Venezuela: Ethanol Market 2024

Ethanol Market Size in Venezuela

In 2022, after two years of growth, there was decline in the Venezuelan ethanol market, when its value decreased by -0.3% to $X. Overall, consumption, however, saw a slight decrease. Ethanol consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Ethanol Production in Venezuela

In value terms, ethanol production reduced slightly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a perceptible descent. The most prominent rate of growth was recorded in 2018 when the production volume increased by 18% against the previous year. Ethanol production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Ethanol Exports

Exports from Venezuela

In 2022, shipments abroad of ethyl alcohol was finally on the rise to reach X litres for the first time since 2018, thus ending a three-year declining trend. In general, exports, however, faced a precipitous contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 177% against the previous year. Over the period under review, the exports reached the peak figure at X litres in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, ethanol exports surged to $X in 2022. Overall, exports, however, continue to indicate a sharp decline. The growth pace was the most rapid in 2017 with an increase of 198% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Colombia (X litres) was the main destination for ethanol exports from Venezuela, accounting for a 73% share of total exports. Moreover, ethanol exports to Colombia exceeded the volume sent to the second major destination, the Dominican Republic (X litres), threefold.

From 2012 to 2022, the average annual growth rate of volume to Colombia stood at -29.2%.

In value terms, the largest markets for ethanol exported from Venezuela were the Dominican Republic ($X) and Colombia ($X).

Colombia, with a CAGR of -35.2%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review.

Export Prices by Country

In 2022, the average ethanol export price amounted to $X per litre, remaining stable against the previous year. Over the period under review, the export price saw a deep contraction. The pace of growth was the most pronounced in 2016 an increase of 31%. Over the period under review, the average export prices reached the maximum at $X per litre in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the Dominican Republic ($X per litre), while the average price for exports to Colombia stood at $X per litre.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Dominican Republic (-0.8%).

Ethanol Imports

Imports into Venezuela

In 2022, after five years of growth, there was significant decline in supplies from abroad of ethyl alcohol, when their volume decreased by -11.5% to X litres. In general, imports continue to indicate a abrupt setback. The pace of growth was the most pronounced in 2020 when imports increased by 107%. Imports peaked at X litres in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, ethanol imports contracted dramatically to $X in 2022. Overall, imports showed a deep reduction. The most prominent rate of growth was recorded in 2021 with an increase of 123% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Colombia (X litres) was the main supplier of ethanol to Venezuela, with a 91% share of total imports. Moreover, ethanol imports from Colombia exceeded the figures recorded by the second-largest supplier, Brazil (X litres), tenfold. The third position in this ranking was held by the United States (X litres), with a 0.3% share.

From 2012 to 2022, the average annual growth rate of volume from Colombia stood at +5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (-19.0% per year) and the United States (-35.9% per year).

In value terms, Colombia ($X) constituted the largest supplier of ethyl alcohol to Venezuela, comprising 89% of total imports. The second position in the ranking was held by Brazil ($X), with a 10% share of total imports. It was followed by the United States, with a 0.4% share.

From 2012 to 2022, the average annual growth rate of value from Colombia stood at +6.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (-17.3% per year) and the United States (-34.1% per year).

Import Prices by Country

The average ethanol import price stood at $X per litre in 2022, which is down by -18.2% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 72% against the previous year. Over the period under review, average import prices hit record highs at $X per litre in 2015; however, from 2016 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 Brazil ($X per litre), while the price for Panama ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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