Latin America and the Caribbean: Market for Industrial Sewing Machines (Non-Automatic) 2024

Market Size for Industrial Sewing Machines (Non-Automatic) in Latin America and the Caribbean

In 2022, the Latin American industrial sewing machines (non-automatic) market increased by 5.9% to $X, rising for the second year in a row after two years of decline. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Production of Industrial Sewing Machines (Non-Automatic) in Latin America and the Caribbean

In value terms, industrial sewing machines (non-automatic) production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 1,350% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Exports of Industrial Sewing Machines (Non-Automatic)

Exports in Latin America and the Caribbean

In 2022, approx. X units of industrial sewing machines (non-automatic) were exported in Latin America and the Caribbean; increasing by 23% on 2021 figures. In general, exports, however, recorded a abrupt decrease. The pace of growth was the most pronounced in 2014 with an increase of 50% against the previous year. The volume of export peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, industrial sewing machines (non-automatic) exports dropped to $X in 2022. Overall, exports, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2014 when exports increased by 50% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The Dominican Republic represented the key exporter of industrial sewing machines (non-automatic) in Latin America and the Caribbean, with the volume of exports recording X units, which was near 45% of total exports in 2022. Honduras (X units) held a 21% share (based on physical terms) of total exports, which put it in second place, followed by El Salvador (9.2%), Mexico (7.4%) and Peru (5.7%). The following exporters - Chile (X units) and Brazil (X units) - each accounted for a 5.1% share of total exports.

The Dominican Republic was also the fastest-growing in terms of the industrial sewing machines (non-automatic) exports, with a CAGR of +32.5% from 2012 to 2022. At the same time, Peru (+27.9%) and Chile (+1.2%) displayed positive paces of growth. By contrast, Honduras (-7.0%), El Salvador (-9.5%), Brazil (-11.2%) and Mexico (-25.7%) illustrated a downward trend over the same period. The Dominican Republic (+44 p.p.), Peru (+5.4 p.p.), Honduras (+3 p.p.) and Chile (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while Mexico saw its share reduced by -52.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest industrial sewing machines (non-automatic) supplying countries in Latin America and the Caribbean were the Dominican Republic ($X), Honduras ($X) and Mexico ($X), together accounting for 68% of total exports.

In terms of the main exporting countries, the Dominican Republic, with a CAGR of +24.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2022, reducing by -24.1% against the previous year. Over the period under review, the export price showed a perceptible decline. The growth pace was the most rapid in 2017 an increase of 42%. The level of export peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by El Salvador (+4.5%), while the other leaders experienced more modest paces of growth.

Imports of Industrial Sewing Machines (Non-Automatic)

Imports in Latin America and the Caribbean

In 2022, the amount of industrial sewing machines (non-automatic) imported in Latin America and the Caribbean contracted to X units, approximately reflecting the previous year's figure. In general, imports continue to indicate a perceptible downturn. The most prominent rate of growth was recorded in 2021 with an increase of 36%. Over the period under review, imports reached the maximum at X units in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, industrial sewing machines (non-automatic) imports amounted to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 31%. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Brazil (X units) and Bolivia (X units) represented roughly 46% of total imports in 2022. Mexico (X units) held an 11% share (based on physical terms) of total imports, which put it in second place, followed by Colombia (8.8%), Argentina (8%), Peru (7.4%) and Ecuador (5.8%).

From 2012 to 2022, the biggest increases were recorded for Bolivia (with a CAGR of +16.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Mexico ($X) and Argentina ($X) were the countries with the highest levels of imports in 2022, together comprising 59% of total imports. Peru, Colombia, Ecuador and Bolivia lagged somewhat behind, together comprising a further 19%.

Bolivia, with a CAGR of +5.0%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per unit, picking up by 11% against the previous year. Over the last decade, it increased at an average annual rate of +3.3%. The pace of growth appeared the most rapid in 2016 an increase of 23% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Argentina ($X per unit), while Bolivia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+8.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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