Venezuela: Herbicide Market 2024

Herbicide Market Size in Venezuela

The Venezuelan herbicide market fell significantly to $X in 2021, waning by -58.3% 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). In general, consumption showed a abrupt shrinkage. Herbicide consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Herbicide Exports

Exports from Venezuela

In 2021, approx. X tons of herbicides were exported from Venezuela; which is down by -31% against the year before. Over the period under review, exports recorded a abrupt contraction. The growth pace was the most rapid in 2020 with an increase of 243%. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, herbicide exports expanded notably to $X in 2021. Overall, exports faced a drastic downturn. The growth pace was the most rapid in 2020 when exports increased by 188% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Ecuador (X tons), Thailand (X tons) and Costa Rica (X tons) were the main destinations of herbicide exports from Venezuela, together comprising 71% of total exports.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of 0.0%), while shipments for the other leaders experienced a decline.

In value terms, Costa Rica ($X) emerged as the key foreign market for herbicides exports from Venezuela, comprising 41% of total exports. The second position in the ranking was taken by Ecuador ($X), with a 20% share of total exports. It was followed by Thailand, with a 16% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Costa Rica totaled +6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (-14.8% per year) and Thailand (0.0% per year).

Export Prices by Country

In 2021, the average herbicide export price amounted to $X per ton, jumping by 56% against the previous year. Over the period under review, export price indicated a perceptible expansion from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while the average price for exports to Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (+15.4%), while the prices for the other major destinations experienced more modest paces of growth.

Herbicide Imports

Imports into Venezuela

Herbicide imports into Venezuela fell notably to X tons in 2021, declining by -58.3% on 2020. Overall, imports faced a abrupt descent. The pace of growth was the most pronounced in 2019 when imports increased by 246% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports remained at a lower figure.

In value terms, herbicide imports shrank markedly to $X in 2021. Over the period under review, imports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2019 with an increase of 201% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of herbicide to Venezuela, accounting for a 67% share of total imports. Moreover, herbicide imports from China exceeded the figures recorded by the second-largest supplier, Colombia (X tons), threefold. India (X tons) ranked third in terms of total imports with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (-1.8% per year) and India (+3.3% per year).

In value terms, China ($X), Colombia ($X) and the United States ($X) were the largest herbicide suppliers to Venezuela, together comprising 89% of total imports. India and Ecuador lagged somewhat behind, together accounting for a further 9.8%.

Among the main suppliers, India, with a CAGR of +4.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average herbicide import price stood at $X per ton in 2021, surging by 2.8% against the previous year. Over the period under review, the import price, however, saw a abrupt contraction. The pace of growth was the most pronounced in 2018 an increase of 43%. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+12.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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