Venezuela: Artificial Corundum Market 2024

Artificial Corundum Market Size in Venezuela

After three years of growth, the Venezuelan artificial corundum market decreased by -4.1% to $X in 2021. In general, consumption continues to indicate a slight downturn. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Artificial Corundum Production in Venezuela

In value terms, artificial corundum production fell to $X in 2021 estimated in export price. In general, production recorded a deep downturn. The pace of growth was the most pronounced in 2018 with an increase of 21%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Artificial Corundum Exports

Exports from Venezuela

In 2021, the amount of artificial corundum exported from Venezuela shrank sharply to X tons, with a decrease of -15.9% compared with the year before. In general, exports continue to indicate a dramatic decline. The smallest decline of -15.9% was in 2019. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, artificial corundum exports contracted to $X in 2021. Over the period under review, exports showed a precipitous curtailment. The smallest decline of -13% was in 2020. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for artificial corundum exports from Venezuela, with a 75% share of total exports. Moreover, artificial corundum exports to the United States exceeded the volume sent to the second major destination, Brazil (X tons), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to -37.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (-40.4% per year) and Japan (-24.8% per year).

In value terms, the United States ($X) remains the key foreign market for artificial corundum exports from Venezuela, comprising 73% of total exports. The second position in the ranking was held by Brazil ($X), with a 22% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to -35.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (-37.4% per year) and Japan (-27.1% per year).

Export Prices by Country

The average artificial corundum export price stood at $X per ton in 2021, surging by 3.4% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.3%. The pace of growth was the most pronounced in 2018 an increase of 43%. Over the period under review, the average export prices hit record highs in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (+5.1%), while the prices for the other major destinations experienced mixed trend patterns.

Artificial Corundum Imports

Imports into Venezuela

In 2021, overseas purchases of artificial corundum increased by 118% to X tons, rising for the fourth year in a row after four years of decline. Overall, imports, however, continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2019 with an increase of 183% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, artificial corundum imports soared to $X in 2021. Over the period under review, imports, however, saw a abrupt setback. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Brazil (X tons) constituted the largest artificial corundum supplier to Venezuela, accounting for a 75% share of total imports. Moreover, artificial corundum imports from Brazil exceeded the figures recorded by the second-largest supplier, the United States (X tons), ninefold. Austria (X tons) ranked third in terms of total imports with a 7.9% share.

From 2012 to 2021, the average annual growth rate of volume from Brazil totaled -9.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-5.5% per year) and Austria (-15.8% per year).

In value terms, Brazil ($X) constituted the largest supplier of artificial corundum to Venezuela, comprising 68% of total imports. The second position in the ranking was taken by the United States ($X), with a 14% share of total imports. It was followed by Austria, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from Brazil amounted to -13.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-8.1% per year) and Austria (-18.1% per year).

Import Prices by Country

The average artificial corundum import price stood at $X per ton in 2021, with an increase of 27% against the previous year. Over the period under review, the import price, however, saw a perceptible shrinkage. The pace of growth appeared the most rapid in 2017 an increase of 47% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, 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 ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+6.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :