Peru: Cushion Cover Market 2024

Cushion Cover Market Size in Peru

The Peruvian cushion cover market skyrocketed to $X in 2021, jumping by 19% against the previous year. The market value increased at an average annual rate of +3.5% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Cushion Cover Production in Peru

In value terms, cushion cover production skyrocketed to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.8% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 with an increase of 36% against the previous year. Cushion cover production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Cushion Cover Exports

Exports from Peru

In 2021, overseas shipments of furnishing articles for car seats decreased by -40.5% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, exports showed a mild curtailment. The pace of growth was the most pronounced in 2016 with an increase of 109% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2020, and then contracted notably in the following year.

In value terms, cushion cover exports shrank rapidly to $X in 2021. Over the period under review, exports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2020 when exports increased by 123% against the previous year. As a result, the exports reached the peak of $X, and then shrank dramatically in the following year.

Exports by Country

The United States (X tons) was the main destination for cushion cover exports from Peru, accounting for a 69% share of total exports. Moreover, cushion cover exports to the United States exceeded the volume sent to the second major destination, Bolivia (X tons), threefold. Chile (X tons) ranked third in terms of total exports with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States totaled +35.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bolivia (+116.3% per year) and Chile (-29.6% per year).

In value terms, the United States ($X) remains the key foreign market for furnishing articles for car seats exports from Peru, comprising 94% of total exports. The second position in the ranking was taken by Bolivia ($X), with a 2.5% share of total exports. It was followed by Costa Rica, with a 0.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +25.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bolivia (+60.3% per year) and Costa Rica (+94.5% per year).

Export Prices by Country

The average cushion cover export price stood at $X per ton in 2021, falling by -25.6% against the previous year. In general, the export price, however, recorded prominent growth. The pace of growth appeared the most rapid in 2014 when the average export price increased by 98%. Over the period under review, the average export prices hit record highs at $X per ton in 2020, and then contracted markedly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Chile ($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 the United States (-7.2%), while the prices for the other major destinations experienced a decline.

Cushion Cover Imports

Imports into Peru

In 2021, supplies from abroad of furnishing articles for car seats increased by 58% to X tons, rising for the sixth year in a row after two years of decline. Overall, imports enjoyed significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, cushion cover imports skyrocketed to $X in 2021. In general, imports continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2017 with an increase of 97%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, China (X tons) was the main cushion cover supplier to Peru, with a 96% share of total imports. It was followed by Free Zones (X tons), with a 2.7% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China totaled +27.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (+1,802.2% per year) and India (-12.9% per year).

In value terms, China ($X) constituted the largest supplier of furnishing articles for car seats to Peru, comprising 95% of total imports. The second position in the ranking was held by India ($X), with a 1.8% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +31.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-8.3% per year) and Free Zones (+792.7% per year).

Import Prices by Country

The average cushion cover import price stood at $X per ton in 2021, remaining relatively unchanged against the previous year. Overall, import price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cushion cover import price increased by +82.0% against 2016 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 30%. The import price peaked at $X per ton in 2020, and then fell slightly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was India ($X per ton), while the price for Free Zones ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+5.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform