Latin America and the Caribbean: Magnesite Market 2024

Magnesite Market Size in Latin America and the Caribbean

In 2021, the Latin American magnesite market decreased by -6.6% to $X, falling for the fourth consecutive year after four years of growth. Over the period under review, consumption, however, continues to indicate a deep downturn. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Magnesite Production in Latin America and the Caribbean

In value terms, magnesite production reached $X in 2021 estimated in export price. In general, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 27% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Magnesite Exports

Exports in Latin America and the Caribbean

In 2021, magnesite exports in Latin America and the Caribbean shrank dramatically to X tons, which is down by -26.2% against the previous year's figure. Overall, exports recorded a abrupt setback. The most prominent rate of growth was recorded in 2018 with an increase of 52%. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, magnesite exports contracted to $X in 2021. In general, exports showed a deep setback. The most prominent rate of growth was recorded in 2018 when exports increased by 79%. The level of export peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Guatemala prevails in exports structure, recording X tons, which was approx. 87% of total exports in 2021. It was distantly followed by Brazil (X tons), mixing up a 7.8% share of total exports. The following exporters - Peru (X tons) and Colombia (X tons) - each recorded a 3.5% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to magnesite exports from Guatemala stood at -2.7%. At the same time, Brazil (+23.6%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +23.6% from 2012-2021. Peru experienced a relatively flat trend pattern. By contrast, Colombia (-30.0%) illustrated a downward trend over the same period. While the share of Guatemala (+18 p.p.) and Brazil (+7.1 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Colombia (-23.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Guatemala ($X) remains the largest magnesite supplier in Latin America and the Caribbean, comprising 72% of total exports. The second position in the ranking was taken by Brazil ($X), with a 14% share of total exports. It was followed by Peru, with a 2.2% share.

From 2012 to 2021, the average annual growth rate of value in Guatemala totaled -3.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Brazil (+30.5% per year) and Peru (+1.5% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2021, with an increase of 28% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+5.6%), while the other leaders experienced mixed trends in the export price figures.

Magnesite Imports

Imports in Latin America and the Caribbean

In 2021, the amount of magnesite imported in Latin America and the Caribbean contracted markedly to X tons, reducing by -21.2% on the previous year's figure. In general, imports showed a noticeable curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 123% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, magnesite imports plummeted to $X in 2021. Overall, imports recorded a noticeable decline. The growth pace was the most rapid in 2020 when imports increased by 112% against the previous year. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

Ecuador (X tons) and El Salvador (X tons) represented roughly 73% of total imports in 2021. Honduras (X tons) took the next position in the ranking, followed by Mexico (X tons) and Chile (X tons). All these countries together took approx. 21% share of total imports. The following importers - Costa Rica (X tons) and Argentina (X tons) - together made up 4.5% of total imports.

From 2012 to 2021, the biggest increases were recorded for Honduras (with a CAGR of +22.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ecuador ($X), El Salvador ($X) and Chile ($X) were the countries with the highest levels of imports in 2021, with a combined 70% share of total imports. These countries were followed by Mexico, Honduras, Argentina and Costa Rica, which together accounted for a further 22%.

Honduras, with a CAGR of +24.0%, recorded 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, with an increase of 1.6% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 12% against the previous year. The level of import peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

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 Chile ($X per ton), while El Salvador ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Costa Rica (+6.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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