Guatemala: Sunglasses Market 2024

Sunglasses Market Size in Guatemala

In 2022, the Guatemalan sunglasses market increased by 34% to $X, rising for the second year in a row after two years of decline. Overall, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.9% 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 +112.0% against 2020 indices. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the near future.

Sunglasses Exports

Exports from Guatemala

In 2022, shipments abroad of sunglasses increased by 149% to X units, rising for the second year in a row after six years of decline. In general, exports, however, continue to indicate a deep slump. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, sunglasses exports surged to $X in 2022. Overall, exports, however, showed a abrupt slump. The growth pace was the most rapid in 2014 with an increase of 152%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for sunglasses exports from Guatemala, with a 66% share of total exports. Moreover, sunglasses exports to the United States exceeded the volume sent to the second major destination, Honduras (X units), twofold. El Salvador (X units) ranked third in terms of total exports with a 1.4% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +109.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (+17.6% per year) and El Salvador (-26.8% per year).

In value terms, the United States ($X) remains the key foreign market for sunglasses exports from Guatemala, comprising 66% of total exports. The second position in the ranking was held by Honduras ($X), with a 31% share of total exports. It was followed by El Salvador, with a 1.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +149.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (+22.9% per year) and El Salvador (-23.6% per year).

Export Prices by Country

In 2022, the average sunglasses export price amounted to $X per unit, reducing by -8.3% against the previous year. Over the period under review, export price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sunglasses export price increased by +8.2% against 2020 indices. The most prominent rate of growth was recorded in 2014 an increase of 36%. Over the period under review, the average export prices hit record highs at $X per unit in 2021, and then contracted in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+18.9%), while the prices for the other major destinations experienced more modest paces of growth.

Sunglasses Imports

Imports into Guatemala

In 2022, purchases abroad of sunglasses increased by 33% to X units, rising for the second year in a row after two years of decline. Over the period under review, imports posted prominent growth. The growth pace was the most rapid in 2021 when imports increased by 58%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, sunglasses imports surged to $X in 2022. In general, total imports indicated a notable 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 +114.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 58% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest sunglasses supplier to Guatemala, with a 42% share of total imports. Moreover, sunglasses imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), threefold. Italy (X units) ranked third in terms of total imports with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +28.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+5.4% per year) and Italy (+32.8% per year).

In value terms, the largest sunglasses suppliers to Guatemala were China ($X), Italy ($X) and the United States ($X), with a combined 92% share of total imports. Japan, France, Mexico, Panama and Spain lagged somewhat behind, together comprising a further 4.7%.

In terms of the main suppliers, Japan, with a CAGR of +57.1%, saw the highest rates of growth with regard to the value of imports, 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 sunglasses import price amounted to $X per unit, surging by 1.5% against the previous year. In general, the import price, however, showed a abrupt slump. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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 Italy ($X per unit), while the price for Mexico ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+8.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform