Latin America and the Caribbean: Interchangeable Spanner Socket Market 2025

Interchangeable Spanner Socket Market Size in Latin America and the Caribbean

In 2022, the Latin American interchangeable spanner socket market increased by 3.3% to $X, rising for the second consecutive year after two years of decline. The total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +52.6% against 2020 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Interchangeable Spanner Socket Production in Latin America and the Caribbean

In value terms, interchangeable spanner socket production dropped to $X in 2022 estimated in export price. The total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% 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 +7.7% against 2020 indices. The growth pace was the most rapid in 2016 with an increase of 55%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Interchangeable Spanner Socket Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of interchangeable spanner sockets increased by 19% to X tons, rising for the second consecutive year after eight years of decline. In general, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 116% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2012; afterwards, it flattened through to 2022.

In value terms, interchangeable spanner socket exports rose significantly to $X in 2022. Total exports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +3.6% 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 +129.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 118% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Mexico represented the key exporting country with an export of around X tons, which accounted for 69% of total exports. It was distantly followed by Brazil (X tons), committing a 19% share of total exports. Guatemala (X tons), Chile (X tons) and Panama (X tons) took a relatively small share of total exports.

Exports from Mexico increased at an average annual rate of +3.0% from 2012 to 2022. At the same time, Guatemala (+40.0%) and Chile (+25.2%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +40.0% from 2012-2022. By contrast, Brazil (-1.4%) and Panama (-17.0%) illustrated a downward trend over the same period. While the share of Mexico (+18 p.p.), Guatemala (+3.1 p.p.) and Chile (+2.3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Brazil (-2.8 p.p.) and Panama (-12.1 p.p.) displayed negative dynamics.

In value terms, Mexico ($X) remains the largest interchangeable spanner socket supplier in Latin America and the Caribbean, comprising 75% of total exports. The second position in the ranking was taken by Brazil ($X), with a 15% share of total exports. It was followed by Chile, with a 3.2% share.

In Mexico, interchangeable spanner socket exports increased at an average annual rate of +8.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (-1.6% per year) and Chile (+4.9% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per ton, shrinking by -11.5% against the previous year. Export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, interchangeable spanner socket export price decreased by -23.1% against 2018 indices. The growth pace was the most rapid in 2017 an increase of 26%. Over the period under review, the export prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+5.1%), while the other leaders experienced mixed trends in the export price figures.

Interchangeable Spanner Socket Imports

Imports in Latin America and the Caribbean

In 2022, supplies from abroad of interchangeable spanner sockets increased by 3.4% to X tons, rising for the second year in a row after two years of decline. Total imports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +68.6% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 63%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, interchangeable spanner socket imports rose notably to $X in 2022. Total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +77.1% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 62%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in years to come.

Imports by Country

Mexico (X tons) and Brazil (X tons) represented roughly 54% of total imports in 2022. Argentina (X tons) took the next position in the ranking, followed by Chile (X tons). All these countries together took approx. 18% share of total imports. Peru (X tons), Colombia (X tons), Bolivia (X tons), Ecuador (X tons), Guatemala (X tons), the Dominican Republic (X tons), Costa Rica (X tons), Honduras (X tons) and El Salvador (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the Dominican Republic (with a CAGR of +16.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest interchangeable spanner socket importing markets in Latin America and the Caribbean were Mexico ($X), Brazil ($X) and Chile ($X), together comprising 64% of total imports. Argentina, Peru, Guatemala, Colombia, Ecuador, Costa Rica, the Dominican Republic, El Salvador, Bolivia and Honduras lagged somewhat behind, together comprising a further 29%.

Guatemala, with a CAGR of +14.5%, saw the highest rates of growth with regard to the value of imports, in terms of 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

The import price in Latin America and the Caribbean stood at $X per ton in 2022, rising by 5.4% against the previous year. In general, the import price, however, showed a noticeable decline. The pace of growth was the most pronounced in 2019 an increase of 6.1% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 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 Guatemala ($X per ton), while Bolivia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guatemala (+1.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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