Guatemala: Preserved Sardines Market 2024

Preserved Sardines Market Size in Guatemala

The Guatemalan preserved sardines market expanded remarkably to $X in 2022, growing by 8.5% against the previous year. Overall, the total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +22.6% against 2020 indices. Over the period under review, the market attained the maximum level in 2022 and is likely to see steady growth in the immediate term.

Preserved Sardines Production in Guatemala

In value terms, preserved sardines production fell rapidly to $X in 2022 estimated in export price. In general, production, however, recorded buoyant growth. The pace of growth appeared the most rapid in 2015 with an increase of 427%. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Preserved Sardines Exports

Exports from Guatemala

In 2022, shipments abroad of sardines (prepared or preserved) decreased by -95% to X kg, falling for the fourth consecutive year after four years of growth. In general, exports saw a dramatic shrinkage. The pace of growth appeared the most rapid in 2018 with an increase of 499%. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, preserved sardines exports contracted notably to $X in 2022. Over the period under review, exports recorded a precipitous setback. The pace of growth appeared the most rapid in 2018 when exports increased by 500% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

El Salvador (X kg) was the main destination for preserved sardines exports from Guatemala, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to El Salvador amounted to -34.8%.

In value terms, El Salvador ($X) emerged as the key foreign market for sardines (prepared or preserved) exports from Guatemala.

From 2012 to 2022, the average annual growth rate of value to El Salvador totaled -31.9%.

Export Prices by Country

The average preserved sardines export price stood at $X per ton in 2022, with a decrease of -14.4% against the previous year. In general, export price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, preserved sardines export price increased by +40.2% against 2016 indices. The growth pace was the most rapid in 2014 when the average export price increased by 48% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for El Salvador.

From 2012 to 2022, the rate of growth in terms of prices for Belize amounted to +12.4% per year.

Preserved Sardines Imports

Imports into Guatemala

In 2022, the amount of sardines (prepared or preserved) imported into Guatemala soared to X tons, with an increase of 18% compared with the previous year. The total import volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 32%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, preserved sardines imports soared to $X in 2022. Over the period under review, total imports indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% 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 +51.2% against 2019 indices. The pace of growth was the most pronounced in 2020 with an increase of 35%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Thailand (X tons) constituted the largest preserved sardines supplier to Guatemala, accounting for a 45% share of total imports. Moreover, preserved sardines imports from Thailand exceeded the figures recorded by the second-largest supplier, Vietnam (X tons), twofold. Ecuador (X tons) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Thailand totaled +1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+9.2% per year) and Ecuador (+5.6% per year).

In value terms, Thailand ($X) constituted the largest supplier of sardines (prepared or preserved) to Guatemala, comprising 46% of total imports. The second position in the ranking was held by Vietnam ($X), with a 19% share of total imports. It was followed by Costa Rica, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Thailand totaled +3.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+11.6% per year) and Costa Rica (-1.7% per year).

Import Prices by Country

The average preserved sardines import price stood at $X per ton in 2022, picking up by 9.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 9.7%. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform