Guatemala: Sewing Machine Furniture Market 2024

Sewing Machine Furniture Market Size in Guatemala

In 2022, after four years of growth, there was significant decline in the Guatemalan sewing machine furniture market, when its value decreased by -11.2% to $X. Overall, consumption, however, posted buoyant growth. As a result, consumption reached the peak level of $X, and then fell in the following year.

Sewing Machine Furniture Exports

Exports from Guatemala

In 2022, approx. X tons of furniture, bases and covers for sewing machines were exported from Guatemala; almost unchanged from 2021. In general, exports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2021 when exports increased by 850% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, sewing machine furniture exports rose markedly to $X in 2022. Over the period under review, exports posted a remarkable increase. The most prominent rate of growth was recorded in 2021 when exports increased by 964% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

El Salvador (X tons) was the main destination for sewing machine furniture exports from Guatemala, accounting for a 68% share of total exports. Moreover, sewing machine furniture exports to El Salvador exceeded the volume sent to the second major destination, Nicaragua (X tons), threefold. Honduras (X kg) ranked third in terms of total exports with a 5.2% share.

From 2012 to 2022, the average annual growth rate of volume to El Salvador stood at +12.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (+68.4% per year) and Honduras (+37.3% per year).

In value terms, the largest markets for sewing machine furniture exported from Guatemala were Nicaragua ($X), El Salvador ($X) and Costa Rica ($X), together comprising 87% of total exports.

Nicaragua, with a CAGR of +74.9%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average sewing machine furniture export price stood at $X per ton in 2022, with an increase of 6.9% against the previous year. In general, the export price, however, saw a pronounced contraction. The most prominent rate of growth was recorded in 2013 an increase of 44%. Over the period under review, the average export prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while the average price for exports to El Salvador ($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 Costa Rica (+16.5%), while the prices for the other major destinations experienced more modest paces of growth.

Sewing Machine Furniture Imports

Imports into Guatemala

After four years of growth, purchases abroad of furniture, bases and covers for sewing machines decreased by -18.3% to X tons in 2022. Overall, imports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 44%. Imports peaked at X tons in 2021, and then fell notably in the following year.

In value terms, sewing machine furniture imports stood at $X in 2022. In general, total imports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +4.6% 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 +71.1% against 2017 indices. The pace of growth was the most pronounced in 2021 when imports increased by 32%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of sewing machine furniture to Guatemala, accounting for a 87% share of total imports. Moreover, sewing machine furniture imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), tenfold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +20.3%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+0.7% per year) and Taiwan (Chinese) (-2.6% per year).

In value terms, China ($X) constituted the largest supplier of furniture, bases and covers for sewing machines to Guatemala, comprising 54% of total imports. The second position in the ranking was held by the United States ($X), with a 16% share of total imports. It was followed by South Korea, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +18.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-2.6% per year) and South Korea (-0.2% per year).

Import Prices by Country

The average sewing machine furniture import price stood at $X per ton in 2022, picking up by 23% against the previous year. In general, the import price, however, recorded a abrupt downturn. The most prominent rate of growth was recorded in 2016 when the average import price increased by 29% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($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 (+14.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform