Colombia: Toluene Market 2024

Toluene Market Size in Colombia

In 2021, the Colombian toluene market increased by 4.8% to $X, rising for the second year in a row after four years of decline. Over the period under review, consumption, however, saw a mild shrinkage. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a somewhat lower figure.

Toluene Production in Colombia

In value terms, toluene production amounted to $X in 2021 estimated in export price. In general, production, however, continues to indicate a perceptible decrease. The growth pace was the most rapid in 2015 with an increase of 16%. As a result, production attained the peak level of $X. From 2016 to 2021, production growth remained at a somewhat lower figure.

Toluene Exports

Exports from Colombia

In 2021, shipments abroad of toluene decreased by -1.8% to X tons, falling for the third consecutive year after two years of growth. Overall, exports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2014 when exports increased by 98% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, toluene exports contracted to $X in 2021. Over the period under review, exports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 88% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for toluene exports from Colombia, accounting for a 47% share of total exports. Moreover, toluene exports to the United States exceeded the volume sent to the second major destination, Peru (X tons), threefold. The third position in this ranking was held by Ecuador (X tons), with a 13% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled -7.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (-5.8% per year) and Ecuador (-13.7% per year).

In value terms, the United States ($X) remains the key foreign market for toluene exports from Colombia, comprising 53% of total exports. The second position in the ranking was taken by Ecuador ($X), with a 15% share of total exports. It was followed by Mexico, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at -11.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (-18.7% per year) and Mexico (+0.1% per year).

Export Prices by Country

The average toluene export price stood at $X per ton in 2021, dropping by -4.7% against the previous year. Overall, the export price recorded a abrupt decrease. The pace of growth appeared the most rapid in 2018 an increase of 13% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 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 the United States ($X per ton), while the average price for exports to Peru ($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 the United States (-4.2%), while the prices for the other major destinations experienced a decline.

Toluene Imports

Imports into Colombia

In 2021, the amount of toluene imported into Colombia surged to X tons, jumping by 72% compared with 2020 figures. In general, imports recorded a notable expansion. The growth pace was the most rapid in 2015 when imports increased by 555%. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, toluene imports surged to $X in 2021. Over the period under review, imports recorded a strong expansion. The pace of growth was the most pronounced in 2015 with an increase of 298% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Israel (X tons) constituted the largest toluene supplier to Colombia, with a 44% share of total imports. Moreover, toluene imports from Israel exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), twofold. The third position in this ranking was held by the United States (X tons), with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Israel was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+6.0% per year) and the United States (+15.1% per year).

In value terms, Israel ($X) constituted the largest supplier of toluene to Colombia, comprising 50% of total imports. The second position in the ranking was taken by the United States ($X), with a 20% share of total imports. It was followed by Germany, with an 8.4% share.

From 2012 to 2021, the average annual growth rate of value from Israel was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+5.2% per year) and Germany (-10.2% per year).

Import Prices by Country

In 2021, the average toluene import price amounted to $X per ton, shrinking by -26.4% against the previous year. Over the period under review, import price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, toluene import price decreased by -44.7% against 2019 indices. The pace of growth was the most pronounced in 2013 an increase of 80%. Over the period under review, average import prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

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 Spain ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+70.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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