Ecuador: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in Ecuador

In 2022, the Ecuadorian grinding and sharpening machine market increased by 134% to $X for the first time since 2019, thus ending a two-year declining trend. In general, consumption, however, saw a pronounced setback. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports from Ecuador

In 2022, exports of grinding and sharpening metal finishing machines from Ecuador dropped significantly to X units, declining by -57.8% compared with the previous year. In general, exports, however, showed significant growth. The pace of growth was the most pronounced in 2021 when exports increased by 6,817%. As a result, the exports reached the peak of X units, and then shrank rapidly in the following year.

In value terms, grinding and sharpening machine exports dropped rapidly to $X in 2022. Over the period under review, exports, however, showed resilient growth. The most prominent rate of growth was recorded in 2015 with an increase of 501% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Colombia (X units) was the main destination for grinding and sharpening machine exports from Ecuador, accounting for a 67% share of total exports. Moreover, grinding and sharpening machine exports to Colombia exceeded the volume sent to the second major destination, Peru (X units), twofold.

From 2012 to 2022, the average annual growth rate of volume to Colombia amounted to +44.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (+48.5% per year) and the United States (+11.6% per year).

In value terms, Colombia ($X), Peru ($X) and the United States ($X) were the largest markets for grinding and sharpening machine exported from Ecuador worldwide, together accounting for 96% of total exports.

Among the main countries of destination, Peru, with a CAGR of +35.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average grinding and sharpening machine export price stood at $X per unit in 2022, increasing by 21% against the previous year. In general, the export price, however, faced a deep setback. The most prominent rate of growth was recorded in 2020 when the average export price increased by 392% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Peru ($X per unit), while the average price for exports to Colombia ($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 the United States (-8.0%), while the prices for the other major destinations experienced a decline.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports into Ecuador

In 2022, overseas purchases of grinding and sharpening metal finishing machines increased by 8.1% to X units for the first time since 2019, thus ending a two-year declining trend. Overall, imports, however, continue to indicate a mild decrease. The growth pace was the most rapid in 2019 with an increase of 368%. As a result, imports reached the peak of X units. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, grinding and sharpening machine imports expanded slightly to $X in 2022. Over the period under review, imports recorded mild growth. The growth pace was the most rapid in 2019 when imports increased by 150% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of grinding and sharpening machine to Ecuador, accounting for a 57% share of total imports. Moreover, grinding and sharpening machine imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), threefold. The third position in this ranking was held by the United States (X units), with a 5.2% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +16.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+34.9% per year) and the United States (-20.7% per year).

In value terms, the United States ($X), China ($X) and Sweden ($X) constituted the largest grinding and sharpening machine suppliers to Ecuador, together accounting for 49% of total imports. Japan, Taiwan (Chinese), Portugal, Panama, the Czech Republic and Peru lagged somewhat behind, together comprising a further 13%.

Among the main suppliers, Japan, with a CAGR of +31.0%, recorded 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

The average grinding and sharpening machine import price stood at $X per unit in 2022, dropping by -6% against the previous year. In general, the import price, however, saw a noticeable increase. The growth pace was the most rapid in 2017 when the average import price increased by 122%. As a result, import price reached the peak level of $X per unit. From 2018 to 2022, the average 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 Sweden ($X per unit), while the price for Peru ($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 (+36.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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