Venezuela: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in Venezuela

The Venezuelan grinding and sharpening machine market fell to $X in 2022, with a decrease of -3.8% 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). Overall, consumption continues to indicate a deep contraction. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports from Venezuela

In 2018, the amount of grinding and sharpening metal finishing machines exported from Venezuela soared to X units, growing by 550% against 2017 figures. Over the period under review, exports showed a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, grinding and sharpening machine exports soared to $X in 2018. In general, exports, however, saw a precipitous slump. The pace of growth appeared the most rapid in 2017 when exports increased by 433%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2018, the exports failed to regain momentum.

Exports by Country

Chile (X units) was the main destination for grinding and sharpening machine exports from Venezuela, with a 77% share of total exports. Moreover, grinding and sharpening machine exports to Chile exceeded the volume sent to the second major destination, Costa Rica (X units), fivefold.

From 2012 to 2018, the average annual growth rate of volume to Chile was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (0.0% per year) and Spain (0.0% per year).

In value terms, Costa Rica ($X) emerged as the key foreign market for grinding and sharpening metal finishing machines exports from Venezuela, comprising 81% of total exports. The second position in the ranking was held by Spain ($X), with an 11% share of total exports.

From 2012 to 2018, the average annual rate of growth in terms of value to Costa Rica was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (0.0% per year) and Chile (0.0% per year).

Export Prices by Country

In 2018, the average grinding and sharpening machine export price amounted to $X per unit, falling by -78.8% against the previous year. Overall, the export price recorded a sharp downturn. The most prominent rate of growth was recorded in 2017 an increase of 167% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2014; however, from 2015 to 2018, the export prices failed to regain momentum.

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

From 2012 to 2018, the most notable rate of growth in terms of prices was recorded for supplies to Colombia (-21.6%).

Imports of Grinding And Sharpening Metal Finishing Machines

Imports into Venezuela

In 2022, grinding and sharpening machine imports into Venezuela fell to X units, which is down by -4.9% compared with 2021 figures. In general, imports saw a deep downturn. The most prominent rate of growth was recorded in 2013 when imports increased by 222% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, grinding and sharpening machine imports totaled $X in 2022. Over the period under review, imports faced a sharp curtailment. The pace of growth was the most pronounced in 2017 with an increase of 68% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Italy (X units) constituted the largest grinding and sharpening machine supplier to Venezuela, accounting for a 44% share of total imports. Moreover, grinding and sharpening machine imports from Italy exceeded the figures recorded by the second-largest supplier, the United States (X units), fivefold. China (X units) ranked third in terms of total imports with a 7.7% share.

From 2012 to 2022, the average annual growth rate of volume from Italy amounted to +3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-17.5% per year) and China (-26.2% per year).

In value terms, Italy ($X) constituted the largest supplier of grinding and sharpening metal finishing machines to Venezuela, comprising 76% of total imports. The second position in the ranking was taken by China ($X), with a 15% share of total imports. It was followed by the United States, with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy stood at +4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-31.3% per year) and the United States (-24.2% per year).

Import Prices by Country

The average grinding and sharpening machine import price stood at $X per unit in 2022, increasing by 6.6% against the previous year. Overall, the import price, however, showed a mild contraction. The most prominent rate of growth was recorded in 2016 an increase of 413%. Over the period under review, average import prices reached the maximum at $X per unit in 2017; however, from 2018 to 2022, 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 China ($X per unit), while the price for Russia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+1.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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