Colombia: Tractor Market 2024

Tractor Market Size in Colombia

In 2022, after three years of growth, there was decline in the Colombian tractor market, when its value decreased by -3.8% to $X. Overall, consumption recorded a pronounced descent. Tractor consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Tractor Production in Colombia

In value terms, tractor production reached $X in 2022 estimated in export price. In general, production, however, showed a perceptible curtailment. The pace of growth was the most pronounced in 2020 with an increase of 13%. Tractor production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Tractor Exports

Exports from Colombia

In 2022, overseas shipments of tractors decreased by -4.5% to X units, falling for the second consecutive year after two years of growth. Overall, exports, however, posted a significant expansion. The pace of growth appeared the most rapid in 2015 with an increase of 226%. Over the period under review, the exports hit record highs at X units in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, tractor exports rose remarkably to $X in 2022. In general, exports, however, showed a significant expansion. The growth pace was the most rapid in 2013 when exports increased by 212%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Ecuador (X units) was the main destination for tractor exports from Colombia, accounting for a 48% share of total exports. It was followed by Venezuela (X units), with a 1.6% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Ecuador stood at +41.0%.

In value terms, Ecuador ($X) remains the key foreign market for tractors exports from Colombia, comprising 48% of total exports. The second position in the ranking was taken by Venezuela ($X), with a 0.1% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Ecuador totaled +47.0%.

Export Prices by Country

In 2022, the average tractor export price amounted to $X per unit, picking up by 16% against the previous year. In general, export price indicated a buoyant expansion from 2012 to 2022: its price increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tractor export price increased by +61.4% against 2019 indices. The pace of growth appeared the most rapid in 2013 an increase of 56%. Over the period under review, the average export prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ecuador ($X per unit), while the average price for exports to Venezuela totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Suriname (+105.1%), while the prices for the other major destinations experienced mixed trend patterns.

Tractor Imports

Imports into Colombia

In 2022, the amount of tractors imported into Colombia dropped remarkably to X units, with a decrease of -20.5% compared with 2021. Overall, imports showed a abrupt descent. The pace of growth was the most pronounced in 2019 when imports increased by 78%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, tractor imports rose sharply to $X in 2022. In general, imports faced a abrupt shrinkage. The pace of growth appeared the most rapid in 2019 with an increase of 140% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Mexico (X units) constituted the largest tractor supplier to Colombia, accounting for a 22% share of total imports. Moreover, tractor imports from Mexico exceeded the figures recorded by the second-largest supplier, Japan (X units), threefold. The third position in this ranking was taken by Brazil (X units), with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Mexico totaled -11.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+4.3% per year) and Brazil (+2.3% per year).

In value terms, Mexico ($X) constituted the largest supplier of tractors to Colombia, comprising 31% of total imports. The second position in the ranking was taken by Brazil ($X), with a 6.2% share of total imports. It was followed by Japan, with a 4.7% share.

From 2012 to 2022, the average annual growth rate of value from Mexico totaled -13.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+0.7% per year) and Japan (+4.4% per year).

Import Prices by Country

In 2022, the average tractor import price amounted to $X per unit, increasing by 38% against the previous year. Overall, the import price, however, showed a noticeable slump. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Mexico ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+0.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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