of total imports. Moreover, stainless steel sink imports from Malaysia exceeded the figures recorded by the second-largest supplier, Brazil (X units), fourfold. The third position in this ranking was held by China (X units), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume from Malaysia totaled +107.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+20.1% per year) and China (-11.4% per year).

In value terms, Malaysia ($X) constituted the largest supplier of stainless steel sink to Colombia, comprising 56% of total imports. The second position in the ranking was held by Brazil ($X), with a 19% share of total imports. It was followed by China, with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Malaysia totaled +149.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+11.3% per year) and China (-14.2% per year).

Import Prices by Country

In 2021, the average stainless steel sink import price amounted to $X per unit, with a decrease of -2.4% against the previous year. In general, the import price showed a noticeable curtailment. The most prominent rate of growth was recorded in 2020 an increase of 27% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+19.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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