Latin America and the Caribbean: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in Latin America and the Caribbean

After two years of decline, the Latin American keyboard stringed instrument market increased by 7.6% to $X in 2022. In general, consumption, however, recorded a abrupt decrease. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Keyboard Stringed Instrument Production in Latin America and the Caribbean

In value terms, keyboard stringed instrument production reached $X in 2022 estimated in export price. In general, production posted a prominent increase. The pace of growth appeared the most rapid in 2018 with an increase of 42% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Keyboard Stringed Instrument Exports

Exports in Latin America and the Caribbean

In 2022, approx. X units of keyboard stringed instruments were exported in Latin America and the Caribbean; falling by -6.2% compared with the previous year's figure. Overall, exports faced a abrupt contraction. The growth pace was the most rapid in 2015 when exports increased by 1,037%. As a result, the exports attained the peak of X units. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, keyboard stringed instrument exports declined sharply to $X in 2022. In general, exports, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2018 when exports increased by 2,523% against the previous year. The level of export peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Panama (X units) was the largest exporter of keyboard stringed instruments, committing 41% of total exports. It was distantly followed by El Salvador (X units) and the Dominican Republic (X units), together making up a 38% share of total exports. Venezuela (X units), Brazil (X units), Guatemala (X units), Jamaica (X units), Trinidad and Tobago (X units), Honduras (X units) and Uruguay (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by El Salvador (with a CAGR of +13.6%), while the other leaders experienced more modest paces of growth.

In value terms, Panama ($X) remains the largest keyboard stringed instrument supplier in Latin America and the Caribbean, comprising 95% of total exports. The second position in the ranking was taken by the Dominican Republic ($X), with a 1.2% share of total exports. It was followed by Brazil, with a 0.7% share.

In Panama, keyboard stringed instrument exports expanded at an average annual rate of +23.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: the Dominican Republic (-19.5% per year) and Brazil (-13.4% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per unit, declining by -30.2% against the previous year. In general, the export price, however, showed a significant increase. The most prominent rate of growth was recorded in 2018 when the export price increased by 275%. The level of export peaked at $X per unit in 2021, and then fell notably in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Panama (+16.9%), while the other leaders experienced more modest paces of growth.

Keyboard Stringed Instrument Imports

Imports in Latin America and the Caribbean

After five years of decline, overseas purchases of keyboard stringed instruments increased by 48% to X units in 2022. Overall, imports, however, showed a deep contraction. The most prominent rate of growth was recorded in 2016 when imports increased by 174% against the previous year. The volume of import peaked at X units in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, keyboard stringed instrument imports rose markedly to $X in 2022. In general, imports, however, showed a abrupt descent. The pace of growth was the most pronounced in 2016 when imports increased by 202%. 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

The Dominican Republic (X units) and Guatemala (X units) represented roughly 51% of total imports in 2022. Mexico (X units) ranks next in terms of the total imports with a 12% share, followed by Jamaica (9.1%), Chile (6.6%) and Barbados (6.3%). The following importers - Panama (X units), Belize (X units) and Nicaragua (X units) - each recorded a 5.5% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Jamaica (with a CAGR of +33.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest keyboard stringed instrument importing markets in Latin America and the Caribbean were Chile ($X), the Dominican Republic ($X) and Barbados ($X), together comprising 56% of total imports.

Barbados, with a CAGR of +35.9%, saw the highest rates of growth with regard to 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, which is down by -26.4% against the previous year. Import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, keyboard stringed instrument import price increased by +36.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 86% against the previous year. As a result, import price attained the peak level of $X per unit, and then contracted rapidly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Dominican Republic (+21.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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