Mexico: Luggage Market 2024

Luggage Market Size in Mexico

In 2021, the Mexican luggage market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption, however, recorded a noticeable reduction. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Luggage Production in Mexico

In value terms, luggage production expanded modestly to $X in 2021 estimated in export price. Over the period under review, production faced a abrupt decline. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Luggage Exports

Exports from Mexico

For the third consecutive year, Mexico recorded growth in shipments abroad of luggage and handbags, which increased by 30% to X tons in 2021. Over the period under review, total exports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +7.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +74.7% against 2018 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, luggage exports skyrocketed to $X in 2021. Overall, exports continue to indicate a strong expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for luggage exports from Mexico, accounting for a 92% share of total exports. It was followed by El Salvador (X tons), with a 1.6% share of total exports. Panama (X tons) ranked third in terms of total exports with a 1.5% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +9.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: El Salvador (+7.8% per year) and Panama (+7.8% per year).

In value terms, the United States ($X) remains the key foreign market for luggage and handbags exports from Mexico, comprising 92% of total exports. The second position in the ranking was taken by Panama ($X), with a 1.7% share of total exports. It was followed by El Salvador, with a 1.4% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +10.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+18.7% per year) and El Salvador (+12.7% per year).

Export Prices by Country

In 2021, the average luggage export price amounted to $X per ton, jumping by 18% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2018 an increase of 21%. Over the period under review, the average export prices reached the peak figure in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Panama (+10.2%), while the prices for the other major destinations experienced more modest paces of growth.

Luggage Imports

Imports into Mexico

In 2021, luggage imports into Mexico soared to X tons, with an increase of 35% on 2020 figures. Overall, imports, however, continue to indicate a noticeable contraction. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, luggage imports surged to $X in 2021. Over the period under review, imports, however, showed a relatively flat trend pattern. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of luggage to Mexico, with a 66% share of total imports. Moreover, luggage imports from China exceeded the figures recorded by the second-largest supplier, Italy (X tons), sevenfold. France (X tons) ranked third in terms of total imports with a 5.8% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+7.9% per year) and France (+3.4% per year).

In value terms, China ($X) constituted the largest supplier of luggage and handbags to Mexico, comprising 55% of total imports. The second position in the ranking was held by Italy ($X), with an 18% share of total imports. It was followed by France, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to -3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+10.2% per year) and France (+6.6% per year).

Import Prices by Country

In 2021, the average luggage import price amounted to $X per ton, which is down by -4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2020 when the average import price increased by 10%. As a result, import price attained the peak level of $X per ton, and then contracted modestly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cambodia (+4.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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