Venezuela: Upright Piano Market 2024

Upright Piano Market Size in Venezuela

The Venezuelan upright piano market reached $X in 2022, approximately reflecting the previous year. The market value increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Upright piano consumption peaked at $X in 2020; afterwards, it flattened through to 2022.

Upright Piano Production in Venezuela

In value terms, upright piano production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 when the production volume increased by 20%. Upright piano production peaked at $X in 2020; afterwards, it flattened through to 2022.

Upright Piano Exports

Exports from Venezuela

In 2022, overseas shipments of acoustic new upright pianos decreased by 0% to X units, falling for the second consecutive year after four years of growth. Over the period under review, total exports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +40.0% against 2017 indices. The pace of growth appeared the most rapid in 2018 when exports increased by 40%. The exports peaked at X units in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, upright piano exports totaled $X in 2022. In general, exports saw a significant expansion. The growth pace was the most rapid in 2013 when exports increased by 299%. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Costa Rica (X units), Spain (X units) and Italy (X units) were the main destinations of upright piano exports from Venezuela, with a combined 86% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Costa Rica (with a CAGR of +11.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Costa Rica ($X) remains the key foreign market for acoustic new upright pianos exports from Venezuela, comprising 63% of total exports. The second position in the ranking was held by Italy ($X), with a 19% share of total exports. It was followed by Spain, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Costa Rica amounted to +71.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (+18.2% per year) and Spain (+29.4% per year).

Export Prices by Country

The average upright piano export price stood at $X per unit in 2022, remaining constant against the previous year. Over the period under review, the export price posted a significant increase. The most prominent rate of growth was recorded in 2013 an increase of 219%. Over the period under review, the average export prices reached the maximum at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Costa Rica ($X per unit), while the average price for exports to the Dominican Republic ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (+53.9%), while the prices for the other major destinations experienced more modest paces of growth.

Upright Piano Imports

Imports into Venezuela

In 2022, the amount of acoustic new upright pianos imported into Venezuela soared to X units, jumping by 25% on 2021. In general, imports, however, showed a significant decline. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, upright piano imports rose markedly to $X in 2022. Overall, imports, however, continue to indicate a precipitous contraction. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X units), the United States (X units) and Panama (X units) were the main suppliers of upright piano imports to Venezuela, with a combined 80% share of total imports. Spain lagged somewhat behind, comprising a further 20%. Moreover, upright piano imports in China exceeded the figures recorded by the second-largest supplier, the United States, twofold.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of 0.0%), while purchases for the other leaders experienced a decline.

In value terms, China ($X) constituted the largest supplier of acoustic new upright pianos to Venezuela, comprising 79% of total imports. The second position in the ranking was held by Panama ($X), with a 12% share of total imports. It was followed by the United States, with a 9.5% share.

From 2012 to 2022, the average annual growth rate of value from China totaled -16.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (-36.5% per year) and the United States (-16.4% per year).

Import Prices by Country

The average upright piano import price stood at $X per unit in 2022, shrinking by -10% against the previous year. Over the period under review, the import price recorded a slight setback. The growth pace was the most rapid in 2014 an increase of 6.6%. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per unit), while the price for Spain ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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