Latin America and the Caribbean: Multimeter Market 2024

Multimeter Market Size in Latin America and the Caribbean

In 2022, the Latin American multimeter market increased by 1.9% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level in 2022 and is expected to retain growth in the near future.

Multimeter Production in Latin America and the Caribbean

In value terms, multimeter production stood at $X in 2022 estimated in export price. The total production indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.4% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 28%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Multimeter Exports

Exports in Latin America and the Caribbean

In 2022, after three years of growth, there was significant decline in overseas shipments of multimeters, when their volume decreased by -17.1% to X units. Overall, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 18%. Over the period under review, the exports reached the peak figure at X units in 2021, and then declined notably in the following year.

In value terms, multimeter exports fell to $X in 2022. Over the period under review, exports continue to indicate a slight slump. The pace of growth appeared the most rapid in 2013 when exports increased by 28% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Guatemala prevails in exports structure, amounting to X units, which was approx. 77% of total exports in 2022. Mexico (X units) ranks second in terms of the total exports with a 9.6% share, followed by Brazil (5.1%).

Exports from Guatemala increased at an average annual rate of +1.3% from 2012 to 2022. At the same time, Brazil (+2.6%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +2.6% from 2012-2022. By contrast, Mexico (-4.6%) illustrated a downward trend over the same period. While the share of Guatemala (+9.8 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Mexico (-5.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X), Brazil ($X) and Guatemala ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 81% share of total exports.

Brazil, with a CAGR of +5.7%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per unit, growing by 6.1% against the previous year. Overall, the export price, however, saw a mild decrease. The growth pace was the most rapid in 2020 an increase of 20%. The level of export peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Brazil ($X per unit), while Guatemala ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+3.0%), while the other leaders experienced mixed trends in the export price figures.

Multimeter Imports

Imports in Latin America and the Caribbean

In 2022, purchases abroad of multimeters increased by 3% to X units, rising for the second year in a row after two years of decline. Total imports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +44.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 40% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, multimeter imports contracted modestly to $X in 2022. The total import value increased at an average annual rate of +1.0% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth was the most pronounced in 2021 with an increase of 44%. As a result, imports reached the peak of $X, and then reduced slightly in the following year.

Imports by Country

Brazil represented the key importer of multimeters in Latin America and the Caribbean, with the volume of imports amounting to X units, which was near 33% of total imports in 2022. Mexico (X units) ranks second in terms of the total imports with a 14% share, followed by Argentina (8.3%), Peru (5.3%), Bolivia (5.1%) and Chile (4.9%). Colombia (X units), Guatemala (X units), Ecuador (X units), Belize (X units), Paraguay (X units), El Salvador (X units) and Costa Rica (X units) followed a long way behind the leaders.

Imports into Brazil increased at an average annual rate of +2.5% from 2012 to 2022. At the same time, Belize (+22.3%), Bolivia (+18.7%), Paraguay (+13.5%), El Salvador (+12.0%), Costa Rica (+11.4%), Chile (+10.8%), Mexico (+9.0%), Peru (+7.1%), Guatemala (+5.9%), Ecuador (+3.5%) and Argentina (+2.7%) displayed positive paces of growth. Moreover, Belize emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +22.3% from 2012-2022. Colombia experienced a relatively flat trend pattern. While the share of Mexico (+5.1 p.p.), Bolivia (+3.7 p.p.), Belize (+2.3 p.p.), Chile (+2.2 p.p.) and Paraguay (+1.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Brazil (-6.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X), Brazil ($X) and Argentina ($X) constituted the countries with the highest levels of imports in 2022, together accounting for 66% of total imports. Chile, Colombia, Peru, El Salvador, Costa Rica, Ecuador, Paraguay, Bolivia, Guatemala and Belize lagged somewhat behind, together comprising a further 24%.

Belize, with a CAGR of +15.6%, recorded the highest rates of growth with regard to the value of imports, in terms of 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, declining by -3.9% against the previous year. Overall, the import price saw a perceptible reduction. The most prominent rate of growth was recorded in 2014 an increase of 12% against the previous year. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the import prices remained at a lower figure.

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 Mexico ($X per unit), while Belize ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (+1.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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