Latin America and the Caribbean: Shipping Market 2025

Shipping Market Size in Latin America and the Caribbean

In 2021, the Latin American shipping market decreased by -24.7% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2020, and then fell notably in the following year.

Shipping Production in Latin America and the Caribbean

In value terms, shipping production rose sharply to $X in 2021 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 149% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Shipping Exports

Exports in Latin America and the Caribbean

Shipping exports skyrocketed to X units in 2021, increasing by 22% compared with the previous year's figure. Overall, exports, however, saw a abrupt contraction. The most prominent rate of growth was recorded in 2014 with an increase of 126%. As a result, the exports attained the peak of X units. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, shipping exports soared to $X in 2021. In general, exports, however, saw a deep slump. The most prominent rate of growth was recorded in 2014 with an increase of 536%. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Brazil represented the key exporter of ships, vessels, ferry-boats for the transport of persons in Latin America and the Caribbean, with the volume of exports recording X units, which was near 41% of total exports in 2021. Cuba (X units) ranks second in terms of the total exports with an 18% share, followed by Panama (14%), Antigua and Barbuda (4.5%), Argentina (4.5%), Peru (4.5%), Saint Vincent and the Grenadines (4.5%), Trinidad and Tobago (4.5%) and Venezuela (4.5%).

Brazil was also the fastest-growing in terms of the ships, vessels, ferry-boats for the transport of persons exports, with a CAGR of +20.7% from 2012 to 2021. Cuba, Argentina, Peru, Venezuela and Saint Vincent and the Grenadines experienced a relatively flat trend pattern. Trinidad and Tobago (-7.4%), Panama (-17.5%) and Antigua and Barbuda (-18.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Brazil, Cuba, Peru, Venezuela, Antigua and Barbuda, Saint Vincent and the Grenadines and Argentina increased by +41, +18, +4.5, +4.5, +4.5, +4.5 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Panama ($X), Cuba ($X) and Argentina ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 72% share of total exports. These countries were followed by Brazil, Trinidad and Tobago, Antigua and Barbuda, Venezuela, Peru and Saint Vincent and the Grenadines, which together accounted for a further 21%.

Venezuela, with a CAGR of +35.2%, saw 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 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, with an increase of 14% against the previous year. Overall, the export price, however, continues to indicate a deep slump. The most prominent rate of growth was recorded in 2014 an increase of 182% against the previous year. Over the period under review, the export prices attained the peak figure at $X per unit in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Panama ($X per unit), while Saint Vincent and the Grenadines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Trinidad and Tobago (+26.8%), while the other leaders experienced more modest paces of growth.

Shipping Imports

Imports in Latin America and the Caribbean

After two years of growth, overseas purchases of ships, vessels, ferry-boats for the transport of persons decreased by -33.7% to X units in 2021. Over the period under review, imports, however, recorded a remarkable increase. The growth pace was the most rapid in 2017 with an increase of 7,374% against the previous year. Over the period under review, imports hit record highs at X units in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, shipping imports dropped sharply to $X in 2021. Overall, imports saw a slight decline. The pace of growth appeared the most rapid in 2019 when imports increased by 425%. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

The purchases of the one major importers of ships, vessels, ferry-boats for the transport of persons, namely British Virgin Islands, represented more than two-thirds of total import.

British Virgin Islands was also the fastest-growing in terms of the ships, vessels, ferry-boats for the transport of persons imports, with a CAGR of +9.0% from 2012 to 2021. From 2012 to 2021, the share of British Virgin Islands increased by +26 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, British Virgin Islands ($X) constitutes the largest market for imported ships, vessels, ferry-boats for the transport of persons in Latin America and the Caribbean.

From 2012 to 2021, the average annual rate of growth in terms of value in British Virgin Islands amounted to +43.0%.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per unit in 2021, surging by 3.1% against the previous year. In general, the import price, however, continues to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2015 an increase of 7,571% against the previous year. As a result, import price reached the peak level of $X per unit. From 2016 to 2021, the import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for British Virgin Islands.

From 2012 to 2021, the rate of growth in terms of prices for British Virgin Islands amounted to +31.3% per year.

Source: IndexBox Platform

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