Ecuador: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in Ecuador

In 2021, the Ecuadorian market for oil and water paints and varnishes was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption, however, showed a abrupt downturn. Consumption of peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Exports of Oil And Water Paints And Varnishes

Exports from Ecuador

Exports of oil and water paints and varnishes from Ecuador reached X tons in 2021, growing by 14% against the previous year's figure. In general, exports recorded significant growth. The pace of growth appeared the most rapid in 2016 when exports increased by 276%. Over the period under review, the exports of hit record highs at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, exports of oil and water paints and varnishes surged to $X in 2021. Over the period under review, exports recorded a significant expansion. The pace of growth was the most pronounced in 2016 with an increase of 268%. Over the period under review, the exports of hit record highs at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Thailand (X tons) was the main destination for exports of oil and water paints and varnishes from Ecuador, with a 96% share of total exports. Moreover, exports of oil and water paints and varnishes to Thailand exceeded the volume sent to the second major destination, Panama (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Thailand stood at -2.3%.

In value terms, Thailand ($X) remains the key foreign market for oil and water paints and varnishes exports from Ecuador, comprising 95% of total exports. The second position in the ranking was held by Panama ($X), with a 3% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Thailand stood at -6.2%.

Export Prices by Country

The average export price for oil and water paints and varnishes stood at $X per ton in 2021, surging by 31% against the previous year. Overall, export price indicated noticeable growth from 2012 to 2021: its price increased at an average annual rate of +4.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, export price for oil and water paints and varnishes decreased by -27.6% against 2019 indices. The pace of growth appeared the most rapid in 2015 when the average export price increased by 50% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2021, the country with the highest price was Thailand ($X per ton), while the average price for exports to Panama stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Colombia (+59.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Oil And Water Paints And Varnishes

Imports into Ecuador

After three years of decline, purchases abroad of oil and water paints and varnishes increased by 63% to X tons in 2021. Over the period under review, imports, however, saw a abrupt decline. The pace of growth was the most pronounced in 2017 when imports increased by 100%. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, imports of oil and water paints and varnishes soared to $X in 2021. Overall, imports, however, recorded a perceptible descent. The growth pace was the most rapid in 2017 with an increase of 79% against the previous year. Over the period under review, imports of attained the maximum at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Turkey (X tons) constituted the largest supplier of oil and water paints and varnishes to Ecuador, with a 27% share of total imports. Moreover, imports of oil and water paints and varnishes from Turkey exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), twofold. The third position in this ranking was taken by Portugal (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Turkey amounted to +14.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+259.4% per year) and Portugal (-0.9% per year).

In value terms, Turkey ($X) constituted the largest supplier of oil and water paints and varnishes to Ecuador, comprising 24% of total imports. The second position in the ranking was taken by Peru ($X), with a 12% share of total imports. It was followed by Portugal, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from Turkey amounted to +27.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Peru (+0.9% per year) and Portugal (+5.6% per year).

Import Prices by Country

The average import price for oil and water paints and varnishes stood at $X per ton in 2021, with a decrease of -4.8% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 12%. Over the period under review, average import prices hit record highs at $X per ton in 2020, and then declined slightly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the United States ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+19.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :