Latin America and the Caribbean: Twine And Cordage Market 2022

Twine And Cordage Market Size in Latin America and the Caribbean

In 2021, after nine years of growth, there was decline in the Latin American twine and cordage market, when its value decreased by -3.5% to $X. The total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +7.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +85.0% against 2012 indices. Over the period under review, the market hit record highs at $X in 2020, and then reduced modestly in the following year.

Twine And Cordage Production in Latin America and the Caribbean

In value terms, twine and cordage production reduced slightly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 6%. As a result, production reached the peak level of $X, and then fell in the following year.

Twine And Cordage Exports

Exports in Latin America and the Caribbean

In 2021, shipments abroad of twine, cordage, rope and cables increased by 4.3% to X tons, rising for the third consecutive year after six years of decline. In general, exports, however, recorded a perceptible contraction. The pace of growth was the most pronounced in 2020 with an increase of 7.1%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, twine and cordage exports soared to $X in 2021. Overall, exports, however, recorded a noticeable shrinkage. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Brazil was the key exporting country with an export of around X tons, which resulted at 46% of total exports. Guatemala (X tons) held a 21% share (based on physical terms) of total exports, which put it in second place, followed by Mexico (11%), Costa Rica (7.1%) and Peru (4.6%). The following exporters - Colombia (X tons) and Honduras (X tons) - together made up 5.8% of total exports.

Exports from Brazil decreased at an average annual rate of -5.9% from 2012 to 2021. At the same time, Honduras (+8.4%), Guatemala (+3.3%) and Colombia (+3.2%) displayed positive paces of growth. Moreover, Honduras emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +8.4% from 2012-2021. By contrast, Peru (-2.2%), Costa Rica (-4.1%) and Mexico (-8.5%) illustrated a downward trend over the same period. While the share of Guatemala (+9.9 p.p.) and Colombia (+2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Mexico (-6.2 p.p.) and Brazil (-10 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest twine and cordage supplying countries in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Guatemala ($X), together accounting for 77% of total exports.

Guatemala, with a CAGR of +4.4%, saw the highest rates of growth with regard to the value of exports, among 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 2021, the export price in Latin America and the Caribbean amounted to $X per ton, increasing by 11% against the previous year. Overall, the export price continues to indicate mild growth. The level of export peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Mexico ($X per ton), while Honduras ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+4.2%), while the other leaders experienced more modest paces of growth.

Twine And Cordage Imports

Imports in Latin America and the Caribbean

In 2021, overseas purchases of twine, cordage, rope and cables were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when imports increased by 11% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, twine and cordage imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.1% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Mexico (X tons) and Chile (X tons) represented roughly 48% of total imports in 2021. Brazil (X tons) held the next position in the ranking, followed by Costa Rica (X tons) and Peru (X tons). All these countries together held near 19% share of total imports. The Dominican Republic (X tons), Paraguay (X tons), Panama (X tons), Ecuador (X tons), El Salvador (X tons), Colombia (X tons), Nicaragua (X tons) and Argentina (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in the Dominican Republic (with a CAGR of +7.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constitutes the largest market for imported twine, cordage, rope and cables in Latin America and the Caribbean, comprising 33% of total imports. The second position in the ranking was taken by Chile ($X), with a 17% share of total imports. It was followed by Brazil, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mexico stood at +1.4%. The remaining importing countries recorded the following average annual rates of imports growth: Chile (-0.1% per year) and Brazil (+2.0% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2021, rising by 5.1% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. Over the period under review, import prices reached the peak figure 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, the country with the highest price was Mexico ($X per ton), while Chile ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nicaragua (+9.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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