Peru: Tractor Market 2024

Tractor Market Size in Peru

The Peruvian tractor market declined markedly to $X in 2022, waning by -23.8% against the previous year. Overall, consumption showed a abrupt decrease. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Tractor Production in Peru

In value terms, tractor production shrank to $X in 2022 estimated in export price. Overall, production recorded a perceptible curtailment. The pace of growth was the most pronounced in 2016 with an increase of 24% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Tractor Exports

Exports from Peru

In 2022, overseas shipments of tractors increased by 40% to X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports posted a buoyant increase. The most prominent rate of growth was recorded in 2017 when exports increased by 179% against the previous year. As a result, the exports attained the peak of X units. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, tractor exports soared to $X in 2022. In general, exports recorded a mild expansion. The pace of growth appeared the most rapid in 2017 with an increase of 216% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Bolivia (X units), Panama (X units) and Chile (X units) were the main destinations of tractor exports from Peru, together accounting for 39% of total exports. These countries were followed by Guyana, Australia, Mexico and Ecuador, which together accounted for a further 11%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Guyana (with a CAGR of +71.0%), while the other leaders experienced more modest paces of growth.

In value terms, Bolivia ($X), Panama ($X) and Chile ($X) were the largest markets for tractor exported from Peru worldwide, together accounting for 39% of total exports. Australia, Mexico, the United States, Guyana, Ecuador and Italy lagged somewhat behind, together accounting for a further 11%.

Among the main countries of destination, Guyana, with a CAGR of +87.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average tractor export price stood at $X per unit in 2022, with a decrease of -6.1% against the previous year. Over the period under review, the export price continues to indicate a abrupt descent. The pace of growth appeared the most rapid in 2016 when the average export price increased by 20%. The export price peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per unit), while the average price for exports to Guyana ($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 Ecuador (+11.0%), while the prices for the other major destinations experienced more modest paces of growth.

Tractor Imports

Imports into Peru

In 2022, approx. X units of tractors were imported into Peru; declining by -24.6% against the year before. Overall, imports continue to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2021 with an increase of 64% against the previous year. Over the period under review, imports reached the maximum at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, tractor imports contracted dramatically to $X in 2022. Over the period under review, imports recorded a deep setback. The growth pace was the most rapid in 2021 with an increase of 153% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

China (X units), Brazil (X units) and Mexico (X units) were the main suppliers of tractor imports to Peru, with a combined 31% share of total imports. These countries were followed by the UK, Italy, Japan, the United States, India, Germany and Sweden, which together accounted for a further 15%.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +23.0%), while purchases for the other leaders experienced a decline.

In value terms, Brazil ($X), Mexico ($X) and China ($X) appeared to be the largest tractor suppliers to Peru, together accounting for 35% of total imports. Italy, the United States, Germany, Sweden, India, Japan and the UK lagged somewhat behind, together comprising a further 9.4%.

In terms of the main suppliers, the UK, with a CAGR of +5.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average tractor import price stood at $X per unit in 2022, remaining constant against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 54% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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