Guatemala: Fork-Lift Truck Market 2025

Fork-Lift Truck Market Size in Guatemala

In 2022, the Guatemalan fork-lift truck market increased by 24% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption enjoyed a strong expansion. Fork-lift truck consumption peaked in 2022 and is likely to continue growth in the near future.

Fork-Lift Truck Exports

Exports from Guatemala

Fork-lift truck exports from Guatemala skyrocketed to X units in 2022, with an increase of 40% compared with the previous year. Over the period under review, exports recorded buoyant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 154% against the previous year. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, fork-lift truck exports shrank sharply to $X in 2022. Overall, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when exports increased by 54%. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The Dominican Republic (X units), Honduras (X units) and El Salvador (X units) were the main destinations of fork-lift truck exports from Guatemala, with a combined 73% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Dominican Republic (with a CAGR of +39.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for fork-lift truck exported from Guatemala were El Salvador ($X), Honduras ($X) and Belize ($X), together comprising 89% of total exports. The Dominican Republic, the United States, Nicaragua and Costa Rica lagged somewhat behind, together comprising a further 11%.

Among the main countries of destination, the Dominican Republic, with a CAGR of +115.0%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average fork-lift truck export price amounted to $X per unit, with a decrease of -45.7% against the previous year. Overall, the export price recorded a abrupt slump. The most prominent rate of growth was recorded in 2018 when the average export price increased by 199% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2019 to 2022, the average export prices failed to regain momentum.

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 El Salvador ($X per unit), while the average price for exports to Costa Rica ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belize (+71.9%), while the prices for the other major destinations experienced mixed trend patterns.

Fork-Lift Truck Imports

Imports into Guatemala

In 2022, fork-lift truck imports into Guatemala surged to X units, growing by 19% on the year before. Overall, imports showed strong growth. The growth pace was the most rapid in 2021 with an increase of 150% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, fork-lift truck imports skyrocketed to $X in 2022. Over the period under review, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest fork-lift truck supplier to Guatemala, accounting for a 79% share of total imports. Moreover, fork-lift truck imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), more than tenfold. The United States (X units) ranked third in terms of total imports with a 3.4% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +21.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+69.0% per year) and the United States (+0.1% per year).

In value terms, China ($X) constituted the largest supplier of fork-lift trucks to Guatemala, comprising 47% of total imports. The second position in the ranking was taken by the United States ($X), with a 20% share of total imports. It was followed by Japan, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +29.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-2.4% per year) and Japan (+0.8% per year).

Import Prices by Country

In 2022, the average fork-lift truck import price amounted to $X per unit, jumping by 20% against the previous year. Overall, the import price, however, showed a deep setback. The most prominent rate of growth was recorded in 2020 an increase of 60% against the previous year. As a result, import price reached the peak level of $X per unit. From 2021 to 2022, the average import prices remained at a somewhat 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 the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+15.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform