Latin America and the Caribbean: Luggage Market 2024

Luggage Market Size in Latin America and the Caribbean

The Latin American luggage market amounted to $X in 2021, surging by 6.9% against the previous year. In general, consumption, however, showed a pronounced decrease. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Luggage Production in Latin America and the Caribbean

In value terms, luggage production totaled $X in 2021 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 19%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Luggage Exports

Exports in Latin America and the Caribbean

Luggage exports soared to X tons in 2021, with an increase of 26% against the year before. Over the period under review, exports, however, recorded a abrupt contraction. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, luggage exports surged to $X in 2021. In general, exports, however, continue to indicate a perceptible shrinkage. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Mexico represented the key exporter of luggage and handbags in Latin America and the Caribbean, with the volume of exports amounting to X tons, which was approx. 44% of total exports in 2021. Guatemala (X tons) took the second position in the ranking, followed by Panama (X tons), Brazil (X tons), Colombia (X tons) and Chile (X tons). All these countries together took near 43% share of total exports. Peru (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to luggage exports from Mexico stood at +7.8%. At the same time, Brazil (+8.5%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +8.5% from 2012-2021. By contrast, Guatemala (-1.4%), Colombia (-6.6%), Peru (-8.4%), Chile (-12.4%) and Panama (-26.7%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mexico, Brazil, Guatemala and Colombia increased by +36, +8, +6.7 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest luggage supplier in Latin America and the Caribbean, comprising 60% of total exports. The second position in the ranking was held by Brazil ($X), with an 8.7% share of total exports. It was followed by Colombia, with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico totaled +8.9%. In the other countries, the average annual rates were as follows: Brazil (+0.7% per year) and Colombia (-10.5% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, growing by 13% against the previous year. Export price indicated strong growth from 2012 to 2021: its price increased at an average annual rate of +6.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, luggage export price increased by +19.3% against 2019 indices. The most prominent rate of growth was recorded in 2017 an increase of 40%. The level of export peaked in 2021 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Chile (+6.8%), while the other leaders experienced more modest paces of growth.

Luggage Imports

Imports in Latin America and the Caribbean

After two years of decline, overseas purchases of luggage and handbags increased by 13% to X tons in 2021. Over the period under review, imports, however, showed a abrupt shrinkage. The pace of growth was the most pronounced in 2017 with an increase of 23% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, luggage imports skyrocketed to $X in 2021. Overall, imports, however, showed a noticeable downturn. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Brazil (X tons) was the main importer of luggage and handbags, constituting 32% of total imports. Mexico (X tons) held a 15% share (based on physical terms) of total imports, which put it in second place, followed by Chile (6.6%), Colombia (6.6%) and Peru (4.7%). Belize (X tons), Guatemala (X tons), the Dominican Republic (X tons), El Salvador (X tons), Honduras (X tons), Costa Rica (X tons), Argentina (X tons) and Bolivia (X tons) followed a long way behind the leaders.

Imports into Brazil decreased at an average annual rate of -11.3% from 2012 to 2021. At the same time, Belize (+26.2%), the Dominican Republic (+7.4%), El Salvador (+3.7%) and Honduras (+2.2%) displayed positive paces of growth. Moreover, Belize emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +26.2% from 2012-2021. By contrast, Mexico (-2.1%), Chile (-2.2%), Guatemala (-2.4%), Costa Rica (-3.7%), Peru (-3.9%), Bolivia (-5.0%), Colombia (-5.7%) and Argentina (-15.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mexico, Belize, Chile, the Dominican Republic, El Salvador, Peru, Guatemala and Honduras increased by +6.6, +3.9, +2.9, +2.6, +1.9, +1.6, +1.6 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest luggage importing markets in Latin America and the Caribbean were Mexico ($X), Brazil ($X) and Chile ($X), with a combined 66% share of total imports. These countries were followed by Colombia, Peru, the Dominican Republic, Guatemala, Argentina, Costa Rica, Belize, El Salvador, Honduras and Bolivia, which together accounted for a further 24%.

Belize, with a CAGR of +30.5%, 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

The import price in Latin America and the Caribbean stood at $X per ton in 2021, growing by 15% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.1%. The growth pace was the most rapid in 2020 an increase of 17%. Over the period under review, import prices reached the peak figure in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Mexico ($X per ton), while Bolivia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+9.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :