Ecuador: Smart Card Market 2024

Smart Card Market Size in Ecuador

The Ecuadorian smart card market contracted to $X in 2022, remaining stable against the previous year. Overall, consumption, however, continues to indicate a strong increase. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Smart Card Production in Ecuador

In value terms, smart card production reached $X in 2022 estimated in export price. Overall, production saw resilient growth. The most prominent rate of growth was recorded in 2016 when the production volume increased by 38% against the previous year. Smart card production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Smart Card Exports

Exports from Ecuador

Smart card exports from Ecuador skyrocketed to X units in 2022, picking up by 46% on 2021 figures. In general, exports recorded significant growth. The pace of growth appeared the most rapid in 2019 with an increase of 1,092%. Over the period under review, the exports reached the peak figure at X units in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, smart card exports dropped rapidly to $X in 2022. Over the period under review, exports continue to indicate strong growth. The pace of growth appeared the most rapid in 2019 with an increase of 770% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then reduced rapidly in the following year.

Exports by Country

Bolivia (X units) was the main destination for smart card exports from Ecuador, accounting for a 62% share of total exports. Moreover, smart card exports to Bolivia exceeded the volume sent to the second major destination, Brazil (X units), eightfold. The third position in this ranking was held by Venezuela (X units), with a 6.2% share.

From 2012 to 2022, the average annual growth rate of volume to Bolivia amounted to +122.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+44.7% per year) and Venezuela (+34.0% per year).

In value terms, Bolivia ($X) remains the key foreign market for cards incorporating an electronic integrated circuit (smart card) exports from Ecuador, comprising 64% of total exports. The second position in the ranking was held by Brazil ($X), with a 9.3% share of total exports. It was followed by Venezuela, with a 7.2% share.

From 2012 to 2022, the average annual growth rate of value to Bolivia amounted to +96.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+25.3% per year) and Venezuela (+16.1% per year).

Export Prices by Country

In 2022, the average smart card export price amounted to $X per unit, reducing by -51.2% against the previous year. Overall, the export price showed a abrupt setback. The pace of growth was the most pronounced in 2018 when the average export price increased by 142%. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per unit), while the average price for exports to Portugal (less than $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 Uruguay (-7.8%), while the prices for the other major destinations experienced a decline.

Smart Card Imports

Imports into Ecuador

In 2022, the amount of cards incorporating an electronic integrated circuit (smart card) imported into Ecuador fell to X units, waning by -8.7% on 2021. In general, imports, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2018 with an increase of 74% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, smart card imports declined to $X in 2022. Over the period under review, imports showed a perceptible reduction. The pace of growth appeared the most rapid in 2018 when imports increased by 39%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Mexico (X units) and Colombia (X units) were the main suppliers of smart card imports to Ecuador, with a combined 88% share of total imports. Brazil, Hong Kong SAR, Singapore and the United States lagged somewhat behind, together accounting for a further 9.1%.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +108.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Colombia ($X) and China ($X) constituted the largest smart card suppliers to Ecuador, with a combined 80% share of total imports. Singapore, the United States, Brazil and Hong Kong SAR lagged somewhat behind, together accounting for a further 10%.

Singapore, with a CAGR of +75.0%, saw the highest growth rate of 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 smart card import price stood at $X per unit in 2022, with a decrease of -2.2% against the previous year. In general, the import price continues to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2013 an increase of 31%. As a result, import price attained the peak level of $X per unit. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-4.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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