Guatemala: Winding Wire Market 2024

Winding Wire Market Size in Guatemala

The Guatemalan winding wire market contracted modestly to $X in 2022, declining by -1.6% against the previous year. In general, consumption saw a pronounced decrease. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Winding Wire Production in Guatemala

In value terms, winding wire production contracted to $X in 2022 estimated in export price. Overall, production, however, showed a abrupt descent. The most prominent rate of growth was recorded in 2017 when the production volume increased by 30% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Winding Wire Exports

Exports from Guatemala

After four years of growth, overseas shipments of winding wire for electrical purposes decreased by -31% to X tons in 2022. Overall, exports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 381% against the previous year. The exports peaked at X tons in 2021, and then shrank sharply in the following year.

In value terms, winding wire exports fell rapidly to $X in 2022. In general, exports, however, continue to indicate a prominent expansion. The pace of growth appeared the most rapid in 2016 with an increase of 364% against the previous year. The exports peaked at $X in 2021, and then contracted significantly in the following year.

Exports by Country

Honduras (X tons) was the main destination for winding wire exports from Guatemala, with a 76% share of total exports. Moreover, winding wire exports to Honduras exceeded the volume sent to the second major destination, El Salvador (X tons), eightfold. Costa Rica (X tons) ranked third in terms of total exports with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Honduras amounted to +29.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: El Salvador (+5.3% per year) and Costa Rica (-9.0% per year).

In value terms, Honduras ($X) remains the key foreign market for winding wire for electrical purposes exports from Guatemala, comprising 80% of total exports. The second position in the ranking was held by Costa Rica ($X), with a 6.9% share of total exports. It was followed by El Salvador, with a 5.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Honduras totaled +33.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (-10.4% per year) and El Salvador (+3.7% per year).

Export Prices by Country

In 2022, the average winding wire export price amounted to $X per ton, growing by 18% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 40%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Honduras ($X per ton), while the average price for exports to El Salvador ($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 Jamaica (+12.1%), while the prices for the other major destinations experienced more modest paces of growth.

Winding Wire Imports

Imports into Guatemala

In 2022, winding wire imports into Guatemala contracted notably to X tons, reducing by -18% compared with 2021 figures. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 69%. As a result, imports attained the peak of X tons, and then declined notably in the following year.

In value terms, winding wire imports dropped rapidly to $X in 2022. Overall, imports, however, continue to indicate a measured expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 94%. As a result, imports reached the peak of $X, and then contracted sharply in the following year.

Imports by Country

The United States (X tons), Mexico (X tons) and China (X tons) were the main suppliers of winding wire imports to Guatemala, together accounting for 89% of total imports. Panama and South Korea lagged somewhat behind, together comprising a further 7.8%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Panama (with a CAGR of +15.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Mexico ($X) and China ($X) were the largest winding wire suppliers to Guatemala, with a combined 83% share of total imports. Panama and South Korea lagged somewhat behind, together comprising a further 13%.

Panama, with a CAGR of +18.9%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average winding wire import price stood at $X per ton in 2022, approximately equating the previous year. In general, import price indicated a temperate expansion from 2012 to 2022: its price 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, winding wire import price increased by +49.9% against 2019 indices. The most prominent rate of growth was recorded in 2020 an increase of 33%. Over the period under review, average import prices hit record highs at $X per ton in 2021, and then dropped modestly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform