Ecuador: Winding Wire Market 2024

Winding Wire Market Size in Ecuador

The Ecuadorian winding wire market skyrocketed to $X in 2022, surging by 35% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate a pronounced decrease. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Winding Wire Exports

Exports from Ecuador

In 2022, overseas shipments of winding wire for electrical purposes decreased by -12.3% to X tons, falling for the fifth consecutive year after two years of growth. In general, exports continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2016 when exports increased by 594% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, winding wire exports declined to $X in 2022. Overall, exports showed a abrupt downturn. The most prominent rate of growth was recorded in 2016 with an increase of 149%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Colombia (X tons) was the main destination for winding wire exports from Ecuador, accounting for a 92% share of total exports. Moreover, winding wire exports to Colombia exceeded the volume sent to the second major destination, Ireland (X kg), more than tenfold. Panama (X kg) ranked third in terms of total exports with a 2.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Colombia amounted to -2.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ireland (+77.0% per year) and Panama (-23.2% per year).

In value terms, Colombia ($X) remains the key foreign market for winding wire for electrical purposes exports from Ecuador, comprising 70% of total exports. The second position in the ranking was taken by Panama ($X), with a 10% share of total exports. It was followed by the United States, with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Colombia totaled -11.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (-18.0% per year) and the United States (-18.9% per year).

Export Prices by Country

In 2022, the average winding wire export price amounted to $X per ton, picking up by 1.9% against the previous year. Overall, the export price, however, continues to indicate a deep setback. The growth pace was the most rapid in 2015 an increase of 81%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bolivia (+127.3%), while the prices for the other major destinations experienced more modest paces of growth.

Winding Wire Imports

Imports into Ecuador

In 2022, after two years of decline, there was significant growth in overseas purchases of winding wire for electrical purposes, when their volume increased by 40% to X tons. Over the period under review, imports, however, continue to indicate a noticeable setback. The growth pace was the most rapid in 2019 with an increase of 42%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, winding wire imports skyrocketed to $X in 2022. Overall, imports, however, continue to indicate a pronounced reduction. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Brazil (X tons), China (X tons) and South Korea (X tons) were the main suppliers of winding wire imports to Ecuador, together comprising 90% of total imports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +33.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest winding wire suppliers to Ecuador were Brazil ($X), China ($X) and the United States ($X), together comprising 91% of total imports. South Korea, Mexico and Colombia lagged somewhat behind, together comprising a further 4%.

In terms of the main suppliers, South Korea, with a CAGR of +32.4%, saw 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

The average winding wire import price stood at $X per ton in 2022, declining by -7.1% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 39%. As a result, import price reached the peak level of $X per ton, and then dropped in the following year.

Prices varied noticeably by country of origin: amid the top importers, 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 2022, the most notable rate of growth in terms of prices was attained by the United States (+5.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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