Ecuador: Jewelry Market 2024

Jewelry Market Size in Ecuador

The Ecuadorian jewelry market dropped to $X in 2022, with a decrease of -10.5% against the previous year. Over the period under review, consumption saw a perceptible descent. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Jewelry Production in Ecuador

In value terms, jewelry production dropped slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.0% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2015 with an increase of 5.6% against the previous year. As a result, production attained the peak level of $X; afterwards, it flattened through to 2022.

Jewelry Exports

Exports from Ecuador

In 2022, approx. X kg of jewelry were exported from Ecuador; falling by -55.2% compared with the previous year's figure. Over the period under review, exports, however, recorded a tangible increase. The pace of growth was the most pronounced in 2021 when exports increased by 654%. As a result, the exports reached the peak of X kg, and then declined dramatically in the following year.

In value terms, jewelry exports shrank sharply to $X in 2022. Overall, exports, however, saw strong growth. The growth pace was the most rapid in 2017 when exports increased by 350%. Over the period under review, the exports attained the peak figure at $X in 2021, and then reduced sharply in the following year.

Exports by Country

Panama (X kg) was the main destination for jewelry exports from Ecuador, accounting for a 48% share of total exports. Moreover, jewelry exports to Panama exceeded the volume sent to the second major destination, Turkey (X kg), threefold. The United States (X kg) ranked third in terms of total exports with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Panama amounted to +7.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+217.5% per year) and the United States (-4.4% per year).

In value terms, Turkey ($X) remains the key foreign market for jewelry exports from Ecuador, comprising 75% of total exports. The second position in the ranking was taken by the United States ($X), with a 14% share of total exports. It was followed by Spain, with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Turkey totaled +760.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-6.9% per year) and Spain (+6.9% per year).

Export Prices by Country

In 2022, the average jewelry export price amounted to $X per kg, rising by 51% against the previous year. Over the period under review, the export price continues to indicate a measured increase. The most prominent rate of growth was recorded in 2017 an increase of 113%. The export price peaked at $X per kg in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

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 Turkey ($X per kg), while the average price for exports to Guatemala ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+170.9%), while the prices for the other major destinations experienced more modest paces of growth.

Jewelry Imports

Imports into Ecuador

Jewelry imports into Ecuador fell to X tons in 2022, with a decrease of -13.9% on the previous year. Over the period under review, imports, however, recorded tangible growth. The growth pace was the most rapid in 2018 when imports increased by 78% against the previous year. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, jewelry imports reduced to $X in 2022. Overall, imports recorded a pronounced setback. The pace of growth appeared the most rapid in 2018 with an increase of 33% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest jewelry supplier to Ecuador, with a 37% share of total imports. Moreover, jewelry imports from China exceeded the figures recorded by the second-largest supplier, Brazil (X kg), fourfold. Thailand (X kg) ranked third in terms of total imports with an 8.5% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +10.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+3.5% per year) and Thailand (+9.8% per year).

In value terms, the largest jewelry suppliers to Ecuador were Thailand ($X), Italy ($X) and Brazil ($X), with a combined 30% share of total imports.

In terms of the main suppliers, Italy, with a CAGR of +45.8%, saw the highest growth rate of 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 jewelry import price stood at $X per kg in 2022, picking up by 3.2% against the previous year. In general, the import price, however, showed a deep contraction. The most prominent rate of growth was recorded in 2016 when the average import price increased by 55%. As a result, import price reached the peak level of $X per kg. From 2017 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 ($X per kg), while the price for China ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+14.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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