Guatemala: Unvulcanized Rubber Market 2024

Unvulcanized Rubber Market Size in Guatemala

For the fifth consecutive year, the Guatemalan unvulcanized rubber market recorded decline in sales value, which decreased by -2.4% to $X in 2022. Over the period under review, consumption continues to indicate a abrupt setback. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Unvulcanized Rubber Exports

Exports from Guatemala

In 2022, shipments abroad of unvulcanized rubber and articles thereof decreased by -4.1% to X tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, saw measured growth. The growth pace was the most rapid in 2021 when exports increased by 91% against the previous year. As a result, the exports attained the peak of X tons, and then dropped slightly in the following year.

In value terms, unvulcanized rubber exports reduced to $X in 2022. Overall, exports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 127%. As a result, the exports attained the peak of $X, and then declined in the following year.

Exports by Country

The United States (X tons), El Salvador (X tons) and Nicaragua (X tons) were the main destinations of unvulcanized rubber exports from Guatemala, together comprising 77% of total exports. Honduras, Costa Rica, Canada, Panama and the Dominican Republic lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +96.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for unvulcanized rubber and articles thereof exports from Guatemala, comprising 54% of total exports. The second position in the ranking was taken by Nicaragua ($X), with a 13% share of total exports. It was followed by Costa Rica, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +43.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (+1.5% per year) and Costa Rica (+0.2% per year).

Export Prices by Country

The average unvulcanized rubber export price stood at $X per ton in 2022, with a decrease of -7% against the previous year. Over the last decade, it increased at an average annual rate of +3.0%. The pace of growth was the most pronounced in 2020 an increase of 26% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2021, and then reduced in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to El Salvador ($X per ton) 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 (+8.0%), while the prices for the other major destinations experienced more modest paces of growth.

Unvulcanized Rubber Imports

Imports into Guatemala

In 2022, the amount of unvulcanized rubber and articles thereof imported into Guatemala contracted to X tons, waning by -6.3% against 2021 figures. Overall, imports showed a noticeable decline. The most prominent rate of growth was recorded in 2017 with an increase of 17% against the previous year. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, unvulcanized rubber imports amounted to $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 29% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Mexico (X tons) constituted the largest unvulcanized rubber supplier to Guatemala, accounting for a 58% share of total imports. Moreover, unvulcanized rubber imports from Mexico exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fourfold. The third position in this ranking was taken by China (X tons), with a 7.1% share.

From 2012 to 2022, the average annual growth rate of volume from Mexico amounted to -4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+8.7% per year) and China (+2.9% per year).

In value terms, Mexico ($X) constituted the largest supplier of unvulcanized rubber and articles thereof to Guatemala, comprising 41% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 17% share of total imports. It was followed by the United States, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from Mexico was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+9.4% per year) and the United States (-2.9% per year).

Import Prices by Country

In 2022, the average unvulcanized rubber import price amounted to $X per ton, rising by 11% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.0%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 53% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform