Ecuador: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Ecuador

The Ecuadorian worked wax articles market totaled $X in 2022, rising by 4% against the previous year. In general, consumption enjoyed measured growth. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Worked Wax Articles Production in Ecuador

In value terms, worked wax articles production rose sharply to $X in 2022 estimated in export price. In general, production saw a slight increase. The growth pace was the most rapid in 2019 when the production volume increased by 65% against the previous year. Worked wax articles production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Worked Wax Articles Exports

Exports from Ecuador

In 2022, after two years of decline, there was significant growth in overseas shipments of worked articles of wax, when their volume increased by 66% to X units. Over the period under review, exports, however, continue to indicate a perceptible downturn. The most prominent rate of growth was recorded in 2019 when exports increased by 114%. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, worked wax articles exports surged to $X in 2022. Overall, exports, however, continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2019 with an increase of 126% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for worked wax articles exports from Ecuador, accounting for a 44% share of total exports. Moreover, worked wax articles exports to the United States exceeded the volume sent to the second major destination, Cuba (X units), fivefold. The third position in this ranking was held by Bolivia (X units), with a 4.9% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +5.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cuba (+0.1% per year) and Bolivia (+34.2% per year).

In value terms, the United States ($X) remains the key foreign market for worked articles of wax exports from Ecuador, comprising 74% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 4.2% share of total exports. It was followed by China, with a 3% share.

From 2012 to 2022, the average annual growth rate of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-9.4% per year) and China (-2.5% per year).

Export Prices by Country

In 2022, the average worked wax articles export price amounted to $X per thousand units, with a decrease of -3% against the previous year. Over the period under review, the export price recorded a abrupt slump. The growth pace was the most rapid in 2014 when the average export price increased by 44% against the previous year. The export price peaked at $X per thousand units in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per thousand units), while the average price for exports to Cuba ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+7.8%), while the prices for the other major destinations experienced a decline.

Worked Wax Articles Imports

Imports into Ecuador

In 2022, overseas purchases of worked articles of wax decreased by -5.8% to X units for the first time since 2018, thus ending a three-year rising trend. In general, total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of +7.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +7.4% against 2017 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 39% against the previous year. Imports peaked at X units in 2021, and then declined in the following year.

In value terms, worked wax articles imports fell to $X in 2022. Overall, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +11.9% against 2020 indices. The pace of growth was the most pronounced in 2013 with an increase of 46% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

Mexico (X units), China (X units) and the United States (X units) were the main suppliers of worked wax articles imports to Ecuador, together accounting for 73% of total imports. Colombia, Peru and India lagged somewhat behind, together comprising a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +62.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest worked wax articles suppliers to Ecuador were the United States ($X), Colombia ($X) and China ($X), together accounting for 79% of total imports. India, Mexico and Peru lagged somewhat behind, together accounting for a further 18%.

Among the main suppliers, India, with a CAGR of +57.9%, saw the highest growth rate of 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 worked wax articles import price stood at $X per thousand units in 2022, which is down by -4.1% against the previous year. In general, the import price saw a slight contraction. The most prominent rate of growth was recorded in 2016 an increase of 16%. As a result, import price attained the peak level of $X per thousand units. From 2017 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was India ($X per thousand units), while the price for Mexico ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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