Latin America and the Caribbean: Plough Market 2025

Plough Market Size in Latin America and the Caribbean

The Latin American plough market was estimated at $X in 2022, picking up by 6.1% against the previous year. The market value increased at an average annual rate of +3.2% 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 peak level in 2022 and is likely to continue growth in the immediate term.

Plough Production in Latin America and the Caribbean

In value terms, plough production reduced to $X in 2022 estimated in export price. In general, production, however, continues to indicate a slight contraction. The most prominent rate of growth was recorded in 2016 when the production volume increased by 6.5% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Plough Exports

Exports in Latin America and the Caribbean

In 2022, after two years of growth, there was significant decline in overseas shipments of ploughs for agricultural purposes, when their volume decreased by -21.1% to X units. Over the period under review, exports showed a drastic downturn. The growth pace was the most rapid in 2021 when exports increased by 15%. The volume of export peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, plough exports fell to $X in 2022. In general, exports saw a abrupt descent. The most prominent rate of growth was recorded in 2021 with an increase of 50% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Brazil prevails in exports structure, accounting for X units, which was near 88% of total exports in 2022. It was distantly followed by Mexico (X units), mixing up a 7.2% share of total exports. Guatemala (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to plough exports from Brazil stood at -3.8%. At the same time, Guatemala (+25.6%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +25.6% from 2012-2022. By contrast, Mexico (-21.3%) illustrated a downward trend over the same period. Brazil (+31 p.p.) and Guatemala (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while Mexico saw its share reduced by -27.4% from 2012 to 2022, respectively.

In value terms, Brazil ($X) remains the largest plough supplier in Latin America and the Caribbean, comprising 83% of total exports. The second position in the ranking was taken by Mexico ($X), with a 12% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Brazil stood at -4.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Mexico (-19.4% per year) and Guatemala (+23.1% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per unit, growing by 18% against the previous year. Overall, the export price, however, recorded a mild descent. The most prominent rate of growth was recorded in 2021 when the export price increased by 31% against the previous year. The level of export peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+2.5%), while the other leaders experienced a decline in the export price figures.

Plough Imports

Imports in Latin America and the Caribbean

In 2022, supplies from abroad of ploughs for agricultural purposes increased by 1.5% to X units, rising for the second consecutive year after three years of decline. Over the period under review, imports, however, saw a perceptible shrinkage. The growth pace was the most rapid in 2017 with an increase of 64% against the previous year. Over the period under review, imports reached the peak figure at X units in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, plough imports expanded remarkably to $X in 2022. In general, imports, however, recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2021 when imports increased by 78%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The purchases of the four major importers of ploughs for agricultural purposes, namely Chile, Peru, Bolivia and Argentina, represented more than half of total import. Mexico (X units) took the next position in the ranking, followed by the Dominican Republic (X units). All these countries together held near 9.6% share of total imports. Ecuador (X units), Paraguay (X units), Uruguay (X units), Guyana (X units) and Guatemala (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Argentina (with a CAGR of +33.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X) constitutes the largest market for imported ploughs for agricultural purposes in Latin America and the Caribbean, comprising 31% of total imports. The second position in the ranking was taken by Argentina ($X), with an 11% share of total imports. It was followed by Peru, with an 11% share.

In Chile, plough imports increased at an average annual rate of +3.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Argentina (+38.0% per year) and Peru (+4.7% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2022, with an increase of 4.7% against the previous year. Over the period under review, the import price, however, saw a mild decrease. The pace of growth was the most pronounced in 2021 when the import price increased by 13% against the previous year. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, 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 Chile ($X per unit), while Peru ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bolivia (+6.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :