Venezuela: Plastic Furniture Market 2024

Plastic Furniture Market Size in Venezuela

The Venezuelan plastic furniture market rose significantly to $X in 2021, increasing by 14% against the previous year. Over the period under review, consumption, however, recorded a slight decline. Plastic furniture consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Plastic Furniture Production in Venezuela

In value terms, plastic furniture production surged to $X in 2021 estimated in export price. In general, the total production indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -11.9% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of 43% against the previous year. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Plastic Furniture Exports

Exports from Venezuela

In 2021, overseas shipments of furniture of plastic were finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. In general, exports, however, continue to indicate a deep reduction. The pace of growth appeared the most rapid in 2013 with an increase of 348%. Over the period under review, the exports reached the peak figure at X units in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, plastic furniture exports soared to $X in 2021. Over the period under review, exports, however, continue to indicate a drastic downturn. The pace of growth was the most pronounced in 2013 with an increase of 318%. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Colombia (X units), Costa Rica (X units) and Nicaragua (X units) were the main destinations of plastic furniture exports from Venezuela, together comprising 99% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Costa Rica (with a CAGR of +53.3%), while the other leaders experienced mixed trend patterns.

In value terms, the largest markets for plastic furniture exported from Venezuela were Costa Rica ($X), Colombia ($X) and Nicaragua ($X), together accounting for 97% of total exports.

Costa Rica, with a CAGR of +55.0%, recorded 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

The average plastic furniture export price stood at $X per unit in 2021, growing by 25% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average export price increased by 39% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2015 to 2021, the average export prices remained at a lower figure.

Average prices varied somewhat for the major external markets. In 2021, the highest price was recorded for prices to Costa Rica ($X per unit) and Nicaragua ($X per unit), while the average price for exports to Colombia ($X per unit) and Guyana ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Nicaragua (+17.4%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Furniture Imports

Imports into Venezuela

In 2021, purchases abroad of furniture of plastic increased by 39% to X units, rising for the third consecutive year after six years of decline. Over the period under review, imports, however, saw a dramatic setback. The most prominent rate of growth was recorded in 2019 with an increase of 72%. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, plastic furniture imports rose notably to $X in 2021. In general, imports, however, continue to indicate a dramatic setback. The pace of growth was the most pronounced in 2019 when imports increased by 67% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of plastic furniture to Venezuela, with a 47% share of total imports. Moreover, plastic furniture imports from China exceeded the figures recorded by the second-largest supplier, Panama (X units), fourfold. The third position in this ranking was taken by Lebanon (X units), with a 9.9% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -17.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (-34.3% per year) and Lebanon (+11.4% per year).

In value terms, China ($X) constituted the largest supplier of plastic furniture to Venezuela, comprising 35% of total imports. The second position in the ranking was held by Panama ($X), with a 15% share of total imports. It was followed by the United States, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from China stood at -18.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (-32.3% per year) and the United States (-25.0% per year).

Import Prices by Country

In 2021, the average plastic furniture import price amounted to $X per unit, declining by -21.2% against the previous year. Overall, the import price recorded a noticeable curtailment. The pace of growth appeared the most rapid in 2017 an increase of 15%. The import price peaked at $X per unit in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Chile ($X per unit), while the price for Lebanon ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+16.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :