Venezuela: Base Metal Closure Market 2025

Base Metal Closure Market Size in Venezuela

The Venezuelan base metal closure market soared to $X in 2021, increasing by 181% 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). In general, consumption, however, faced a abrupt downturn. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Base Metal Closure Exports

Exports from Venezuela

In 2021, shipments abroad of base metal closures, stoppers, caps and lids increased by 71% to X tons, rising for the second year in a row after three years of decline. In general, exports, however, continue to indicate a abrupt decrease. The growth pace was the most rapid in 2013 when exports increased by 112% against the previous year. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, base metal closure exports skyrocketed to $X in 2021. Overall, exports, however, saw a deep slump. The most prominent rate of growth was recorded in 2020 when exports increased by 99% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Colombia (X kg) was the main destination for base metal closure exports from Venezuela, accounting for a 70% share of total exports. Moreover, base metal closure exports to Colombia exceeded the volume sent to the second major destination, the Dominican Republic (X kg), fourfold. Ecuador (X kg) ranked third in terms of total exports with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Colombia amounted to +27.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (-20.3% per year) and Ecuador (+14.4% per year).

In value terms, the largest markets for base metal closure exported from Venezuela were Colombia ($X), the Dominican Republic ($X) and the United States ($X), together accounting for 87% of total exports. Panama, Ecuador and Mexico lagged somewhat behind, together accounting for a further 8.1%.

Ecuador, with a CAGR of +13.8%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average base metal closure export price amounted to $X per ton, which is down by -17.7% against the previous year. In general, the export price, however, showed a modest increase. The most prominent rate of growth was recorded in 2018 an increase of 62% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2020, and then plummeted in the following year.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Panama ($X per ton), while the average price for exports to Mexico ($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 Panama (+40.7%), while the prices for the other major destinations experienced more modest paces of growth.

Base Metal Closure Imports

Imports into Venezuela

In 2021, approx. X tons of base metal closures, stoppers, caps and lids were imported into Venezuela; with an increase of 242% on the previous year. In general, imports, however, continue to indicate a abrupt decrease. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, base metal closure imports soared to $X in 2021. Overall, imports, however, faced a deep reduction. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Ecuador (X tons) constituted the largest supplier of base metal closure to Venezuela, with a 38% share of total imports. Moreover, base metal closure imports from Ecuador exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. The third position in this ranking was taken by Brazil (X tons), with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from Ecuador totaled +34.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+10.7% per year) and Brazil (-5.7% per year).

In value terms, Ecuador ($X), Brazil ($X) and Italy ($X) appeared to be the largest base metal closure suppliers to Venezuela, together accounting for 50% of total imports.

Among the main suppliers, Ecuador, with a CAGR of +33.6%, 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 more modest paces of growth.

Import Prices by Country

In 2021, the average base metal closure import price amounted to $X per ton, which is down by -22.7% against the previous year. Overall, the import price recorded a noticeable decrease. The pace of growth was the most pronounced in 2018 when the average import price increased by 19%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Spain ($X per ton), while the price for Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+6.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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