Ecuador: Wood Tool Market 2024

Wood Tool Market Size in Ecuador

The Ecuadorian wood tool market reduced modestly to $X in 2021, with a decrease of -3.8% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. Wood tool consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Wood Tool Production in Ecuador

In value terms, wood tool production reached $X in 2021 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 39% against the previous year. Over the period under review, production attained the maximum level at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Wood Tool Exports

Exports from Ecuador

In 2021, after five years of growth, there was significant decline in overseas shipments of tools of wood, when their volume decreased by -29.8% to X kg. Over the period under review, exports showed a dramatic descent. The most prominent rate of growth was recorded in 2020 when exports increased by 9.1% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, wood tool exports shrank rapidly to $X in 2021. In general, exports faced a dramatic decrease. The growth pace was the most rapid in 2016 with an increase of 2.6% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Venezuela (X kg) was the main destination for wood tool exports from Ecuador, accounting for a 96% share of total exports. Moreover, wood tool exports to Venezuela exceeded the volume sent to the second major destination, Colombia (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Venezuela amounted to -19.5%.

In value terms, Venezuela ($X) remains the key foreign market for tools of wood exports from Ecuador, comprising 99% of total exports. The second position in the ranking was held by Colombia ($X), with a 0.8% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Venezuela totaled -27.0%.

Export Prices by Country

The average wood tool export price stood at $X per ton in 2021, with a decrease of -14.8% against the previous year. In general, the export price saw a perceptible setback. The pace of growth appeared the most rapid in 2015 when the average export price increased by 44% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while the average price for exports to Colombia totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Colombia (-1.9%).

Wood Tool Imports

Imports into Ecuador

In 2021, after two years of growth, there was significant decline in purchases abroad of tools of wood, when their volume decreased by -99.3% to X kg. In general, imports saw a dramatic contraction. The pace of growth appeared the most rapid in 2020 with an increase of 2,518% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, wood tool imports shrank sharply to $X in 2021. Over the period under review, imports showed a sharp shrinkage. The pace of growth was the most pronounced in 2020 when imports increased by 1,744% against the previous year. As a result, imports reached the peak of $X, and then fell markedly in the following year.

Imports by Country

In 2021, Peru (X kg) constituted the largest supplier of wood tool to Ecuador, with a 90% share of total imports. Moreover, wood tool imports from Peru exceeded the figures recorded by the second-largest supplier, Mexico (X kg), more than tenfold. The third position in this ranking was held by Italy (X kg), with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Peru totaled -19.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (-35.0% per year) and Italy (-48.1% per year).

In value terms, Peru ($X) constituted the largest supplier of tools of wood to Ecuador, comprising 87% of total imports. The second position in the ranking was taken by Mexico ($X), with a 5.1% share of total imports. It was followed by China, with a 1.2% share.

From 2012 to 2021, the average annual growth rate of value from Peru amounted to -18.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (-34.9% per year) and China (-45.0% per year).

Import Prices by Country

In 2021, the average wood tool import price amounted to $X per ton, declining by -37.5% against the previous year. Over the period under review, the import price, however, posted temperate growth. The most prominent rate of growth was recorded in 2015 an increase of 131% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+16.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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