Mexico: Twine And Cordage Market 2024

Twine And Cordage Market Size in Mexico

The Mexican twine and cordage market rose markedly to $X in 2022, increasing by 8.8% against the previous year. The market value increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. Twine and cordage consumption peaked in 2022 and is likely to continue growth in years to come.

Twine And Cordage Production in Mexico

In value terms, twine and cordage production shrank modestly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a pronounced reduction. The most prominent rate of growth was recorded in 2013 with an increase of 9.3% against the previous year. Twine and cordage production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Twine And Cordage Exports

Exports from Mexico

In 2022, twine and cordage exports from Mexico reduced to X tons, shrinking by -5% against 2021 figures. Overall, exports showed a drastic downturn. The pace of growth appeared the most rapid in 2021 with an increase of 8.2% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, twine and cordage exports dropped to $X in 2022. Over the period under review, exports continue to indicate a noticeable curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 11%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for twine and cordage exports from Mexico, with a 92% share of total exports. Moreover, twine and cordage exports to the United States exceeded the volume sent to the second major destination, Canada (X tons), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled -7.4%.

In value terms, the United States ($X) remains the key foreign market for twine, cordage, rope and cables exports from Mexico, comprising 98% of total exports. The second position in the ranking was held by Canada ($X), with a 1.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled -4.0%.

Export Prices by Country

In 2022, the average twine and cordage export price amounted to $X per ton, picking up by 2.7% against the previous year. Over the last decade, it increased at an average annual rate of +3.3%. The most prominent rate of growth was recorded in 2014 an increase of 12%. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Canada amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+3.7%).

Twine And Cordage Imports

Imports into Mexico

In 2022, purchases abroad of twine, cordage, rope and cables was finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, twine and cordage imports totaled $X in 2022. The total import value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2018 when imports increased by 11%. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

The United States (X tons), China (X tons) and India (X tons) were the main suppliers of twine and cordage imports to Mexico, together comprising 48% of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +37.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of twine, cordage, rope and cables to Mexico, comprising 53% of total imports. The second position in the ranking was held by China ($X), with a 15% share of total imports. It was followed by South Korea, with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+15.9% per year) and South Korea (+3.9% per year).

Import Prices by Country

The average twine and cordage import price stood at $X per ton in 2022, with a decrease of -23.9% against the previous year. In general, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of 21%. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+6.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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