Latin America and the Caribbean: Wool Market 2024

Wool Market Size in Latin America and the Caribbean

The Latin American wool market contracted modestly to $X in 2022, reducing by -2.7% against the previous year. Overall, consumption continues to indicate a deep contraction. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Wool Production in Latin America and the Caribbean

In value terms, wool production dropped to $X in 2022 estimated in export price. In general, production recorded a abrupt decline. The most prominent rate of growth was recorded in 2021 when the production volume increased by 22% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Wool Exports

Exports in Latin America and the Caribbean

In 2022, the amount of wool exported in Latin America and the Caribbean dropped notably to X tons, waning by -32.4% on the previous year's figure. Over the period under review, exports saw a pronounced slump. The pace of growth appeared the most rapid in 2013 when exports increased by 44%. The volume of export peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, wool exports fell rapidly to $X in 2022. In general, exports recorded a abrupt descent. The most prominent rate of growth was recorded in 2021 when exports increased by 42% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Uruguay represented the largest exporting country with an export of about X tons, which resulted at 82% of total exports. It was distantly followed by Argentina (X tons), constituting a 12% share of total exports. Chile (X tons) and Peru (X tons) followed a long way behind the leaders.

Uruguay was also the fastest-growing in terms of the wool exports, with a CAGR of -3.3% from 2012 to 2022. Chile (-5.0%), Argentina (-7.7%) and Peru (-11.4%) illustrated a downward trend over the same period. While the share of Uruguay (+8.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Peru (-2.7 p.p.) and Argentina (-5.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Uruguay ($X) remains the largest wool supplier in Latin America and the Caribbean, comprising 87% of total exports. The second position in the ranking was held by Argentina ($X), with a 9.4% share of total exports. It was followed by Chile, with a 1.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Uruguay stood at -4.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Argentina (-9.8% per year) and Chile (-8.7% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2022, dropping by -4.9% against the previous year. Overall, the export price showed a slight setback. The pace of growth was the most pronounced in 2021 an increase of 14% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a 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 Uruguay ($X per ton), while Peru ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uruguay (-1.3%), while the other leaders experienced a decline in the export price figures.

Wool Imports

Imports in Latin America and the Caribbean

In 2022, wool imports in Latin America and the Caribbean skyrocketed to X tons, increasing by 25% on the previous year's figure. In general, imports, however, faced a abrupt contraction. The most prominent rate of growth was recorded in 2019 with an increase of 79%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, wool imports soared to $X in 2022. Over the period under review, imports, however, saw a abrupt slump. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

The purchases of the four major importers of wool, namely Brazil, Bolivia, Uruguay and Ecuador, represented more than two-thirds of total import. It was distantly followed by Panama (X tons) and Chile (X tons), together committing a 13% share of total imports. Colombia (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Panama (with a CAGR of +96.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest wool importing markets in Latin America and the Caribbean were Bolivia ($X), Brazil ($X) and Uruguay ($X), with a combined 72% share of total imports. Ecuador, Chile, Panama and Colombia lagged somewhat behind, together comprising a further 23%.

Among the main importing countries, Panama, with a CAGR of +93.8%, saw the highest rates of growth with regard to the value of imports, 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 2022, jumping by 15% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the import price increased by 21%. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Bolivia ($X per ton), while Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+12.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :