Uruguay: Suspension System Market 2024

Suspension System Market Size in Uruguay

In 2022, the Uruguayan suspension system market increased by 32% to $X, rising for the second year in a row after three years of decline. In general, the total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +102.2% against 2020 indices. Suspension system consumption peaked in 2022 and is expected to retain growth in the immediate term.

Suspension System Exports

Exports from Uruguay

In 2022, shipments abroad of suspension systems was finally on the rise to reach X kg for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports recorded a moderate increase. The most prominent rate of growth was recorded in 2019 when exports increased by 494% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, suspension system exports contracted remarkably to $X in 2022. In general, exports continue to indicate a perceptible expansion. The pace of growth was the most pronounced in 2019 with an increase of 1,018% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Argentina (X kg) was the main destination for suspension system exports from Uruguay, accounting for a 79% share of total exports. Moreover, suspension system exports to Argentina exceeded the volume sent to the second major destination, Brazil (X kg), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Argentina stood at +18.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+59.9% per year) and the United States (-46.4% per year).

In value terms, Argentina ($X) emerged as the key foreign market for suspension systems exports from Uruguay, comprising 69% of total exports. The second position in the ranking was taken by Brazil ($X), with a 30% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Argentina stood at +13.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+66.9% per year) and the United States (-33.8% per year).

Export Prices by Country

In 2022, the average suspension system export price amounted to $X per ton, which is down by -32.3% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 88% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then dropped remarkably in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Argentina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+23.7%), while the prices for the other major destinations experienced more modest paces of growth.

Suspension System Imports

Imports into Uruguay

In 2022, purchases abroad of suspension systems increased by 17% to X tons, rising for the second year in a row after three years of decline. In general, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +73.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 48% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, suspension system imports skyrocketed to $X in 2022. Overall, total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +105.0% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 54% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

Brazil (X tons), China (X tons) and Turkey (X tons) were the main suppliers of suspension system imports to Uruguay, with a combined 73% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Turkey (with a CAGR of +69.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Turkey ($X) and China ($X) constituted the largest suspension system suppliers to Uruguay, together comprising 64% of total imports.

Among the main suppliers, Turkey, with a CAGR of +62.5%, recorded the highest rates of growth with regard to 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 suspension system import price stood at $X per ton in 2022, surging by 14% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The import price peaked at $X per ton in 2013; however, from 2014 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 the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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