Guatemala: Bearing Market 2024

Bearing Market Size in Guatemala

The Guatemalan bearing market skyrocketed to $X in 2022, increasing by X% 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, the total consumption indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2013 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Bearing Exports

Exports from Guatemala

In 2022, overseas shipments of ball or roller bearings decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, showed a buoyant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. The exports peaked at X tons in 2021, and then reduced remarkably in the following year.

In value terms, bearing exports shrank to $X in 2022. In general, exports, however, posted a resilient increase. The growth pace was the most rapid in 2013 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2021, and then contracted in the following year.

Exports by Country

Honduras (X tons) was the main destination for bearing exports from Guatemala, with a X% share of total exports. Moreover, bearing exports to Honduras exceeded the volume sent to the second major destination, El Salvador (X tons), fourfold.

From 2012 to 2021, the average annual growth rate of volume to Honduras totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: El Salvador (X% per year) and Nicaragua (X% per year).

In value terms, Honduras ($X) remains the key foreign market for ball or roller bearings exports from Guatemala, comprising X% of total exports. The second position in the ranking was held by El Salvador ($X), with a X% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Honduras amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: El Salvador (X% per year) and Nicaragua (X% per year).

Export Prices by Country

In 2021, the average bearing export price amounted to $X per ton, falling by X% against the previous year. In general, the export price saw a pronounced curtailment. The most prominent rate of growth was recorded in 2016 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2020, and then shrank dramatically in the following year.

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 El Salvador ($X per ton), while the average price for exports to Honduras ($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 El Salvador (X%), while the prices for the other major destinations experienced more modest paces of growth.

Bearing Imports

Imports into Guatemala

In 2022, approx. X tons of ball or roller bearings were imported into Guatemala; surging by X% compared with the previous year. In general, total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2015 indices. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, bearing imports expanded markedly to $X in 2022. Overall, total imports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

China (X tons), the United States (X tons) and Japan (X tons) were the main suppliers of bearing imports to Guatemala, together comprising X% of total imports. Panama, Belgium, the United Arab Emirates, Hong Kong SAR, Germany, Mexico, India, El Salvador and South Korea lagged somewhat behind, together comprising a further X%.

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

In value terms, the United States ($X), China ($X) and Belgium ($X) constituted the largest bearing suppliers to Guatemala, together accounting for X% of total imports. Japan, Panama, Germany, Hong Kong SAR, the United Arab Emirates, Mexico, India, South Korea and El Salvador lagged somewhat behind, together accounting for a further X%.

India, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average bearing import price stood at $X per ton in 2021, standing approx. at the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average import price increased by X%. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat 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 Belgium ($X per ton), while the price for El Salvador ($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 Arab Emirates (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform