Venezuela: Machinery Electrical Parts Market 2025

Machinery Electrical Parts Market Size in Venezuela

The Venezuelan machinery electrical parts market dropped to $X in 2022, with a decrease of -7.9% against the previous year. Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Machinery Electrical Parts Production in Venezuela

In value terms, machinery electrical parts production declined to $X in 2022 estimated in export price. Over the period under review, production showed a noticeable curtailment. The most prominent rate of growth was recorded in 2017 when the production volume increased by 59% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Machinery Electrical Parts Exports

Exports from Venezuela

In 2022, shipments abroad of electrical parts of machinery or apparatus was finally on the rise to reach X kg for the first time since 2019, thus ending a two-year declining trend. In general, exports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2019 when exports increased by 2,619% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, machinery electrical parts exports skyrocketed to $X in 2022. Overall, exports, however, recorded a abrupt setback. The growth pace was the most rapid in 2019 when exports increased by 6,493%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Colombia (X kg), Panama (X kg) and the United States (X kg) were the main destinations of machinery electrical parts exports from Venezuela, together accounting for 99% 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 Colombia (with a CAGR of +29.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for machinery electrical parts exported from Venezuela were Panama ($X), the United States ($X) and Colombia ($X), together comprising 76% of total exports.

The United States, with a CAGR of +8.2%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average machinery electrical parts export price stood at $X per ton in 2022, with a decrease of -7.4% against the previous year. Overall, the export price showed a deep contraction. The most prominent rate of growth was recorded in 2019 an increase of 142%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Colombia ($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 the United States (-6.3%), while the prices for the other major destinations experienced a decline.

Machinery Electrical Parts Imports

Imports into Venezuela

In 2022, overseas purchases of electrical parts of machinery or apparatus were finally on the rise to reach X kg after five years of decline. Overall, imports, however, showed a significant curtailment. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, machinery electrical parts imports surged to $X in 2022. In general, imports, however, saw a precipitous curtailment. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X kg) constituted the largest machinery electrical parts supplier to Venezuela, with a 65% share of total imports. Moreover, machinery electrical parts imports from the United States exceeded the figures recorded by the second-largest supplier, Mexico (X kg), threefold. Brazil (X kg) ranked third in terms of total imports with a 5.3% share.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at -18.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (-1.8% per year) and Brazil (-7.2% per year).

In value terms, the United States ($X) constituted the largest supplier of electrical parts of machinery or apparatus to Venezuela, comprising 50% of total imports. The second position in the ranking was held by Brazil ($X), with an 8.9% share of total imports. It was followed by Germany, with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at -24.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+1.2% per year) and Germany (-15.5% per year).

Import Prices by Country

The average machinery electrical parts import price stood at $X per ton in 2022, waning by -22.8% against the previous year. Overall, the import price, however, saw a tangible increase. The most prominent rate of growth was recorded in 2014 an increase of 258%. As a result, import price attained the peak level of $X per ton. From 2015 to 2022, the average import prices remained at a lower figure.

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 Taiwan (Chinese) ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+30.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :