Guatemala: Market for Hot-Rolled Bars In Bearing Steels 2024

Market Size for Hot-Rolled Bars In Bearing Steels in Guatemala

The Guatemalan hot-rolled bearing steel bar market surged to $X in 2022, rising by 429% 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). Overall, consumption continues to indicate a significant increase. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Exports of Hot-Rolled Bars In Bearing Steels

Exports from Guatemala

In 2022, exports of hot-rolled bars in bearing steels from Guatemala soared to X tons, growing by 75% against the previous year. In general, exports recorded significant growth. The pace of growth appeared the most rapid in 2021 when exports increased by 16,018% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

In value terms, hot-rolled bearing steel bar exports reduced markedly to $X in 2022. Overall, exports continue to indicate a resilient expansion. The pace of growth was the most pronounced in 2021 when exports increased by 10,601% against the previous year. As a result, the exports attained the peak of $X, and then dropped markedly in the following year.

Exports by Country

Belize (X tons) was the main destination for hot-rolled bearing steel bar exports from Guatemala, accounting for a 78% share of total exports. Moreover, hot-rolled bearing steel bar exports to Belize exceeded the volume sent to the second major destination, Nicaragua (X tons), fivefold. The third position in this ranking was taken by El Salvador (X kg), with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Belize totaled +26.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (+65.9% per year) and El Salvador (-9.8% per year).

In value terms, Belize ($X), Nicaragua ($X) and El Salvador ($X) constituted the largest markets for hot-rolled bearing steel bar exported from Guatemala worldwide, together comprising 99% of total exports.

Nicaragua, with a CAGR of +47.6%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average hot-rolled bearing steel bar export price stood at $X per ton in 2022, declining by -67% against the previous year. In general, the export price continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2019 when the average export price increased by 107% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

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 the United States ($X per ton), while the average price for exports to Belize ($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 the United States (+30.7%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Hot-Rolled Bars In Bearing Steels

Imports into Guatemala

In 2022, approx. X tons of hot-rolled bars in bearing steels were imported into Guatemala; picking up by 463% compared with the year before. In general, imports recorded a significant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 1,093% against the previous year. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports failed to regain momentum.

In value terms, hot-rolled bearing steel bar imports skyrocketed to $X in 2022. Overall, imports showed significant growth. The pace of growth appeared the most rapid in 2016 with an increase of 1,243% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Turkey (X tons) constituted the largest hot-rolled bearing steel bar supplier to Guatemala, with a 54% share of total imports. Moreover, hot-rolled bearing steel bar imports from Turkey exceeded the figures recorded by the second-largest supplier, Mexico (X tons), twofold. China (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from Turkey stood at -25.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+65.7% per year) and China (+8.0% per year).

In value terms, Turkey ($X) constituted the largest supplier of hot-rolled bars in bearing steels to Guatemala, comprising 49% of total imports. The second position in the ranking was taken by Mexico ($X), with a 24% share of total imports. It was followed by China, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Turkey amounted to -22.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+50.0% per year) and China (+10.8% per year).

Import Prices by Country

In 2022, the average hot-rolled bearing steel bar import price amounted to $X per ton, reducing by -14% against the previous year. Overall, the import price continues to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2017 when the average import price increased by 106%. As a result, import price reached the peak level of $X per ton. From 2018 to 2022, the average import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were China ($X per ton) and Costa Rica ($X per ton), while the price for Turkey ($X per ton) and Mexico ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+3.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform