Peru: Percussion Musical Instrument Market 2024

Percussion Musical Instrument Market Size in Peru

In 2022, the Peruvian percussion musical instrument market was finally on the rise to reach $X for the first time since 2016, thus ending a five-year declining trend. Overall, consumption, however, showed a deep downturn. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Percussion Musical Instrument Exports

Exports from Peru

In 2022, percussion musical instrument exports from Peru declined significantly to X units, which is down by -28.1% against 2021 figures. In general, exports continue to indicate a slight contraction. The pace of growth was the most pronounced in 2021 with an increase of 73% against the previous year. Over the period under review, the exports attained the maximum at X units in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, percussion musical instrument exports fell significantly to $X in 2022. Over the period under review, exports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2021 with an increase of 72% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for percussion musical instrument exports from Peru, with a 49% share of total exports. Moreover, percussion musical instrument exports to the United States exceeded the volume sent to the second major destination, the UK (X units), sixfold. The third position in this ranking was taken by Germany (X units), with a 7.4% share.

From 2012 to 2022, the average annual growth rate of volume to the United States stood at +1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+6.2% per year) and Germany (-5.0% per year).

In value terms, the United States ($X) remains the key foreign market for percussion musical instruments exports from Peru, comprising 42% of total exports. The second position in the ranking was taken by Germany ($X), with a 6.2% share of total exports. It was followed by Spain, with a 5.1% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at -10.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-3.5% per year) and Spain (-3.8% per year).

Export Prices by Country

The average percussion musical instrument export price stood at $X per unit in 2022, picking up by 9.9% against the previous year. Overall, the export price, however, saw a perceptible slump. Over the period under review, the average export prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Spain ($X per unit), while the average price for exports to Ecuador ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Chile (+14.4%), while the prices for the other major destinations experienced more modest paces of growth.

Percussion Musical Instrument Imports

Imports into Peru

After five years of decline, supplies from abroad of percussion musical instruments increased by 4.5% to X units in 2022. Overall, imports, however, continue to indicate a deep setback. The most prominent rate of growth was recorded in 2013 with an increase of 41% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, percussion musical instrument imports expanded remarkably to $X in 2022. In general, imports, however, recorded a deep downturn. The growth pace was the most rapid in 2013 with an increase of 11%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest percussion musical instrument supplier to Peru, with a 66% share of total imports. Moreover, percussion musical instrument imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), sixfold. Taiwan (Chinese) (X units) ranked third in terms of total imports with a 6.9% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-7.1% per year) and Taiwan (Chinese) (-6.6% per year).

In value terms, China ($X) constituted the largest supplier of percussion musical instruments to Peru, comprising 53% of total imports. The second position in the ranking was held by Thailand ($X), with a 16% share of total imports. It was followed by the United States, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to -3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (-8.8% per year) and the United States (-5.6% per year).

Import Prices by Country

In 2022, the average percussion musical instrument import price amounted to $X per unit, rising by 2.5% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the average import price increased by 25% against the previous year. The import price peaked at $X per unit in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+3.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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