Ecuador: Benzoic Acid Market 2024

Benzoic Acid Market Size in Ecuador

In 2021, the Ecuadorian benzoic acid market increased by 7% to $X, rising for the second consecutive year after five years of decline. Over the period under review, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Benzoic Acid Exports

Exports from Ecuador

In 2021, approx. X tons of benzoic acid, its salts and esters were exported from Ecuador; waning by -4.5% compared with the previous year. In general, exports saw a sharp decline. The pace of growth was the most pronounced in 2019 when exports increased by 461% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, benzoic acid exports amounted to $X in 2021. Overall, exports saw a abrupt downturn. The growth pace was the most rapid in 2019 when exports increased by 428%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Germany (X tons), Peru (X kg) and Colombia (X kg) were the main destinations of benzoic acid exports from Ecuador, together accounting for 99% of total exports.

From 2012 to 2021, the biggest increases were recorded for Peru (with a CAGR of +113.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the key foreign market for benzoic acid, its salts and esters exports from Ecuador, comprising 68% of total exports. The second position in the ranking was held by Peru ($X), with a 23% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Germany amounted to +19.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (+111.0% per year) and Colombia (+58.1% per year).

Export Prices by Country

The average benzoic acid export price stood at $X per ton in 2021, with an increase of 4.7% against the previous year. In general, the export price showed buoyant growth. The most prominent rate of growth was recorded in 2013 an increase of 519% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Peru ($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 Venezuela (+578.3%), while the prices for the other major destinations experienced mixed trend patterns.

Benzoic Acid Imports

Imports into Ecuador

In 2021, approx. X tons of benzoic acid, its salts and esters were imported into Ecuador; reducing by -2.6% against 2020 figures. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by 42% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, benzoic acid imports rose rapidly to $X in 2021. Overall, imports saw a slight decrease. The most prominent rate of growth was recorded in 2014 with an increase of 41%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest benzoic acid supplier to Ecuador, with a 50% share of total imports. Moreover, benzoic acid imports from China exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), twofold. The United States (X tons) ranked third in terms of total imports with a 5.6% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-5.0% per year) and the United States (-14.2% per year).

In value terms, China ($X) constituted the largest supplier of benzoic acid, its salts and esters to Ecuador, comprising 50% of total imports. The second position in the ranking was held by the Netherlands ($X), with an 18% share of total imports. It was followed by the United States, with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (-7.3% per year) and the United States (-15.0% per year).

Import Prices by Country

The average benzoic acid import price stood at $X per ton in 2021, with an increase of 11% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 12%. As a result, import price reached the peak level of $X per ton. From 2018 to 2021, the average import prices remained at a somewhat 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 the UK ($X per ton), while the price for Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+1.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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