Guatemala: Industrial Sewing Machine Market 2024

Industrial Sewing Machine Market Size in Guatemala

In 2022, the Guatemalan industrial sewing machine market increased by 3.5% to $X, rising for the fourth consecutive year after five years of decline. Overall, consumption recorded a noticeable decline. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Industrial Sewing Machine Production in Guatemala

In value terms, industrial sewing machine production reduced markedly to $X in 2022 estimated in export price. Overall, production saw a sharp decline. The growth pace was the most rapid in 2013 with an increase of 92%. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Industrial Sewing Machine Exports

Exports from Guatemala

In 2022, approx. X units of industrial sewing machines were exported from Guatemala; picking up by 137% on the year before. Over the period under review, exports, however, continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2015 with an increase of 193%. Over the period under review, the exports attained the peak figure at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, industrial sewing machine exports soared to $X in 2022. In general, exports, however, saw a abrupt decrease. The pace of growth was the most pronounced in 2015 with an increase of 154% against the previous year. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Nicaragua (X units), the United States (X units) and El Salvador (X units) were the main destinations of industrial sewing machine exports from Guatemala, together comprising 84% of total exports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +18.0%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the United States ($X), Nicaragua ($X) and El Salvador ($X) appeared to be the largest markets for industrial sewing machine exported from Guatemala worldwide, together accounting for 81% of total exports.

The United States, with a CAGR of +19.7%, saw the highest rates of growth with regard to 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 industrial sewing machine export price stood at $X per unit in 2022, which is down by -20% against the previous year. In general, the export price recorded a slight decrease. The growth pace was the most rapid in 2016 an increase of 22%. As a result, the export price reached the peak level of $X per unit. From 2017 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Honduras ($X per unit), while the average price for exports to Nicaragua ($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 Haiti (+8.6%), while the prices for the other major destinations experienced more modest paces of growth.

Industrial Sewing Machine Imports

Imports into Guatemala

After five years of growth, overseas purchases of industrial sewing machines decreased by -19.3% to X units in 2022. In general, imports, however, continue to indicate strong growth. The most prominent rate of growth was recorded in 2019 when imports increased by 46% against the previous year. Imports peaked at X units in 2021, and then fell dramatically in the following year.

In value terms, industrial sewing machine imports surged to $X in 2022. Overall, imports, however, saw strong growth. The growth pace was the most rapid in 2021 when imports increased by 30% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the near future.

Imports by Country

China (X units), Vietnam (X units) and Germany (X units) were the main suppliers of industrial sewing machine imports to Guatemala, with a combined 73% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +85.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of industrial sewing machines to Guatemala, comprising 69% of total imports. The second position in the ranking was held by Vietnam ($X), with a 9% share of total imports. It was followed by Germany, with an 8.5% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +20.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+71.1% per year) and Germany (+55.0% per year).

Import Prices by Country

The average industrial sewing machine import price stood at $X per unit in 2022, surging by 55% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the average import price increased by 76% against the previous year. As a result, import price reached the peak level of $X per unit. 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 China ($X per unit), while the price for Nicaragua ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+21.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform