Latin America and the Caribbean: Market for Machines For Balancing Mechanical Parts 2024

Market Size for Machines For Balancing Mechanical Parts in Latin America and the Caribbean

After two years of decline, the Latin American balancing mechanical parts machine market increased by 46% to $X in 2021. In general, consumption showed a relatively flat trend pattern. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Production of Machines For Balancing Mechanical Parts in Latin America and the Caribbean

In value terms, balancing mechanical parts machine production expanded rapidly to $X in 2021 estimated in export price. Over the period under review, production, however, showed a mild setback. The most prominent rate of growth was recorded in 2017 when the production volume increased by 52%. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a somewhat lower figure.

Exports of Machines For Balancing Mechanical Parts

Exports in Latin America and the Caribbean

In 2021, exports of machines for balancing mechanical parts in Latin America and the Caribbean expanded to X units, with an increase of 3.7% on the previous year's figure. In general, exports continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2016 when exports increased by 87% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, balancing mechanical parts machine exports rose modestly to $X in 2021. Over the period under review, exports showed a strong expansion. The pace of growth appeared the most rapid in 2020 with an increase of 114% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

Exports by Country

In 2021, Mexico (X units), distantly followed by Trinidad and Tobago (X units), Argentina (X units) and the Dominican Republic (X units) represented the largest exporters of machines for balancing mechanical parts, together making up 83% of total exports. Guatemala (X units), Panama (X units) and Costa Rica (X units) took a minor share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by the Dominican Republic (with a CAGR of +44.1%), while the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Argentina ($X) and Trinidad and Tobago ($X) constituted the countries with the highest levels of exports in 2021, with a combined 54% share of total exports. The Dominican Republic, Costa Rica, Guatemala and Panama lagged somewhat behind, together comprising a further 9.1%.

Guatemala, with a CAGR of +34.7%, saw the highest growth rate of the value of exports, in terms of the main exporting countries 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 unit in 2021, leveling off at the previous year. In general, the export price, however, recorded a perceptible contraction. The most prominent rate of growth was recorded in 2013 when the export price increased by 39% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2014 to 2021, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Argentina ($X per unit), while Panama ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Costa Rica (+12.8%), while the other leaders experienced more modest paces of growth.

Imports of Machines For Balancing Mechanical Parts

Imports in Latin America and the Caribbean

In 2021, overseas purchases of machines for balancing mechanical parts were finally on the rise to reach X units after two years of decline. Overall, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports reached the maximum at X units in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, balancing mechanical parts machine imports soared to $X in 2021. Over the period under review, imports, however, saw a pronounced decline. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Mexico represented the main importing country with an import of about X units, which amounted to 32% of total imports. Colombia (X units) took the second position in the ranking, followed by Brazil (X units), Guatemala (X units), El Salvador (X units) and Peru (X units). All these countries together held approx. 35% share of total imports. Costa Rica (X units), Nicaragua (X units), Honduras (X units), Paraguay (X units), Ecuador (X units), Bolivia (X units) and Panama (X units) followed a long way behind the leaders.

Imports into Mexico increased at an average annual rate of +7.1% from 2012 to 2021. At the same time, El Salvador (+19.6%), Bolivia (+18.8%), Peru (+16.3%), Honduras (+14.0%), Panama (+12.3%), Colombia (+9.8%), Paraguay (+9.6%), Brazil (+9.4%), Nicaragua (+8.8%) and Guatemala (+7.0%) displayed positive paces of growth. Moreover, El Salvador emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +19.6% from 2012-2021. Costa Rica experienced a relatively flat trend pattern. By contrast, Ecuador (-18.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mexico, Colombia, El Salvador, Brazil, Peru, Guatemala, Honduras, Nicaragua, Bolivia, Paraguay and Panama increased by +16, +5.3, +4.9, +4.5, +4.2, +3.4, +2.8, +2.2, +2.2, +2.1 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported machines for balancing mechanical parts in Latin America and the Caribbean, comprising 48% of total imports. The second position in the ranking was taken by Brazil ($X), with a 20% share of total imports. It was followed by Colombia, with a 4.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico was relatively modest. In the other countries, the average annual rates were as follows: Brazil (-1.5% per year) and Colombia (+0.2% per year).

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per unit, dropping by -12.8% against the previous year. Over the period under review, the import price continues to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2014 an increase of 22% against the previous year. As a result, import price reached the peak level of $X per unit. From 2015 to 2021, the import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Brazil ($X per unit), while El Salvador ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ecuador (+10.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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