Puerto Rico: Smart Card Market 2022

Smart Card Market Size in Puerto Rico

In 2021, the Puerto Rican smart card market increased by 13% to $X for the first time since 2016, thus ending a four-year declining trend. Overall, the total consumption indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -34.1% against 2016 indices. Puerto Rico consumption peaked at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Smart Card Production in Puerto Rico

In value terms, smart card production rose significantly to $X in 2021 estimated in export price. Overall, the total production indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -33.8% against 2016 indices. The pace of growth appeared the most rapid in 2013 when the production volume increased by 82% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Smart Card Exports

Exports by Country

China represented the largest exporting country with an export of about X units, which recorded 56% of total exports. It was distantly followed by Hong Kong SAR (X units), achieving a 21% share of total exports. Spain (X units), France (X units), Mexico (X units), Malaysia (X units), India (X units), Germany (X units), the United States (X units) and Singapore (X units) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +18.0% from 2012 to 2021. At the same time, Hong Kong SAR (+34.0%), Spain (+25.7%), Malaysia (+11.2%), France (+3.6%), India (+2.9%) and Mexico (+1.0%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing exporter exported in the world, with a CAGR of +34.0% from 2012-2021. By contrast, Singapore (-5.1%), the United States (-6.1%) and Germany (-6.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Hong Kong SAR and China increased by +16 and +14 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest smart card supplier from Puerto Rico, comprising 28% of global exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 7.8% share of global exports. It was followed by France, with a 6.4% share.

In China, smart card exports expanded at an average annual rate of +4.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Hong Kong SAR (+10.2% per year) and France (-3.9% per year).

Export Prices by Country

The export price in Puerto Rico stood at less than $X per thousand units in 2021, approximately mirroring the previous year. Over the period under review, the export price showed a relatively flat trend pattern.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was the United States ($X per thousand units), while Hong Kong SAR ($X per thousand units) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+2.0%), while the other leaders experienced mixed trends in the export price figures.

Smart Card Imports

Imports by Country

In 2021, China (X units) represented the main importer of cards incorporating an electronic integrated circuit (smart card), comprising 34% of total imports. Hong Kong SAR (X units) held an 11% share (based on physical terms) of total imports, which put it in second place, followed by the United States (9.3%) and Bangladesh (5.3%). India (X units), Germany (X units), Italy (X units), France (X units), Spain (X units), the Netherlands (X units), Poland (X units), Turkey (X units) and Brazil (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to smart card imports into China stood at +21.9%. At the same time, Bangladesh (+42.8%), Poland (+29.4%), the Netherlands (+27.5%), Spain (+20.7%), Turkey (+18.2%), Italy (+18.2%), Brazil (+16.3%), Hong Kong SAR (+16.0%), the United States (+12.1%), France (+8.1%), Germany (+3.2%) and India (+1.1%) displayed positive paces of growth. Moreover, Bangladesh emerged as the fastest-growing importer imported in the world, with a CAGR of +42.8% from 2012-2021. China (+17 p.p.), Bangladesh (+4.7 p.p.) and Hong Kong SAR (+2.6 p.p.) significantly strengthened its position in terms of the global imports, while Germany and India saw its share reduced by -3% and -4.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported cards incorporating an electronic integrated circuit (smart card) into Puerto Rico, comprising 15% of global imports. The second position in the ranking was taken by Germany ($X), with a 5.7% share of global imports. It was followed by China, with a 5.4% share.

In the United States, smart card imports increased at an average annual rate of +9.3% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Germany (-1.3% per year) and China (-5.2% per year).

Import Prices by Country

In 2021, the import price in Puerto Rico amounted to less than $X per thousand units, stabilizing at the previous year. Overall, the import price recorded a relatively flat trend pattern.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Germany ($X per thousand units), while China ($X per thousand units) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-2.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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