Ecuador: Tractor Market 2024

Tractor Market Size in Ecuador

The Ecuadorian tractor market reduced to $X in 2022, which is down by -5.9% against the previous year. In general, consumption showed a abrupt curtailment. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Tractor Production in Ecuador

In value terms, tractor production dropped slightly to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed a prominent increase. The pace of growth was the most pronounced in 2014 when the production volume increased by 205%. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Tractor Exports

Exports from Ecuador

In 2022, overseas shipments of tractors decreased by -44.4% to X units, falling for the third year in a row after two years of growth. Overall, exports saw a abrupt contraction. The pace of growth appeared the most rapid in 2013 with an increase of 268%. As a result, the exports attained the peak of X units. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, tractor exports declined remarkably to $X in 2022. In general, exports faced a abrupt slump. The pace of growth appeared the most rapid in 2015 with an increase of 271%. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Colombia (X units) was the main destination for tractor exports from Ecuador, with a 40% share of total exports. Moreover, tractor exports to Colombia exceeded the volume sent to the second major destination, Peru (X units), fourfold.

From 2012 to 2022, the average annual growth rate of volume to Colombia totaled +14.9%.

In value terms, Colombia ($X) remains the key foreign market for tractors exports from Ecuador, comprising 50% of total exports. The second position in the ranking was held by Peru ($X), with a 0.2% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Colombia stood at +34.2%.

Export Prices by Country

In 2022, the average tractor export price amounted to $X per unit, which is down by -17.5% against the previous year. In general, the export price continues to indicate a perceptible curtailment. The pace of growth was the most pronounced in 2015 when the average export price increased by 194%. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat 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 Colombia ($X per unit), while the average price for exports to Peru totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+4,493.5%), while the prices for the other major destinations experienced mixed trend patterns.

Tractor Imports

Imports into Ecuador

In 2022, purchases abroad of tractors decreased by -0.5% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, imports showed a abrupt decrease. The most prominent rate of growth was recorded in 2018 when imports increased by 111%. Over the period under review, imports reached the peak figure at X units in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, tractor imports dropped to $X in 2022. In general, imports recorded a abrupt decline. The pace of growth was the most pronounced in 2018 when imports increased by 199% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest tractor supplier to Ecuador, accounting for a 27% share of total imports. Moreover, tractor imports from China exceeded the figures recorded by the second-largest supplier, Mexico (X units), fourfold. The third position in this ranking was held by India (X units), with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (-8.8% per year) and India (+6.0% per year).

In value terms, the largest tractor suppliers to Ecuador were China ($X), Mexico ($X) and Germany ($X), with a combined 31% share of total imports. Japan, Brazil, France, the United States, India and Bolivia lagged somewhat behind, together comprising a further 14%.

France, with a CAGR of +14.5%, saw the highest growth rate of the value of imports, in terms of 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 tractor import price amounted to $X per unit, dropping by -10% against the previous year. Over the period under review, the import price showed a perceptible decrease. The most prominent rate of growth was recorded in 2019 an increase of 101%. As a result, import price attained the peak level of $X per unit. From 2020 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 Germany ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bolivia (+166.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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