Guatemala: Resinoids Market 2024

Resinoids Market Size in Guatemala

The Guatemalan resinoids market reduced sharply to $X in 2022, which is down by -19.2% against the previous year. Over the period under review, consumption saw a abrupt decrease. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Resinoids Production in Guatemala

In value terms, resinoids production declined modestly to $X in 2022 estimated in export price. Overall, production continues to indicate a noticeable slump. The most prominent rate of growth was recorded in 2017 with an increase of 53%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Resinoids Exports

Exports from Guatemala

In 2022, overseas shipments of resinoids increased by 112% to X tons for the first time since 2018, thus ending a three-year declining trend. Overall, exports showed a significant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 1,562%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, resinoids exports skyrocketed to $X in 2022. In general, exports recorded significant growth. The pace of growth appeared the most rapid in 2016 when exports increased by 5,598%. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons), France (X tons) and India (X tons) were the main destinations of resinoids exports from Guatemala, together comprising 73% of total exports. Honduras, the UK, the Netherlands, Spain and Germany lagged somewhat behind, together accounting for a further 25%.

From 2015 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +135.4%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) emerged as the key foreign market for resinoids exports from Guatemala, comprising 44% of total exports. The second position in the ranking was held by France ($X), with a 15% share of total exports. It was followed by the UK, with a 12% share.

From 2015 to 2022, the average annual growth rate of value to the United States totaled +20.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-42.3% per year) and the UK (-22.0% per year).

Export Prices by Country

The average resinoids export price stood at $X per ton in 2022, with an increase of 38% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 243%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to Germany ($X per ton) was amongst the lowest.

From 2015 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Morocco (+4.2%), while the prices for the other major destinations experienced mixed trend patterns.

Resinoids Imports

Imports into Guatemala

In 2022, resinoids imports into Guatemala skyrocketed to X tons, jumping by 202% against the previous year's figure. In general, imports, however, showed a perceptible descent. The most prominent rate of growth was recorded in 2015 when imports increased by 246%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, resinoids imports surged to $X in 2022. Over the period under review, imports saw a prominent increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of resinoids to Guatemala, with a 62% share of total imports. Moreover, resinoids imports from India exceeded the figures recorded by the second-largest supplier, Spain (X tons), fivefold. The third position in this ranking was held by Costa Rica (X tons), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from India amounted to +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+3.2% per year) and Costa Rica (-19.3% per year).

In value terms, India ($X) constituted the largest supplier of resinoids to Guatemala, comprising 78% of total imports. The second position in the ranking was held by Mexico ($X), with a 6.6% share of total imports. It was followed by Spain, with a 5.8% share.

From 2012 to 2022, the average annual growth rate of value from India totaled +25.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+20.9% per year) and Spain (+14.9% per year).

Import Prices by Country

The average resinoids import price stood at $X per ton in 2022, jumping by 134% against the previous year. In general, the import price enjoyed significant growth. The growth pace was the most rapid in 2016 when the average import price increased by 136% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

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 India ($X per ton), while the price for Costa Rica ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+16.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform