Ecuador: Ball Bearing Market 2024

Ball Bearing Market Size in Ecuador

In 2021, the Ecuadorian ball bearing market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Overall, the total consumption indicated a slight increase from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Ball Bearing Exports

Exports from Ecuador

In 2021, approx. X kg of ball bearings were exported from Ecuador; waning by -49.7% compared with 2020 figures. Over the period under review, exports saw a abrupt downturn. The pace of growth appeared the most rapid in 2013 when exports increased by 165% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, ball bearing exports shrank notably to $X in 2021. Overall, exports recorded a deep slump. The growth pace was the most rapid in 2013 when exports increased by 383%. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X kg), Colombia (X kg) and Brazil (X kg) were the main destinations of ball bearing exports from Ecuador, together comprising 63% 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 Brazil (with a CAGR of +27.1%), while the other leaders experienced a decline.

In value terms, the largest markets for ball bearing exported from Ecuador were the United States ($X), Colombia ($X) and Brazil ($X), together comprising 74% of total exports. India, Costa Rica and Panama lagged somewhat behind, together accounting for a further 9.2%.

India, with a CAGR of +34.6%, 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

The average ball bearing export price stood at $X per ton in 2021, remaining stable against the previous year. In general, the export price, however, posted a prominent increase. The pace of growth appeared the most rapid in 2013 when the average export price increased by 82% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Panama ($X per ton), while the average price for exports to Costa Rica ($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 Panama (+47.5%), while the prices for the other major destinations experienced more modest paces of growth.

Ball Bearing Imports

Imports into Ecuador

After two years of decline, purchases abroad of ball bearings increased by 185% to X tons in 2021. Overall, total imports indicated a notable increase from 2012 to 2021: its volume increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, ball bearing imports surged to $X in 2021. In general, total imports indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of ball bearing to Ecuador, accounting for a 63% share of total imports. Moreover, ball bearing imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), fivefold. The third position in this ranking was taken by South Korea (X tons), with a 4.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +14.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+27.0% per year) and South Korea (-1.0% per year).

In value terms, China ($X), Japan ($X) and the United States ($X) appeared to be the largest ball bearing suppliers to Ecuador, with a combined 66% share of total imports. These countries were followed by South Korea, Italy, France, the United Arab Emirates and Panama, which together accounted for a further 17%.

The United Arab Emirates, with a CAGR of +132.0%, saw the highest rates of growth with regard to the value of imports, in terms of 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 ball bearing import price stood at $X per ton in 2021, falling by -21.4% against the previous year. Overall, the import price continues to indicate a perceptible shrinkage. The pace of growth appeared the most rapid in 2020 an increase of 8.7% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was France ($X per ton), while the price for China ($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 (+4.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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