Colombia: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Colombia

The Colombian worked wax articles market stood at $X in 2022, increasing by 8.9% against the previous year. Overall, the total consumption indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -7.5% against 2020 indices. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Worked Wax Articles Production in Colombia

In value terms, worked wax articles production expanded markedly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a pronounced curtailment. The pace of growth was the most pronounced in 2020 with an increase of 28%. Worked wax articles production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Worked Wax Articles Exports

Exports from Colombia

In 2022, exports of worked articles of wax from Colombia fell modestly to X units, remaining constant against the previous year's figure. Overall, exports recorded a abrupt decline. The pace of growth was the most pronounced in 2015 when exports increased by 52%. Over the period under review, the exports attained the maximum at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, worked wax articles exports contracted slightly to $X in 2022. Over the period under review, exports showed a abrupt contraction. The pace of growth appeared the most rapid in 2015 with an increase of 59% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Mexico (X units), Germany (X units) and the United States (X units) were the main destinations of worked wax articles exports from Colombia, with a combined 68% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +6.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for worked wax articles exported from Colombia were Mexico ($X), Germany ($X) and the United States ($X), together comprising 64% of total exports.

Mexico, with a CAGR of +5.3%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average worked wax articles export price amounted to $X per thousand units, shrinking by -1.7% against the previous year. In general, the export price recorded a pronounced descent. The growth pace was the most rapid in 2013 when the average export price increased by 5.7%. As a result, the export price reached the peak level of $X per thousand units. From 2014 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Ecuador ($X per thousand units), while the average price for exports to New Zealand ($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 Peru (+0.2%), while the prices for the other major destinations experienced a decline.

Worked Wax Articles Imports

Imports into Colombia

In 2022, the amount of worked articles of wax imported into Colombia declined to X units, waning by -8% against 2021. Overall, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 56% against the previous year. Imports peaked at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, worked wax articles imports dropped to $X in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 49%. Over the period under review, imports hit record highs at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of worked wax articles to Colombia, with a 53% share of total imports. Moreover, worked wax articles imports from China exceeded the figures recorded by the second-largest supplier, India (X units), threefold. Brazil (X units) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (+6.3% per year) and Brazil (+265.4% per year).

In value terms, the largest worked wax articles suppliers to Colombia were China ($X), India ($X) and Brazil ($X), with a combined 83% share of total imports.

Brazil, with a CAGR of +248.1%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average worked wax articles import price stood at $X per thousand units in 2022, dropping by -3.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.4%. The pace of growth appeared the most rapid in 2018 an increase of 34% against the previous year. As a result, import price reached the peak level of $X per thousand units. From 2019 to 2022, the average 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 the United States ($X per thousand units), while the price for Peru ($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 (+5.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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