Ecuador: Silicates Market 2024

Silicates Market Size in Ecuador

The Ecuadorian silicates market was finally on the rise to reach $X in 2021, after three years of decline. Over the period under review, consumption, however, recorded a resilient increase. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Silicates Exports

Exports from Ecuador

In 2021, shipments abroad of silicates, commercial alkali metal silicates was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports saw a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, silicates exports soared to $X in 2021. Overall, exports recorded a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 58% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

Panama (X tons) was the main destination for silicates exports from Ecuador, with a 99% share of total exports. It was followed by Peru (X tons), with a 0.8% share of total exports. The third position in this ranking was taken by Colombia (X tons), with a 0.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Panama totaled +156.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (-19.4% per year) and Colombia (-31.7% per year).

In value terms, Panama ($X) emerged as the key foreign market for silicates, commercial alkali metal silicates exports from Ecuador, comprising 98% of total exports. The second position in the ranking was held by Venezuela ($X), with a 0.8% share of total exports. It was followed by Colombia, with a 0.5% share.

From 2012 to 2021, the average annual growth rate of value to Panama stood at +170.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-24.7% per year) and Colombia (-17.5% per year).

Export Prices by Country

The average silicates export price stood at $X per ton in 2021, falling by -60.7% against the previous year. In general, the export price continues to indicate a slight contraction. The growth pace was the most rapid in 2016 an increase of 186% against the previous year. The export price peaked at $X per ton in 2020, and then dropped rapidly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while the average price for exports to Peru ($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 Colombia (+20.8%), while the prices for the other major destinations experienced more modest paces of growth.

Silicates Imports

Imports into Ecuador

After three years of decline, purchases abroad of silicates, commercial alkali metal silicates increased by 3.5% to X tons in 2021. Overall, imports recorded resilient growth. The most prominent rate of growth was recorded in 2017 with an increase of 178% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, silicates imports surged to $X in 2021. Over the period under review, imports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2017 when imports increased by 88% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Peru (X tons), China (X tons) and Belgium (X tons) were the main suppliers of silicates imports to Ecuador, together accounting for 45% of total imports. The Netherlands, Colombia, Mexico, Spain and the United States lagged somewhat behind, together comprising a further 34%.

From 2012 to 2021, the biggest increases were recorded for Mexico (with a CAGR of +23.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest silicates suppliers to Ecuador were China ($X), Peru ($X) and Belgium ($X), with a combined 46% share of total imports. The Netherlands, Spain, Colombia, the United States and Mexico lagged somewhat behind, together accounting for a further 34%.

Among the main suppliers, Mexico, with a CAGR of +36.7%, 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

In 2021, the average silicates import price amounted to $X per ton, rising by 47% against the previous year. Overall, import price indicated perceptible growth from 2012 to 2021: its price increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, silicates import price increased by +94.4% against 2017 indices. The growth pace was the most rapid in 2019 an increase of 50%. Over the period under review, average import prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, 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 Spain ($X per ton), while the price for Colombia ($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 (+15.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :