Venezuela: Accordion Market 2024

Accordion Market Size in Venezuela

The Venezuelan accordion market declined significantly to $X in 2021, with a decrease of -66.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a significant decline. Accordion consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Accordion Exports

Exports from Venezuela

In 2021, after three years of decline, there was significant growth in shipments abroad of accordions and mouth organs, when their volume increased by 385% to X units. Over the period under review, exports, however, recorded a deep downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 698%. Over the period under review, the exports attained the maximum at X units in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, accordion exports surged to $X in 2021. In general, exports, however, recorded a noticeable slump. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Panama (X units) was the main destination for accordion exports from Venezuela, accounting for a 35% share of total exports. Moreover, accordion exports to Panama exceeded the volume sent to the second major destination, Malta (X units), twofold. The third position in this ranking was held by Denmark (X units), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume to Panama amounted to -40.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malta (+170.4% per year) and Denmark (0.0% per year).

In value terms, Malta ($X) emerged as the key foreign market for accordions and mouth organs exports from Venezuela, comprising 27% of total exports. The second position in the ranking was held by France ($X), with a 12% share of total exports. It was followed by Panama, with a 9.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Malta stood at +292.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-5.9% per year) and Panama (-53.6% per year).

Export Prices by Country

The average accordion export price stood at $X per unit in 2021, increasing by 24% against the previous year. Over the period under review, the export price enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2013 when the average export price increased by 162%. Over the period under review, the average export prices reached the maximum at $X per unit in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per unit), while the average price for exports to Denmark ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+79.3%), while the prices for the other major destinations experienced more modest paces of growth.

Accordion Imports

Imports into Venezuela

In 2021, approx. X units of accordions and mouth organs were imported into Venezuela; with a decrease of -70.1% on the previous year. Overall, imports saw a precipitous decrease. The pace of growth appeared the most rapid in 2017 with an increase of 150% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, accordion imports fell remarkably to $X in 2021. Over the period under review, imports continue to indicate a precipitous decline. The pace of growth appeared the most rapid in 2017 when imports increased by 138%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Japan (X units) constituted the largest supplier of accordion to Venezuela, with a 74% share of total imports. Moreover, accordion imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan totaled +41.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-37.2% per year) and Panama (-58.3% per year).

In value terms, Japan ($X) constituted the largest supplier of accordions and mouth organs to Venezuela, comprising 86% of total imports. The second position in the ranking was held by China ($X), with a 9.5% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Japan stood at +27.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-35.3% per year) and Panama (-53.0% per year).

Import Prices by Country

The average accordion import price stood at $X per unit in 2021, rising by 106% against the previous year. In general, the import price showed a prominent increase. The growth pace was the most rapid in 2014 when the average import price increased by 200%. Over the period under review, average import prices hit record highs at $X per unit in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+12.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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