Ecuador: Household Hand Tools Market 2024

Household Hand Tools Market Size in Ecuador

In 2021, the Ecuadorian household hand tools market increased by 45% to $X, rising for the sixth year in a row after two years of decline. In general, consumption showed a buoyant expansion. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in the immediate term.

Household Hand Tools Exports

Exports from Ecuador

In 2021, the amount of household hand tools exported from Ecuador surged to X tons, picking up by 1,117% on the year before. In general, exports enjoyed a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, household hand tools exports skyrocketed to $X in 2021. Overall, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 1,989% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

Exports by Country

Guatemala (X tons) was the main destination for household hand tools exports from Ecuador, accounting for a 58% share of total exports. Moreover, household hand tools exports to Guatemala exceeded the volume sent to the second major destination, Peru (X tons), threefold. Jamaica (X tons) ranked third in terms of total exports with a 15% share.

From 2012 to 2021, the average annual growth rate of volume to Guatemala amounted to +70.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (+37.9% per year) and Jamaica (0.0% per year).

In value terms, Guatemala ($X) remains the key foreign market for household hand tools exports from Ecuador, comprising 78% of total exports. The second position in the ranking was taken by Jamaica ($X), with an 8.9% share of total exports. It was followed by Switzerland, with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Guatemala totaled +88.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Jamaica (0.0% per year) and Switzerland (+100.5% per year).

Export Prices by Country

The average household hand tools export price stood at $X per ton in 2021, reducing by -48.9% against the previous year. In general, the export price, however, showed a measured expansion. The growth pace was the most rapid in 2013 an increase of 135% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (+11.3%), while the prices for the other major destinations experienced mixed trend patterns.

Household Hand Tools Imports

Imports into Ecuador

In 2021, overseas purchases of household hand tools increased by 66% to X tons, rising for the sixth consecutive year after two years of decline. Over the period under review, imports saw a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of 86%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, household hand tools imports soared to $X in 2021. In general, imports enjoyed a strong expansion. The growth pace was the most rapid in 2017 with an increase of 89%. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, China (X tons) was the main household hand tools supplier to Ecuador, accounting for a 91% share of total imports. Moreover, household hand tools imports from China exceeded the figures recorded by the second-largest supplier, Peru (X tons), more than tenfold. The third position in this ranking was held by the United States (X tons), with a 2.8% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +17.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Peru (+13.6% per year) and the United States (-1.1% per year).

In value terms, China ($X) constituted the largest supplier of household hand tools to Ecuador, comprising 80% of total imports. The second position in the ranking was held by the United States ($X), with an 8.5% share of total imports. It was followed by Peru, with a 4.2% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +25.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+3.3% per year) and Peru (+11.9% per year).

Import Prices by Country

The average household hand tools import price stood at $X per ton in 2021, shrinking by -13.9% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.4%. The pace of growth was the most pronounced in 2019 an increase of 13% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2020, and then declined in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+6.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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