Guatemala: Percussion Musical Instrument Market 2024

Percussion Musical Instrument Market Size in Guatemala

In 2022, the Guatemalan percussion musical instrument market increased by 29% to $X, rising for the second year in a row after three years of decline. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Percussion Musical Instrument Exports

Exports from Guatemala

In 2022, shipments abroad of percussion musical instruments was finally on the rise to reach X units after two years of decline. Overall, exports, however, saw a abrupt decrease. The growth pace was the most rapid in 2018 with an increase of 318%. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, percussion musical instrument exports skyrocketed to $X in 2022. Over the period under review, exports saw a measured increase. The growth pace was the most rapid in 2018 when exports increased by 452% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Nicaragua (X units) was the main destination for percussion musical instrument exports from Guatemala, with a 66% share of total exports. Moreover, percussion musical instrument exports to Nicaragua exceeded the volume sent to the second major destination, the United States (X units), fourfold. The third position in this ranking was taken by Honduras (X units), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to Nicaragua totaled -1.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+21.5% per year) and Honduras (-18.1% per year).

In value terms, Nicaragua ($X) remains the key foreign market for percussion musical instruments exports from Guatemala, comprising 66% of total exports. The second position in the ranking was held by the United States ($X), with an 18% share of total exports. It was followed by Honduras, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to Nicaragua amounted to +12.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+30.4% per year) and Honduras (-12.1% per year).

Export Prices by Country

The average percussion musical instrument export price stood at $X per unit in 2022, approximately equating the previous year. In general, the export price, however, showed a resilient expansion. The most prominent rate of growth was recorded in 2017 an increase of 53% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Nicaragua ($X per unit) and Honduras ($X per unit), while the average price for exports to Costa Rica ($X per unit) and the United States ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Nicaragua (+14.2%), while the prices for the other major destinations experienced more modest paces of growth.

Percussion Musical Instrument Imports

Imports into Guatemala

In 2022, purchases abroad of percussion musical instruments increased by 40% to X units, rising for the second year in a row after three years of decline. In general, imports, however, continue to indicate a slight shrinkage. Imports peaked at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, percussion musical instrument imports surged to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 57%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest percussion musical instrument supplier to Guatemala, accounting for a 47% share of total imports. Moreover, percussion musical instrument imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), twofold. The United States (X units) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+8.0% per year) and the United States (-11.4% per year).

In value terms, China ($X) constituted the largest supplier of percussion musical instruments to Guatemala, comprising 47% of total imports. The second position in the ranking was held by Thailand ($X), with a 22% share of total imports. It was followed by the United States, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+9.0% per year) and the United States (-10.6% per year).

Import Prices by Country

The average percussion musical instrument import price stood at $X per unit in 2022, declining by -7.8% against the previous year. In general, the import price, however, continues to indicate a slight expansion. The most prominent rate of growth was recorded in 2017 when the average import price increased by 13%. Over the period under review, average import prices attained the maximum at $X per unit in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Germany ($X per unit) and Canada ($X per unit), while the price for the United States ($X per unit) and Thailand ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+2.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform