Venezuela: Aluminium Alloy Wire Market 2024

Aluminium Alloy Wire Market Size in Venezuela

The Venezuelan aluminium alloy wire market dropped slightly to $X in 2022, waning by -3.6% against the previous year. Overall, consumption showed a pronounced setback. The most prominent rate of growth was recorded in 2021 when the market value increased by 7.8% against the previous year. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Aluminium Alloy Wire Production in Venezuela

In value terms, aluminium alloy wire production reduced to $X in 2022 estimated in export price. Over the period under review, production showed a abrupt downturn. The most prominent rate of growth was recorded in 2021 when the production volume increased by 11%. Aluminium alloy wire production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Aluminium Alloy Wire Exports

Exports from Venezuela

In 2022, aluminium alloy wire exports from Venezuela fell to X tons, which is down by -9.1% on the year before. Overall, exports saw a deep slump. The most prominent rate of growth was recorded in 2017 with an increase of 58%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, aluminium alloy wire exports contracted to $X in 2022. In general, exports saw a abrupt decline. The most prominent rate of growth was recorded in 2017 with an increase of 65%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Honduras (X tons), Ecuador (X tons) and the Netherlands (X tons) were the main destinations of aluminium alloy wire exports from Venezuela, with a combined 72% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Ecuador (with a CAGR of +10.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for aluminium alloy wire exported from Venezuela were Ecuador ($X), Colombia ($X) and the Netherlands ($X), together accounting for 79% of total exports.

Among the main countries of destination, Ecuador, with a CAGR of +20.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average aluminium alloy wire export price stood at $X per ton in 2022, with a decrease of -4.3% against the previous year. Overall, the export price saw a perceptible contraction. The pace of growth was the most pronounced in 2021 an increase of 11%. The export price peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Colombia ($X per ton), while the average price for exports to Honduras ($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 Ecuador (+9.3%), while the prices for the other major destinations experienced more modest paces of growth.

Aluminium Alloy Wire Imports

Imports into Venezuela

In 2022, after three years of decline, there was significant growth in purchases abroad of aluminium alloy wire, when their volume increased by 86% to X tons. Overall, imports, however, continue to indicate a abrupt downturn. The growth pace was the most rapid in 2018 with an increase of 161%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, aluminium alloy wire imports skyrocketed to $X in 2022. Over the period under review, imports, however, saw a deep reduction. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Colombia (X tons) constituted the largest supplier of aluminium alloy wire to Venezuela, accounting for a 69% share of total imports. Moreover, aluminium alloy wire imports from Colombia exceeded the figures recorded by the second-largest supplier, Canada (X tons), fivefold. The third position in this ranking was held by Brazil (X tons), with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Colombia amounted to +2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+7.8% per year) and Brazil (-13.2% per year).

In value terms, Colombia ($X) constituted the largest supplier of aluminium alloy wire to Venezuela, comprising 51% of total imports. The second position in the ranking was taken by Italy ($X), with a 9.9% share of total imports. It was followed by Canada, with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Colombia amounted to -6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+6.9% per year) and Canada (-0.8% per year).

Import Prices by Country

The average aluminium alloy wire import price stood at $X per ton in 2022, declining by -16.9% against the previous year. In general, the import price continues to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2017 an increase of 52% against the previous year. As a result, import price attained the peak level of $X per ton. From 2018 to 2022, the average 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 Italy ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-1.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform