Venezuela: Market for Vacuum Pumps and Air or Gas Compressors 2024

Market Size for Vacuum Pumps and Air or Gas Compressors in Venezuela

In 2022, the Venezuelan market for vacuum pumps and air or gas compressors decreased by -12.1% to $X for the first time since 2018, thus ending a three-year rising trend. In general, consumption recorded a deep contraction. Consumption of peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Exports of Vacuum Pumps and Air or Gas Compressors

Exports from Venezuela

In 2022, the amount of vacuum pumps and air or gas compressors exported from Venezuela was estimated at X units, with an increase of 2.9% against the previous year. In general, exports posted resilient growth. The most prominent rate of growth was recorded in 2021 when exports increased by 581% against the previous year. Over the period under review, the exports of attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, exports of vacuum pumps and air or gas compressors contracted to $X in 2022. Overall, exports, however, showed a noticeable descent. The growth pace was the most rapid in 2019 when exports increased by 185%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Colombia (X units) was the main destination for exports of vacuum pumps and air or gas compressors from Venezuela, accounting for a 88% share of total exports. Moreover, exports of vacuum pumps and air or gas compressors to Colombia exceeded the volume sent to the second major destination, Panama (X units), more than tenfold. The third position in this ranking was held by the Dominican Republic (X units), with a 2.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Colombia totaled +22.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (+16.0% per year) and the Dominican Republic (+29.7% per year).

In value terms, Colombia ($X) remains the key foreign market for vacuum pumps and air or gas compressors exports from Venezuela, comprising 71% of total exports. The second position in the ranking was held by the Dominican Republic ($X), with an 11% share of total exports. It was followed by Panama, with a 1% share.

From 2012 to 2022, the average annual growth rate of value to Colombia amounted to -4.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+8.0% per year) and Panama (+2.3% per year).

Export Prices by Country

In 2022, the average export price for vacuum pumps and air or gas compressors amounted to $X per unit, reducing by -9.7% against the previous year. Over the period under review, the export price showed a abrupt setback. The growth pace was the most rapid in 2015 an increase of 440%. As a result, the export price reached the peak level of $X per unit. From 2016 to 2022, the average export prices remained at a lower figure.

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 Dominican Republic ($X per unit), while the average price for exports to the United States ($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 the United States (+13.3%), while the prices for the other major destinations experienced a decline.

Imports of Vacuum Pumps and Air or Gas Compressors

Imports into Venezuela

In 2022, overseas purchases of vacuum pumps and air or gas compressors decreased by -12.6% to X units for the first time since 2017, thus ending a four-year rising trend. Over the period under review, imports faced a deep downturn. The pace of growth appeared the most rapid in 2020 when imports increased by 237%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, imports of vacuum pumps and air or gas compressors expanded significantly to $X in 2022. Overall, imports saw a precipitous decrease. The pace of growth was the most pronounced in 2019 when imports increased by 57%. Over the period under review, imports of attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest vacuum pump and air or gas compressor supplier to Venezuela, with a 74% share of total imports. Moreover, imports of vacuum pumps and air or gas compressors from China exceeded the figures recorded by the second-largest supplier, the UK (X units), sixfold. The third position in this ranking was taken by Brazil (X units), with a 2.9% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to -13.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+48.5% per year) and Brazil (-20.6% per year).

In value terms, China ($X), the United States ($X) and Brazil ($X) constituted the largest vacuum pump and air or gas compressor suppliers to Venezuela, with a combined 69% share of total imports. The UK, Panama and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 2.4%.

In terms of the main suppliers, the UK, with a CAGR of +7.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average import price for vacuum pumps and air or gas compressors stood at $X per unit in 2022, with an increase of 20% against the previous year. Overall, the import price, however, saw a abrupt descent. The pace of growth was the most pronounced in 2015 when the average import price increased by 82% against the previous year. The import price peaked at $X per unit in 2017; however, from 2018 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 the United States ($X per unit), while the price for Taiwan (Chinese) ($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 (+1.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :