Latin America and the Caribbean: Market for Iron or Steel Wire Products 2024

Market Size for Iron or Steel Wire Products in Latin America and the Caribbean

The Latin American market for iron or steel wire products shrank to $X in 2022, which is down by X% against the previous year. In general, consumption saw a perceptible descent. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Production of Iron or Steel Wire Products in Latin America and the Caribbean

In value terms, iron or steel wire product production contracted modestly to $X in 2022 estimated in export price. Overall, production recorded a slight decrease. The growth pace was the most rapid in 2017 with an increase of X%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Exports of Iron or Steel Wire Products

Exports in Latin America and the Caribbean

In 2022, overseas shipments of iron or steel wire products increased by X% to X tons, rising for the second consecutive year after three years of decline. Total exports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of X%. The volume of export peaked in 2022 and is expected to retain growth in the near future.

In value terms, iron or steel wire product exports expanded notably to $X in 2022. Total exports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports reached the peak figure in 2022 and are likely to continue growth in years to come.

Exports by Country

Mexico represented the main exporter of iron or steel wire products in Latin America and the Caribbean, with the volume of exports finishing at X tons, which was approx. X% of total exports in 2022. Brazil (X tons) ranks second in terms of the total exports with a X% share, followed by Costa Rica (X%). The following exporters - the Dominican Republic (X tons), El Salvador (X tons) and Guatemala (X tons) - together made up X% of total exports.

Exports from Mexico increased at an average annual rate of X% from 2012 to 2022. At the same time, the Dominican Republic (X%), Guatemala (X%), El Salvador (X%) and Costa Rica (X%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. By contrast, Brazil (X%) illustrated a downward trend over the same period. Mexico (X p.p.), Costa Rica (X p.p.) and the Dominican Republic (X p.p.) significantly strengthened its position in terms of the total exports, while Brazil saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest iron or steel wire product supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was held by Brazil ($X), with a X% share of total exports. It was followed by Costa Rica, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico stood at X%. In the other countries, the average annual rates were as follows: Brazil (X% per year) and Costa Rica (X% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, rising by X% against the previous year. Export price indicated a measured expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron or steel wire product export price decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while Guatemala ($X per ton) was amongst the lowest.

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

Imports of Iron or Steel Wire Products

Imports in Latin America and the Caribbean

Iron or steel wire product imports contracted to X tons in 2022, which is down by X% on 2021 figures. Over the period under review, imports continue to indicate a slight contraction. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, iron or steel wire product imports stood at $X in 2022. The total import value increased at an average annual rate of X% 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 2021 when imports increased by X% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

Mexico represented the major importer of iron or steel wire products in Latin America and the Caribbean, with the volume of imports recording X tons, which was near X% of total imports in 2022. Peru (X tons) took an X% share (based on physical terms) of total imports, which put it in second place, followed by Colombia (X%), Guatemala (X%), the Dominican Republic (X%) and Brazil (X%). The following importers - Argentina (X tons), Chile (X tons), Panama (X tons), Costa Rica (X tons), Bolivia (X tons), Nicaragua (X tons) and El Salvador (X tons) - together made up X% of total imports.

Imports into Mexico decreased at an average annual rate of X% from 2012 to 2022. At the same time, the Dominican Republic (X%), Panama (X%), Nicaragua (X%), Argentina (X%), Guatemala (X%) and Colombia (X%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2022. By contrast, Brazil (X%), Costa Rica (X%), El Salvador (X%), Peru (X%), Chile (X%) and Bolivia (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the Dominican Republic, Panama, Argentina, Guatemala and Colombia increased by X, X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported iron or steel wire products in Latin America and the Caribbean, comprising X% of total imports. The second position in the ranking was held by the Dominican Republic ($X), with an X% share of total imports. It was followed by Peru, with a X% share.

In Mexico, iron or steel wire product imports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the Dominican Republic (X% per year) and Peru (X% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per ton, surging by X% against the previous year. Import price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron or steel wire product import price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2015 when the import price increased by X%. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Dominican Republic ($X per ton), while Nicaragua ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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