Peru: Sewing Machine Needle Market 2024

Sewing Machine Needle Market Size in Peru

The Peruvian sewing machine needle market reduced to $X in 2022, falling by -7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Sewing Machine Needle Exports

Exports from Peru

In 2022, after two years of growth, there was significant decline in shipments abroad of sewing machine needles, when their volume decreased by -87.1% to X units. Overall, exports, however, showed a moderate expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 1,011%. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, sewing machine needle exports dropped notably to $X in 2022. In general, exports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2013 with an increase of 642%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Venezuela (X units), Nicaragua (X units) and Chile (X units) were the main destinations of sewing machine needle exports from Peru, with a combined 89% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Chile (with a CAGR of +43.9%), while the other leaders experienced more modest paces of growth.

In value terms, Nicaragua ($X) remains the key foreign market for sewing machine needles exports from Peru, comprising 81% of total exports. The second position in the ranking was taken by Venezuela ($X), with an 8.8% share of total exports. It was followed by Panama, with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Nicaragua amounted to +23.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (+24.8% per year) and Panama (+44.2% per year).

Export Prices by Country

The average sewing machine needle export price stood at $X per thousand units in 2022, jumping by 440% against the previous year. Overall, the export price continues to indicate a notable increase. The export price peaked at $X per thousand units in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ecuador (+54.9%), while the prices for the other major destinations experienced more modest paces of growth.

Sewing Machine Needle Imports

Imports into Peru

Sewing machine needle imports into Peru dropped to X units in 2022, reducing by -14.1% compared with the previous year's figure. Overall, imports showed a perceptible decrease. The pace of growth appeared the most rapid in 2013 when imports increased by 75%. 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, sewing machine needle imports fell modestly to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 48% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, South Korea (X units) constituted the largest supplier of sewing machine needle to Peru, accounting for a 47% share of total imports. Moreover, sewing machine needle imports from South Korea exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), threefold. China (X units) ranked third in terms of total imports with a 15% share.

From 2012 to 2022, the average annual growth rate of volume from South Korea totaled +1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+12.1% per year) and China (-10.0% per year).

In value terms, South Korea ($X) constituted the largest supplier of sewing machine needles to Peru, comprising 42% of total imports. The second position in the ranking was taken by India ($X), with a 20% share of total imports. It was followed by Taiwan (Chinese), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from South Korea was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: India (+26.7% per year) and Taiwan (Chinese) (+7.7% per year).

Import Prices by Country

The average sewing machine needle import price stood at $X per thousand units in 2022, picking up by 12% against the previous year. In general, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, sewing machine needle import price increased by +21.0% against 2020 indices. The growth pace was the most rapid in 2015 an increase of 41% against the previous year. Over the period under review, average import prices reached the maximum at $X per thousand units in 2017; however, from 2018 to 2022, import prices remained at a 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 Portugal ($X per thousand units), while the price for China ($X per thousand units) was amongst the lowest.

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

Source: IndexBox Platform

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