MERCOSUR: Market for Formic Acid, Its Salts And Esters 2024

Exports of Formic Acid, Its Salts And Esters

Exports in MERCOSUR

In 2021, overseas shipments of formic acid, its salts and esters increased by 105% to X tons, rising for the second consecutive year after two years of decline. Overall, exports posted a prominent increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, exports of formic acid, its salts and esters skyrocketed to $X in 2021. Over the period under review, exports posted a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Argentina (X tons), Peru (X tons) and Brazil (X tons) represented the key exporter of formic acid, its salts and esters in MERCOSUR, committing 69% of total export. Chile (X tons) took the next position in the ranking, followed by Colombia (X tons) and Ecuador (X tons). All these countries together took approx. 25% share of total exports. Uruguay (X tons) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Brazil (with a CAGR of +34.1%), while the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X), Peru ($X) and Brazil ($X) appeared to be the countries with the highest levels of exports in 2021, together accounting for 70% of total exports.

In terms of the main exporting countries, Brazil, with a CAGR of +27.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in MERCOSUR amounted to $X per ton, increasing by 41% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Chile ($X per ton), while Uruguay ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+4.2%), while the other leaders experienced mixed trends in the export price figures.

Imports of Formic Acid, Its Salts And Esters

Imports in MERCOSUR

In 2021, overseas purchases of formic acid, its salts and esters increased by 39% to X tons for the first time since 2018, thus ending a two-year declining trend. The total import volume increased at an average annual rate of +1.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 47% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports of failed to regain momentum.

In value terms, imports of formic acid, its salts and esters skyrocketed to $X in 2021. Overall, imports recorded a relatively flat trend pattern. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

Brazil represented the key importer of formic acid, its salts and esters in MERCOSUR, with the volume of imports reaching X tons, which was near 55% of total imports in 2021. Argentina (X tons) took the second position in the ranking, distantly followed by Colombia (X tons) and Chile (X tons). All these countries together took near 38% share of total imports. Ecuador (X tons) and Peru (X tons) held a minor share of total imports.

Imports into Brazil increased at an average annual rate of +2.1% from 2012 to 2021. At the same time, Argentina (+4.6%) and Ecuador (+1.7%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing importer imported in MERCOSUR, with a CAGR of +4.6% from 2012-2021. Chile and Peru experienced a relatively flat trend pattern. By contrast, Colombia (-1.2%) illustrated a downward trend over the same period. Argentina (+5.6 p.p.) significantly strengthened its position in terms of the total imports, while Colombia saw its share reduced by -1.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X) constitutes the largest market for imported formic acid, its salts and esters in MERCOSUR, comprising 61% of total imports. The second position in the ranking was taken by Argentina ($X), with a 20% share of total imports. It was followed by Chile, with a 5.8% share.

In Brazil, imports of formic acid, its salts and esters increased at an average annual rate of +1.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Argentina (+0.4% per year) and Chile (-2.7% per year).

Import Prices by Country

The import price in MERCOSUR stood at $X per ton in 2021, increasing by 32% against the previous year. Over the period under review, the import price, however, showed a mild decrease. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Peru ($X per ton) and Ecuador ($X per ton), while Argentina ($X per ton) and Colombia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Peru (+5.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform