Ecuador: Market for Forage Harvesters and Other Harvesting Machines 2024

Market Size for Forage Harvesters and Other Harvesting Machines in Ecuador

The Ecuadorian market for forage harvesters and other harvesting machines skyrocketed to $X in 2021, with an increase of 19% against the previous year. Over the period under review, the total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +8.7% against 2018 indices. Consumption of peaked in 2021 and is likely to continue growth in the immediate term.

Production of Forage Harvesters and Other Harvesting Machines in Ecuador

In value terms, production of forage harvesters and other harvesting machines stood at $X in 2021 estimated in export price. In general, the total production indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -7.2% against 2018 indices. The growth pace was the most rapid in 2017 with an increase of 28%. Production of peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Exports of Forage Harvesters and Other Harvesting Machines

Exports from Ecuador

In 2013, approx. X units of forage harvesters and other harvesting machines were exported from Ecuador; dropping by -78.6% against the year before. In general, exports continue to indicate a significant decrease. Over the period under review, the exports of reached the peak figure at X units in 2012, and then contracted dramatically in the following year.

In value terms, exports of forage harvesters and other harvesting machines soared to $X in 2013. Overall, exports, however, recorded a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Panama (X units) and Venezuela (X units) were the main destinations of exports of forage harvesters and other harvesting machines from Ecuador. Moreover, exports of forage harvesters and other harvesting machines in Panama exceeded the figures recorded by the second-largest exporter, Venezuela, twofold.

From 2012 to 2013, the biggest increases were recorded for Venezuela (with a CAGR of -20.0%).

In value terms, Panama ($X) remains the key foreign market for forage harvesters and other harvesting machines exports from Ecuador, comprising 79% of total exports. The second position in the ranking was taken by Venezuela ($X), with a 21% share of total exports.

From 2012 to 2013, the average annual growth rate of value to Panama amounted to +177.8%.

Export Prices by Country

The average export price for forage harvesters and other harvesting machines stood at $X per unit in 2013, jumping by 969% against the previous year. Overall, the export price continues to indicate a significant expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Panama ($X per unit), while the average price for exports to Venezuela stood at $X per unit.

From 2012 to 2013, the most notable rate of growth in terms of prices was recorded for supplies to Panama (+1,562.8%).

Imports of Forage Harvesters and Other Harvesting Machines

Imports into Ecuador

Imports of forage harvesters and other harvesting machines into Ecuador soared to X units in 2021, growing by 254% compared with 2020. Overall, imports saw a prominent increase. The most prominent rate of growth was recorded in 2018 with an increase of 400%. Over the period under review, imports of reached the peak figure in 2021 and are likely to see steady growth in the immediate term.

In value terms, imports of forage harvesters and other harvesting machines soared to $X in 2021. In general, imports recorded a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 444%. Over the period under review, imports of hit record highs in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Brazil (X units) constituted the largest supplier of forage harvesters and other harvesting machines to Ecuador, accounting for a 69% share of total imports. Moreover, imports of forage harvesters and other harvesting machines from Brazil exceeded the figures recorded by the second-largest supplier, China (X units), fivefold. Germany (X units) ranked third in terms of total imports with a 6.5% share.

From 2012 to 2021, the average annual growth rate of volume from Brazil stood at +38.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+28.4% per year) and Germany (+27.7% per year).

In value terms, Brazil ($X) constituted the largest supplier of forage harvesters and other harvesting machines to Ecuador, comprising 77% of total imports. The second position in the ranking was taken by China ($X), with a 7.8% share of total imports. It was followed by Germany, with a 5.1% share.

From 2012 to 2021, the average annual growth rate of value from Brazil amounted to +46.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+25.7% per year) and Germany (+29.4% per year).

Import Prices by Country

The average import price for forage harvesters and other harvesting machines stood at $X per unit in 2021, jumping by 32% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.8%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Chile ($X per unit), while the price for Turkey ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+9.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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