Guatemala: Market for Iron or Steel Leaf-Springs and Leaves 2024

Market Size for Iron or Steel Leaf-Springs and Leaves in Guatemala

The Guatemalan iron or steel leaf-spring market declined to $X in 2022, with a decrease of -3.7% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Production of Iron or Steel Leaf-Springs and Leaves in Guatemala

In value terms, iron or steel leaf-spring production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 67%. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Exports of Iron or Steel Leaf-Springs and Leaves

Exports from Guatemala

In 2022, after two years of growth, there was significant decline in shipments abroad of iron or steel leaf-springs and leaves, when their volume decreased by -53.2% to X tons. In general, exports continue to indicate a abrupt contraction. The pace of growth was the most pronounced in 2020 when exports increased by 321% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, iron or steel leaf-spring exports fell sharply to $X in 2022. Overall, exports showed a deep downturn. The pace of growth appeared the most rapid in 2020 when exports increased by 295%. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Honduras (X tons) was the main destination for iron or steel leaf-spring exports from Guatemala, accounting for a 99% share of total exports. It was followed by Costa Rica (X kg), with a 1% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Honduras amounted to +52.6%.

In value terms, Honduras ($X) remains the key foreign market for iron or steel leaf-springs and leaves exports from Guatemala, comprising 98% of total exports. The second position in the ranking was taken by Costa Rica ($X), with a 2.2% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Honduras amounted to +57.6%.

Export Prices by Country

In 2022, the average iron or steel leaf-spring export price amounted to $X per ton, with an increase of 36% against the previous year. Over the period under review, export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the average export price increased by 36% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to see gradual growth in the near future.

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 Honduras amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (+12.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron or Steel Leaf-Springs and Leaves

Imports into Guatemala

In 2022, approx. X tons of iron or steel leaf-springs and leaves were imported into Guatemala; falling by -2% against the previous year's figure. Overall, total imports indicated a temperate increase from 2012 to 2022: its volume increased at an average annual rate of +3.6% 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 +18.6% against 2020 indices. The pace of growth was the most pronounced in 2015 when imports increased by 41% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then dropped modestly in the following year.

In value terms, iron or steel leaf-spring imports rose markedly to $X in 2022. Over the period under review, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.3% 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 +56.5% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 40% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in years to come.

Imports by Country

Mexico (X tons), China (X tons) and Colombia (X tons) were the main suppliers of iron or steel leaf-spring imports to Guatemala, together accounting for 78% of total imports.

From 2012 to 2022, the biggest increases were recorded for Colombia (with a CAGR of +50.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constituted the largest supplier of iron or steel leaf-springs and leaves to Guatemala, comprising 43% of total imports. The second position in the ranking was held by China ($X), with a 19% share of total imports. It was followed by Colombia, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Mexico stood at +3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+5.6% per year) and Colombia (+50.6% per year).

Import Prices by Country

In 2022, the average iron or steel leaf-spring import price amounted to $X per ton, surging by 14% against the previous year. Over the last decade, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2021 an increase of 15% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Vietnam ($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 (+4.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform