Latin America and the Caribbean: Boring Machinery Market 2024

Boring Machinery Market Size in Latin America and the Caribbean

The Latin American boring machinery market rose markedly to $X in 2022, increasing by 13% against the previous year. Overall, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Boring Machinery Production in Latin America and the Caribbean

In value terms, boring machinery production contracted slightly to $X in 2022 estimated in export price. The total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +4.1% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 45% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Boring Machinery Exports

Exports in Latin America and the Caribbean

Boring machinery exports soared to X units in 2022, increasing by 49% against the previous year's figure. Overall, exports, however, recorded a deep contraction. The most prominent rate of growth was recorded in 2019 with an increase of 126% against the previous year. The volume of export peaked at X units in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, boring machinery exports contracted markedly to $X in 2022. In general, exports, however, recorded a abrupt contraction. The growth pace was the most rapid in 2014 when exports increased by 69% against the previous year. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Bolivia represented the largest exporter of boring or sinking machinery in Latin America and the Caribbean, with the volume of exports accounting for X units, which was approx. 48% of total exports in 2022. Argentina (X units) ranks second in terms of the total exports with a 9.6% share, followed by Peru (9%), Brazil (7.8%), Colombia (6.6%) and Mexico (4.8%). Chile (X units) held a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to boring machinery exports from Bolivia stood at -15.0%. At the same time, Argentina (+18.1%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +18.1% from 2012-2022. Peru experienced a relatively flat trend pattern. By contrast, Colombia (-5.0%), Brazil (-6.1%), Mexico (-16.0%) and Chile (-16.4%) illustrated a downward trend over the same period. While the share of Bolivia (+48 p.p.), Argentina (+8.6 p.p.) and Peru (+3.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Chile (-7.4 p.p.) and Mexico (-11 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Bolivia ($X) emerged as the largest boring machinery supplier in Latin America and the Caribbean, comprising 34% of total exports. The second position in the ranking was taken by Peru ($X), with a 14% share of total exports. It was followed by Mexico, with a 13% share.

In Bolivia, boring machinery exports declined by an average annual rate of -16.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Peru (+0.6% per year) and Mexico (-15.0% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per unit, waning by -46.9% against the previous year. Over the period under review, the export price continues to indicate a perceptible decrease. The pace of growth appeared the most rapid in 2020 when the export price increased by 105%. Over the period under review, the export prices hit record highs at $X per unit in 2021, and then dropped markedly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Chile ($X per unit), while Colombia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+3.2%), while the other leaders experienced more modest paces of growth.

Boring Machinery Imports

Imports in Latin America and the Caribbean

In 2022, the amount of boring or sinking machinery imported in Latin America and the Caribbean surged to X units, jumping by 248% compared with 2021. In general, imports, however, faced a deep slump. Over the period under review, imports reached the maximum at X units in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, boring machinery imports soared to $X in 2022. Over the period under review, imports, however, continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2019 when imports increased by 333%. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Mexico dominates imports structure, recording X units, which was near 63% of total imports in 2022. Colombia (X units) ranks second in terms of the total imports with a 9% share, followed by Belize (7.9%). The following importers - Venezuela (X units), Guatemala (X units), Peru (X units) and Chile (X units) - together made up 11% of total imports.

From 2012 to 2022, average annual rates of growth with regard to boring machinery imports into Mexico stood at -2.3%. At the same time, Belize (+69.7%) and Guatemala (+16.1%) displayed positive paces of growth. Moreover, Belize emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +69.7% from 2012-2022. By contrast, Peru (-9.7%), Chile (-10.1%), Colombia (-17.2%) and Venezuela (-29.7%) illustrated a downward trend over the same period. While the share of Mexico (+39 p.p.), Belize (+7.9 p.p.) and Guatemala (+2.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Colombia (-9.4 p.p.) and Venezuela (-30.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported boring or sinking machinery in Latin America and the Caribbean, comprising 57% of total imports. The second position in the ranking was taken by Colombia ($X), with a 9.4% share of total imports. It was followed by Chile, with an 8.5% share.

In Mexico, boring machinery imports contracted by an average annual rate of -5.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Colombia (-20.7% per year) and Chile (-6.4% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2022, shrinking by -35% against the previous year. Overall, the import price recorded a perceptible reduction. The pace of growth appeared the most rapid in 2019 when the import price increased by 46%. The level of import peaked at $X per unit in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Chile ($X per unit), while Belize ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+4.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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