Uruguay: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Uruguay

In 2022, the Uruguayan worked wax articles market increased by 118% to $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, consumption, however, recorded a deep contraction. Worked wax articles consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Worked Wax Articles Exports

Exports from Uruguay

In 2022, after two years of growth, there was significant decline in shipments abroad of worked articles of wax, when their volume decreased by -12.6% to X units. Overall, exports, however, saw significant growth. The pace of growth appeared the most rapid in 2013 when exports increased by 2,087%. The exports peaked at X units in 2021, and then dropped in the following year.

In value terms, worked wax articles exports reduced to $X in 2022. Over the period under review, exports, however, continue to indicate a significant increase. The pace of growth appeared the most rapid in 2020 with an increase of 1,141% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2021, and then reduced in the following year.

Exports by Country

Argentina (X units) was the main destination for worked wax articles exports from Uruguay, with a 77% share of total exports. Moreover, worked wax articles exports to Argentina exceeded the volume sent to the second major destination, Paraguay (X units), sixfold. The Netherlands (X units) ranked third in terms of total exports with a 3.6% share.

From 2012 to 2022, the average annual growth rate of volume to Argentina stood at +198.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Paraguay (+57.6% per year) and the Netherlands (+135.2% per year).

In value terms, Argentina ($X) remains the key foreign market for worked articles of wax exports from Uruguay, comprising 70% of total exports. The second position in the ranking was held by Paraguay ($X), with a 24% share of total exports. It was followed by the Netherlands, with a 2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Argentina totaled +200.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Paraguay (+114.6% per year) and the Netherlands (+145.2% per year).

Export Prices by Country

In 2022, the average worked wax articles export price amounted to $X per thousand units, growing by 4% against the previous year. In general, the export price, however, continues to indicate a abrupt descent. The most prominent rate of growth was recorded in 2015 when the average export price increased by 70% against the previous year. Over the period under review, the average export prices reached the maximum at $X per thousand units in 2012; however, from 2013 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 Paraguay ($X per thousand units), while the average price for exports to the United States ($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 Paraguay (+36.3%), while the prices for the other major destinations experienced more modest paces of growth.

Worked Wax Articles Imports

Imports into Uruguay

In 2022, imports of worked articles of wax into Uruguay skyrocketed to X units, with an increase of 27% on the year before. Over the period under review, imports, however, saw a deep reduction. The most prominent rate of growth was recorded in 2019 with an increase of 54% against the previous year. Over the period under review, imports attained the peak figure at X units in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, worked wax articles imports surged to $X in 2022. In general, imports, however, showed a perceptible reduction. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Brazil (X units), the United States (X units) and Colombia (X units) were the main suppliers of worked wax articles imports to Uruguay, with a combined 81% share of total imports. China and India lagged somewhat behind, together comprising a further 14%.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +77.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of worked articles of wax to Uruguay, comprising 56% of total imports. The second position in the ranking was taken by Brazil ($X), with a 20% share of total imports. It was followed by Colombia, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled -6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+14.9% per year) and Colombia (+16.5% per year).

Import Prices by Country

The average worked wax articles import price stood at $X per thousand units in 2022, growing by 23% against the previous year. Overall, import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, worked wax articles import price increased by +49.4% against 2020 indices. The pace of growth was the most pronounced in 2016 an increase of 39% against the previous year. The import price peaked at $X per thousand units in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

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 ($X per thousand units), while the price for China ($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 South Korea (+35.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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