Ecuador: Boring Machinery Market 2024

Boring Machinery Market Size in Ecuador

The Ecuadorian boring machinery market rose modestly to $X in 2022, growing by 3.9% against the previous year. Over the period under review, the total consumption indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.8% 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 -12.5% against 2019 indices. Boring machinery consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Boring Machinery Production in Ecuador

In value terms, boring machinery production contracted to $X in 2022 estimated in export price. In general, production, however, saw strong growth. The pace of growth appeared the most rapid in 2019 with an increase of 64% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Boring Machinery Exports

Exports from Ecuador

In 2022, approx. X units of boring or sinking machinery were exported from Ecuador; declining by -25% on 2021. In general, exports faced a abrupt shrinkage. The growth pace was the most rapid in 2016 when exports increased by 100%. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, boring machinery exports contracted modestly to $X in 2022. Over the period under review, exports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2016 when exports increased by 71%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for boring machinery exports from Ecuador, accounting for a approx. 67% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to the United States was relatively modest.

In value terms, the United States ($X) remains the key foreign market for boring or sinking machinery exports from Ecuador, comprising 85% of total exports. The second position in the ranking was taken by Brazil ($X), with a 6.1% share of total exports. It was followed by Canada, with a 5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +27.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (-20.9% per year) and Canada (+115.9% per year).

Export Prices by Country

In 2022, the average boring machinery export price amounted to $X per unit, jumping by 49% against the previous year. Over the period under review, export price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the average export price increased by 61% against the previous year. The export price peaked in 2022 and is likely to see steady growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+427.6%), while the prices for the other major destinations experienced more modest paces of growth.

Boring Machinery Imports

Imports into Ecuador

In 2022, boring machinery imports into Ecuador contracted sharply to X units, reducing by -16.7% against 2021 figures. In general, imports continue to indicate a sharp decrease. The growth pace was the most rapid in 2017 with an increase of 314%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, boring machinery imports rose notably to $X in 2022. Over the period under review, imports showed a sharp descent. The most prominent rate of growth was recorded in 2014 when imports increased by 135% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

The United States (X units), China (X units) and South Korea (X units) were the main suppliers of boring machinery imports to Ecuador, with a combined 40% share of total imports. The Netherlands, Japan, Peru, Canada, Saudi Arabia, Brazil, Spain, Chile, France and Colombia lagged somewhat behind, together comprising a further 53%.

From 2012 to 2022, the biggest increases were recorded for Peru (with a CAGR of +7.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), China ($X) and Peru ($X) constituted the largest boring machinery suppliers to Ecuador, with a combined 42% share of total imports. Canada, Japan, Saudi Arabia, Colombia, the United States, South Korea, Chile, Brazil, France and Spain lagged somewhat behind, together accounting for a further 41%.

Among the main suppliers, Japan, with a CAGR of +27.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average boring machinery import price amounted to $X per unit, picking up by 29% against the previous year. Overall, the import price showed a buoyant increase. The pace of growth was the most pronounced in 2019 when the average import price increased by 178% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per unit), while the price for Spain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (+26.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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