Puerto Rico: Twine And Cordage Market 2022

Twine And Cordage Market Size in Puerto Rico

The Puerto Rican twine and cordage market contracted to $X in 2021, reducing by -7.1% against the previous year. Over the period under review, the total consumption indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +8.2% against 2019 indices. Puerto Rico consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Twine And Cordage Production in Puerto Rico

In value terms, twine and cordage production dropped to $X in 2021 estimated in export price. In general, production showed a mild expansion. The most prominent rate of growth was recorded in 2013 when the production volume increased by 53%. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Twine And Cordage Exports

Exports by Country

China was the largest exporting country with an export of about X tons, which reached 31% of total exports. Portugal (X tons) ranks second in terms of the total exports with an 11% share, followed by India (8.7%) and Vietnam (4.7%). South Korea (X tons), Thailand (X tons), Bangladesh (X tons), Turkey (X tons), the United States (X tons), Hungary (X tons), Brazil (X tons), the Czech Republic (X tons) and Germany (X tons) held a minor share of total exports.

Exports from China increased at an average annual rate of +4.6% from 2012 to 2021. At the same time, Vietnam (+22.6%), Turkey (+19.4%), Hungary (+12.7%), Thailand (+9.0%), India (+7.2%), Bangladesh (+5.7%), Portugal (+2.8%), the Czech Republic (+2.3%), Germany (+2.0%) and the United States (+1.8%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in the world, with a CAGR of +22.6% from 2012-2021. South Korea experienced a relatively flat trend pattern. By contrast, Brazil (-5.9%) illustrated a downward trend over the same period. While the share of Vietnam (+3.7 p.p.), China (+2.6 p.p.), India (+2.3 p.p.) and Turkey (+1.8 p.p.) increased significantly in terms of the global exports from 2012-2021, the share of Brazil (-3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest twine and cordage supplier from Puerto Rico, comprising 32% of global exports. The second position in the ranking was taken by Portugal ($X), with a 7.7% share of global exports. It was followed by the United States, with a 5.4% share.

From 2012 to 2021, the average annual growth rate of value in China amounted to +7.1%. In the other countries, the average annual rates were as follows: Portugal (+2.4% per year) and the United States (+2.0% per year).

Export Prices by Country

In 2021, the export price in Puerto Rico amounted to less than $X per ton, standing approx. at the previous year. In general, the export price saw a relatively flat trend pattern.

Prices varied noticeably country of origin: the country with the highest price was Germany ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Czech Republic (+3.5%), while the other leaders experienced more modest paces of growth.

Twine And Cordage Imports

Imports by Country

In 2021, the United States (X tons), distantly followed by France (X tons), Indonesia (X tons), Germany (X tons), Canada (X tons), South Korea (X tons), the UK (X tons), Vietnam (X tons), India (X tons), the Netherlands (X tons), Japan (X tons), Singapore (X tons) and Russia (X tons) were the key importers of twine, cordage, rope and cables, together constituting 48% of total imports. The following importers - France (X tons), Indonesia (X tons), Germany (X tons), Canada (X tons), South Korea (X tons), the UK (X tons), Vietnam (X tons), India (X tons), the Netherlands (X tons), Japan (X tons), Singapore (X tons) and Russia (X tons) - together made up 34% of total imports.

From 2012 to 2021, average annual rates of growth with regard to twine and cordage imports into the United States stood at +1.1%. At the same time, South Korea (+16.5%), Vietnam (+10.2%), Russia (+6.8%), Indonesia (+6.3%), Canada (+3.9%), the Netherlands (+2.5%), France (+2.2%), Singapore (+1.7%), Germany (+1.4%) and the UK (+1.0%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in the world, with a CAGR of +16.5% from 2012-2021. By contrast, India (-1.2%) and Japan (-3.2%) illustrated a downward trend over the same period. While the share of South Korea (+2.4 p.p.) increased significantly in terms of the global imports from 2012-2021, the share of Japan (-1.6 p.p.) and the United States (-2.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported twine, cordage, rope and cables into Puerto Rico, comprising 14% of global imports. The second position in the ranking was taken by Germany ($X), with a 4.7% share of global imports. It was followed by France, with a 4.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United States stood at +1.5%. In the other countries, the average annual rates were as follows: Germany (+3.2% per year) and France (+3.7% per year).

Import Prices by Country

The import price in Puerto Rico stood at less than $X per ton in 2021, approximately reflecting the previous year. In general, the import price showed 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 the Netherlands ($X per ton), while South Korea ($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 (+6.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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