Latin America and the Caribbean: Market for Jute And Jute-Like Fibers 2024

Market Size for Jute And Jute-Like Fibers in Latin America and the Caribbean

The Latin American jute and jute-like fibers market soared to $X in 2022, surging by 16% against the previous year. The total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.4% 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 +80.4% against 2017 indices. The level of consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Production of Jute And Jute-Like Fibers in Latin America and the Caribbean

In value terms, jute and jute-like fibers production stood at $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 19%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

British Virgin Islands (X tons) constituted the country with the largest volume of jute and jute-like fibers production, accounting for 74% of total volume. Moreover, jute and jute-like fibers production in British Virgin Islands exceeded the figures recorded by the second-largest producer, Chile (X tons), fourfold. Cayman Islands (X tons) ranked third in terms of total production with a 6% share.

From 2012 to 2022, the average annual growth rate of volume in British Virgin Islands was relatively modest. The remaining producing countries recorded the following average annual rates of production growth: Chile (0.0% per year) and Cayman Islands (+1.3% per year).

Exports of Jute And Jute-Like Fibers

Exports in Latin America and the Caribbean

In 2022, overseas shipments of jute and jute-like fibers decreased by -10.2% to X tons, falling for the eighth consecutive year after three years of growth. Overall, exports saw a dramatic curtailment. The growth pace was the most rapid in 2014 with an increase of 109%. As a result, the exports attained the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, jute and jute-like fibers exports dropped to $X in 2022. Over the period under review, exports recorded a dramatic decrease. The pace of growth appeared the most rapid in 2014 with an increase of 55% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Costa Rica represented the main exporting country with an export of about X tons, which recorded 54% of total exports. Mexico (X tons) ranks second in terms of the total exports with an 18% share, followed by Trinidad and Tobago (8.8%) and Ecuador (4.9%). Panama (X kg), Nicaragua (X kg) and El Salvador (X kg) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to jute and jute-like fibers exports from Costa Rica stood at +40.8%. At the same time, Nicaragua (+56.4%), Ecuador (+21.3%) and Mexico (+2.5%) displayed positive paces of growth. Moreover, Nicaragua emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +56.4% from 2012-2022. El Salvador experienced a relatively flat trend pattern. By contrast, Trinidad and Tobago (-2.4%) and Panama (-18.3%) illustrated a downward trend over the same period. Costa Rica (+54 p.p.), Mexico (+18 p.p.), Trinidad and Tobago (+8.2 p.p.), Ecuador (+4.9 p.p.), Nicaragua (+3.3 p.p.), El Salvador (+2.2 p.p.) and Panama (+2.1 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest jute and jute-like fibers supplying countries in Latin America and the Caribbean were Mexico ($X), Trinidad and Tobago ($X) and Costa Rica ($X), with a combined 70% share of total exports. Ecuador, Panama, El Salvador and Nicaragua lagged somewhat behind, together accounting for a further 22%.

Among the main exporting countries, Ecuador, with a CAGR of +21.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, falling by -3.9% against the previous year. In general, the export price, however, continues to indicate a strong increase. The growth pace was the most rapid in 2019 an increase of 34%. Over the period under review, the export prices attained the maximum at $X per ton in 2021, and then fell slightly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+2.1%), while the other leaders experienced a decline in the export price figures.

Imports of Jute And Jute-Like Fibers

Imports in Latin America and the Caribbean

Jute and jute-like fibers imports contracted to X tons in 2022, waning by -9.7% against 2021. In general, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 when imports increased by 30% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, jute and jute-like fibers imports rose notably to $X in 2022. Overall, imports, however, showed strong growth. The pace of growth appeared the most rapid in 2019 when imports increased by 42%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports by Country

Brazil prevails in imports structure, finishing at X tons, which was near 64% of total imports in 2022. It was distantly followed by Cuba (X tons), Colombia (X tons), El Salvador (X tons) and the Dominican Republic (X tons), together generating a 31% share of total imports. Mexico (X tons) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to jute and jute-like fibers imports into Brazil stood at +4.0%. At the same time, Colombia (+92.2%), Mexico (+18.6%) and the Dominican Republic (+17.7%) displayed positive paces of growth. Moreover, Colombia emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +92.2% from 2012-2022. By contrast, Cuba (-3.1%) and El Salvador (-15.6%) illustrated a downward trend over the same period. Brazil (+19 p.p.), Colombia (+8.5 p.p.), the Dominican Republic (+5 p.p.) and Mexico (+2.2 p.p.) significantly strengthened its position in terms of the total imports, while Cuba and El Salvador saw its share reduced by -4.1% and -30.8% from 2012 to 2022, respectively.

In value terms, Brazil ($X) constitutes the largest market for imported jute and jute-like fibers in Latin America and the Caribbean, comprising 62% of total imports. The second position in the ranking was taken by the Dominican Republic ($X), with a 19% share of total imports. It was followed by El Salvador, with a 6.9% share.

In Brazil, jute and jute-like fibers imports increased at an average annual rate of +12.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the Dominican Republic (+35.9% per year) and El Salvador (-10.5% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2022, increasing by 18% against the previous year. Import price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, jute and jute-like fibers import price increased by +89.5% against 2018 indices. The most prominent rate of growth was recorded in 2016 when the import price increased by 27% against the previous year. Over the period under review, import prices attained the maximum in 2022 and is expected to retain growth in years to come.

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 the Dominican Republic ($X per ton), while Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+15.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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