Venezuela: Market for Glass Rear-View Mirrors For Vehicles 2024

Market Size for Glass Rear-View Mirrors For Vehicles in Venezuela

In 2022, after three years of growth, there was significant decline in the Venezuelan glass rear-view vehicle mirror market, when its value decreased by -26.3% to $X. In general, consumption saw a abrupt curtailment. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Exports of Glass Rear-View Mirrors For Vehicles

Exports from Venezuela

Glass rear-view vehicle mirror exports from Venezuela skyrocketed to X units in 2022, increasing by 20% on the previous year's figure. Overall, exports, however, recorded a drastic downturn. Over the period under review, the exports reached the peak figure at X units in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, glass rear-view vehicle mirror exports rose sharply to $X in 2022. Over the period under review, exports, however, continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2017 with an increase of 16,373%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Panama (X units) was the main destination for glass rear-view vehicle mirror exports from Venezuela, accounting for a 1,540% share of total exports. Moreover, glass rear-view vehicle mirror exports to Panama exceeded the volume sent to the second major destination, China (X units), twofold. Canada (X units) ranked third in terms of total exports with a 560% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Panama was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+46.5% per year) and Canada (+34.1% per year).

In value terms, China ($X) remains the key foreign market for glass rear-view mirrors for vehicles exports from Venezuela, comprising 168% of total exports. The second position in the ranking was held by Panama ($X), with a 71% share of total exports. It was followed by Canada, with a 64% share.

From 2012 to 2021, the average annual growth rate of value to China stood at +60.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (-17.5% per year) and Canada (+29.6% per year).

Export Prices by Country

In 2021, the average glass rear-view vehicle mirror export price amounted to $X per unit, picking up by 12% against the previous year. Over the period under review, the export price showed a resilient increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Costa Rica ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Dominican Republic (+34.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Glass Rear-View Mirrors For Vehicles

Imports into Venezuela

After three years of growth, purchases abroad of glass rear-view mirrors for vehicles decreased by -25.5% to X units in 2022. In general, imports recorded a deep setback. The growth pace was the most rapid in 2020 with an increase of 121% against the previous year. Over the period under review, imports attained the peak figure at X units in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, glass rear-view vehicle mirror imports dropped significantly to $X in 2022. Overall, imports recorded a precipitous descent. The growth pace was the most rapid in 2020 with an increase of 127% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) was the main glass rear-view vehicle mirror supplier to Venezuela, with a 90% share of total imports. It was followed by Costa Rica (X units), with a 2.6% share of total imports. The UK (X units) ranked third in terms of total imports with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -24.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (-10.7% per year) and the UK (-17.9% per year).

In value terms, China ($X) constituted the largest supplier of glass rear-view mirrors for vehicles to Venezuela, comprising 18% of total imports. The second position in the ranking was taken by Argentina ($X), with a 4.1% share of total imports. It was followed by South Korea, with a 2.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at -26.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (-13.7% per year) and South Korea (-24.7% per year).

Import Prices by Country

In 2021, the average glass rear-view vehicle mirror import price amounted to $X per unit, picking up by 9.5% against the previous year. Overall, the import price, however, continues to indicate a abrupt setback. The pace of growth appeared the most rapid in 2017 an increase of 104% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Argentina ($X per unit), while the price for Costa Rica ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (+13.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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