Guatemala: Iodine Market 2024

Iodine Market Size in Guatemala

The Guatemalan iodine market fell remarkably to $X in 2022, waning by -87.5% against the previous year. Over the period under review, consumption recorded a abrupt setback. Iodine consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Iodine Production in Guatemala

In value terms, iodine production declined to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the production volume increased by 11%. Iodine production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Iodine Exports

Exports from Guatemala

In 2022, overseas shipments of iodine increased by 14% to X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports enjoyed a notable increase. The most prominent rate of growth was recorded in 2015 with an increase of 223%. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, iodine exports surged to $X in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 153% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Dominican Republic (X tons) was the main destination for iodine exports from Guatemala, accounting for a 50% share of total exports. Moreover, iodine exports to the Dominican Republic exceeded the volume sent to the second major destination, Honduras (X tons), twofold. The third position in this ranking was held by El Salvador (X tons), with a 19% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Dominican Republic amounted to +22.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (-7.8% per year) and El Salvador (-0.8% per year).

In value terms, the Dominican Republic ($X) remains the key foreign market for iodine exports from Guatemala, comprising 54% of total exports. The second position in the ranking was held by Honduras ($X), with a 20% share of total exports. It was followed by Costa Rica, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Dominican Republic amounted to +18.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (-12.2% per year) and Costa Rica (+50.4% per year).

Export Prices by Country

In 2022, the average iodine export price amounted to $X per ton, with an increase of 9.7% against the previous year. Overall, the export price, however, recorded a noticeable contraction. The pace of growth was the most pronounced in 2019 an increase of 31% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Nicaragua ($X per ton), while the average price for exports to El Salvador ($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 Nicaragua (+16.3%), while the prices for the other major destinations experienced a decline.

Iodine Imports

Imports into Guatemala

In 2022, the amount of iodine imported into Guatemala dropped significantly to X tons, falling by -44.3% on the previous year. In general, imports, however, enjoyed a slight increase. The most prominent rate of growth was recorded in 2014 with an increase of 219%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, iodine imports contracted remarkably to $X in 2022. Overall, imports continue to indicate a drastic downturn. The pace of growth appeared the most rapid in 2018 when imports increased by 1,209% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, the United States (X tons) constituted the largest iodine supplier to Guatemala, with a 81% share of total imports. Moreover, iodine imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), sixfold. The third position in this ranking was held by Chile (X kg), with a 4.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +41.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+19.7% per year) and Chile (+14.5% per year).

In value terms, Chile ($X), China ($X) and the United States ($X) constituted the largest iodine suppliers to Guatemala, with a combined 89% share of total imports.

China, with a CAGR of +29.5%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average iodine import price amounted to $X per ton, dropping by -19.4% against the previous year. In general, the import price faced a abrupt decline. The pace of growth was the most pronounced in 2018 when the average import price increased by 388%. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 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 Chile ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+125.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform