Ecuador: Non-Electric Industrial Furnace Market 2024

Non-Electric Industrial Furnace Exports

Exports from Ecuador

After three years of growth, shipments abroad of non-electric industrial or laboratory furnaces and ovens decreased by -22.4% to X units in 2022. Over the period under review, exports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 540% against the previous year. Over the period under review, the exports hit record highs at X units in 2021, and then dropped rapidly in the following year.

In value terms, non-electric industrial furnace exports declined notably to $X in 2022. In general, exports, however, showed significant growth. The growth pace was the most rapid in 2019 when exports increased by 519%. Over the period under review, the exports attained the peak figure at $X in 2021, and then declined significantly in the following year.

Exports by Country

Guatemala (X units) was the main destination for non-electric industrial furnace exports from Ecuador, with a 77% share of total exports. Moreover, non-electric industrial furnace exports to Guatemala exceeded the volume sent to the second major destination, Colombia (X units), fourfold.

From 2012 to 2022, the average annual growth rate of volume to Guatemala was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (+24.4% per year) and Peru (-15.7% per year).

In value terms, Colombia ($X), Guatemala ($X) and Peru ($X) constituted the largest markets for non-electric industrial furnace exported from Ecuador worldwide.

Colombia, with a CAGR of +47.7%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average non-electric industrial furnace export price amounted to $X per unit, which is down by -3.1% against the previous year. In general, export price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, non-electric industrial furnace export price increased by +49.2% against 2017 indices. The pace of growth appeared the most rapid in 2015 an increase of 93% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2016 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Peru ($X per unit), while the average price for exports to Guatemala ($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 Honduras (+37.5%), while the prices for the other major destinations experienced mixed trend patterns.

Non-Electric Industrial Furnace Imports

Imports into Ecuador

In 2022, after two years of decline, there was significant growth in purchases abroad of non-electric industrial or laboratory furnaces and ovens, when their volume increased by 68% to X units. Over the period under review, imports, however, showed a abrupt shrinkage. Imports peaked at X units in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, non-electric industrial furnace imports skyrocketed to $X in 2022. In general, imports, however, showed a drastic downturn. The growth pace was the most rapid in 2013 with an increase of 89% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, the Netherlands (X units) constituted the largest supplier of non-electric industrial furnace to Ecuador, accounting for a 29% share of total imports. Moreover, non-electric industrial furnace imports from the Netherlands exceeded the figures recorded by the second-largest supplier, India (X units), twofold. Austria (X units) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the Netherlands amounted to +66.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+47.8% per year) and Austria (-2.9% per year).

In value terms, the largest non-electric industrial furnace suppliers to Ecuador were the Czech Republic ($X), Turkey ($X) and Austria ($X), together comprising 43% of total imports.

Turkey, with a CAGR of +66.9%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average non-electric industrial furnace import price amounted to $X per unit, falling by -24.7% against the previous year. Overall, the import price recorded a slight decline. The pace of growth was the most pronounced in 2021 an increase of 24%. Over the period under review, average import prices attained the maximum at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Czech Republic ($X per unit), while the price for the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+11.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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