Venezuela: Market for Equipment For Internal Combustion Engines 2024

Market Size for Equipment For Internal Combustion Engines in Venezuela

The Venezuelan internal combustion engine equipment market fell rapidly to $X in 2022, with a decrease of -33.6% 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). Over the period under review, consumption recorded a significant curtailment. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Exports of Equipment For Internal Combustion Engines

Exports from Venezuela

In 2022, overseas shipments of equipment for internal combustion engines increased by 176% to X units for the first time since 2017, thus ending a four-year declining trend. In general, exports, however, saw a deep contraction. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, internal combustion engine equipment exports soared to $X in 2022. Overall, exports, however, saw a deep slump. The growth pace was the most rapid in 2014 when exports increased by 139%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for internal combustion engine equipment exports from Venezuela, with a 99% share of total exports. It was followed by Panama (X units), with a 0.9% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to -8.1%.

In value terms, the United States ($X) remains the key foreign market for equipment for internal combustion engines exports from Venezuela, comprising 99% of total exports. The second position in the ranking was taken by Panama ($X), with a 0.9% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States totaled -13.2%.

Export Prices by Country

The average internal combustion engine equipment export price stood at $X per unit in 2022, reducing by -21.1% against the previous year. Overall, the export price recorded a deep setback. The pace of growth appeared the most rapid in 2016 when the average export price increased by 100%. As a result, the export price attained the peak level of $X per unit. From 2017 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Panama totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (-5.6%).

Imports of Equipment For Internal Combustion Engines

Imports into Venezuela

Internal combustion engine equipment imports into Venezuela reduced notably to X units in 2022, dropping by -30.7% compared with 2021 figures. Over the period under review, imports continue to indicate a sharp curtailment. The most prominent rate of growth was recorded in 2021 when imports increased by 191%. Over the period under review, imports attained the peak figure at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, internal combustion engine equipment imports contracted remarkably to $X in 2022. Overall, imports faced a precipitous setback. The growth pace was the most rapid in 2021 with an increase of 213%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Taiwan (Chinese) (X units) constituted the largest internal combustion engine equipment supplier to Venezuela, accounting for a 78% share of total imports. Moreover, internal combustion engine equipment imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, China (X units), sixfold. The third position in this ranking was held by Hong Kong SAR (X units), with a 1.8% share.

From 2012 to 2022, the average annual growth rate of volume from Taiwan (Chinese) was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (-33.0% per year) and Hong Kong SAR (-29.2% per year).

In value terms, Taiwan (Chinese) ($X) constituted the largest supplier of equipment for internal combustion engines to Venezuela, comprising 85% of total imports. The second position in the ranking was held by China ($X), with a 3.6% share of total imports. It was followed by the United States, with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Taiwan (Chinese) totaled -12.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-45.6% per year) and the United States (-48.0% per year).

Import Prices by Country

In 2022, the average internal combustion engine equipment import price amounted to $X per unit, reducing by -4.9% against the previous year. Over the period under review, the import price saw a abrupt descent. The pace of growth was the most pronounced in 2015 an increase of 34% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2016; however, from 2017 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 ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-8.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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