Ecuador: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in Ecuador

The Ecuadorian refrigerator compressor market dropped to $X in 2022, falling by -11.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a pronounced contraction. Refrigerator compressor consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Refrigerator Compressor Exports

Exports from Ecuador

In 2022, approx. X units of compressors for refrigeration equipment were exported from Ecuador; with a decrease of -37.8% compared with the previous year's figure. Over the period under review, exports, however, recorded a buoyant expansion. The pace of growth was the most pronounced in 2021 when exports increased by 798%. As a result, the exports attained the peak of X units, and then contracted sharply in the following year.

In value terms, refrigerator compressor exports reduced remarkably to $X in 2022. In general, exports, however, continue to indicate a resilient expansion. The growth pace was the most rapid in 2014 when exports increased by 251%. The exports peaked at $X in 2021, and then contracted sharply in the following year.

Exports by Country

The United States (X units) was the main destination for refrigerator compressor exports from Ecuador, with a 83% share of total exports. Moreover, refrigerator compressor exports to the United States exceeded the volume sent to the second major destination, Sweden (X units), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at +7.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (+71.1% per year) and Colombia (+47.0% per year).

In value terms, the United States ($X) remains the key foreign market for compressors for refrigeration equipment exports from Ecuador, comprising 47% of total exports. The second position in the ranking was taken by Colombia ($X), with a 5.5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +1.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (+50.5% per year) and Sweden (+71.8% per year).

Export Prices by Country

In 2022, the average refrigerator compressor export price amounted to $X per unit, surging by 4.2% against the previous year. Over the period under review, the export price, however, continues to indicate a slight reduction. The pace of growth was the most pronounced in 2013 when the average export price increased by 226%. As a result, the export price attained the peak level of $X per unit. From 2014 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Colombia ($X per unit), while the average price for exports to Sweden ($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 Colombia (+2.4%), while the prices for the other major destinations experienced mixed trend patterns.

Refrigerator Compressor Imports

Imports into Ecuador

In 2022, the amount of compressors for refrigeration equipment imported into Ecuador shrank rapidly to X units, with a decrease of -15.7% compared with the previous year. In general, total imports indicated a slight increase from 2012 to 2022: its volume increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +20.1% against 2020 indices. The pace of growth appeared the most rapid in 2018 when imports increased by 62% against the previous year. Over the period under review, imports hit record highs at X units in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, refrigerator compressor imports fell to $X in 2022. Overall, imports showed a perceptible decrease. The growth pace was the most rapid in 2018 with an increase of 39% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Brazil (X units) constituted the largest refrigerator compressor supplier to Ecuador, accounting for a 64% share of total imports. Moreover, refrigerator compressor imports from Brazil exceeded the figures recorded by the second-largest supplier, China (X units), twofold. Colombia (X units) ranked third in terms of total imports with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Brazil was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+17.7% per year) and Colombia (+4.3% per year).

In value terms, the largest refrigerator compressor suppliers to Ecuador were Brazil ($X), the United States ($X) and China ($X), together comprising 79% of total imports.

Among the main suppliers, China, with a CAGR of +11.8%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average refrigerator compressor import price stood at $X per unit in 2022, increasing by 7.6% against the previous year. Overall, the import price, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2016 when the average import price increased by 26%. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a 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 the United States ($X per unit), while the price for Colombia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+9.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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