Ecuador: Market for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles 2024

Market Size for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in Ecuador

In 2022, the Ecuadorian market for tyres for agriculture, forestry, construction, industry and other off the road vehicles was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. In general, consumption continues to indicate a relatively flat trend pattern. Consumption of peaked at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Exports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Exports from Ecuador

In 2022, approx. X units of tyres for agriculture, forestry, construction, industry and other off the road vehicles were exported from Ecuador; which is down by -22.8% on 2021. Over the period under review, exports continue to indicate a abrupt setback. The growth pace was the most rapid in 2018 with an increase of 595%. Over the period under review, the exports of tyres for agriculture, forestry, construction, industry and other off road vehicles hit record highs at X units in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles contracted to $X in 2022. Overall, exports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2018 when exports increased by 186% against the previous year. Over the period under review, the exports of tyres for agriculture, forestry, construction, industry and other off road vehicles hit record highs at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from Ecuador, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +2.7%.

In value terms, the United States ($X) also remains the key foreign market for tyres for agriculture, forestry, construction, industry and other off the road vehicles exports from Ecuador.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +16.0%.

Export Prices by Country

In 2022, the average export price for tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X per unit, rising by 12% against the previous year. Over the period under review, the export price saw a buoyant increase. The most prominent rate of growth was recorded in 2017 an increase of 197% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2018 to 2022, the average export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to +13.0% per year.

Imports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Imports into Ecuador

In 2022, after two years of decline, there was significant growth in supplies from abroad of tyres for agriculture, forestry, construction, industry and other off the road vehicles, when their volume increased by 152% to X units. Overall, imports recorded a temperate expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles fell significantly to $X in 2022. In general, imports, however, continue to indicate a deep slump. The pace of growth was the most pronounced in 2017 with an increase of 39%. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles attained the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of agricultural, construction and industrial machinery tyre to Ecuador, with a 80% share of total imports. Moreover, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from China exceeded the figures recorded by the second-largest supplier, Brazil (X units), more than tenfold. India (X units) ranked third in terms of total imports with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +18.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+9.2% per year) and India (+0.3% per year).

In value terms, China ($X) constituted the largest supplier of tyres for agriculture, forestry, construction, industry and other off the road vehicles to Ecuador, comprising 41% of total imports. The second position in the ranking was taken by India ($X), with a 17% share of total imports. It was followed by Brazil, with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled -4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-8.2% per year) and Brazil (-13.7% per year).

Import Prices by Country

In 2022, the average import price for tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X per unit, dropping by -71.4% against the previous year. In general, the import price faced a abrupt descent. The most prominent rate of growth was recorded in 2014 an increase of 22%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 France ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+14.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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