Venezuela: Hydraulic Jack Market 2022

Hydraulic Jack Market Size in Venezuela

The Venezuelan hydraulic jack market soared to $X in 2021, jumping by 358% 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, however, saw a deep contraction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Hydraulic Jack Exports

Exports from Venezuela

In 2021, overseas shipments of hydraulic jacks and hoists for raising vehicles decreased by -46.1% to X units, falling for the second consecutive year after three years of growth. Over the period under review, exports recorded a abrupt downturn. The pace of growth was the most pronounced in 2019 with an increase of 821% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, hydraulic jack exports contracted markedly to $X in 2021. In general, exports continue to indicate a abrupt descent. The pace of growth appeared the most rapid in 2019 when exports increased by 484%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Panama (X units) was the main destination for hydraulic jack exports from Venezuela, with a 68% share of total exports. Moreover, hydraulic jack exports to Panama exceeded the volume sent to the second major destination, Costa Rica (X units), twofold. Trinidad and Tobago (X units) ranked third in terms of total exports with a 1.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Panama stood at +5.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (+61.6% per year) and Trinidad and Tobago (-17.7% per year).

In value terms, Panama ($X) remains the key foreign market for hydraulic jack exports from Venezuela, comprising 51% of total exports. The second position in the ranking was held by Trinidad and Tobago ($X), with a 3% share of total exports. It was followed by Costa Rica, with a 1.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Panama stood at -3.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Trinidad and Tobago (-18.5% per year) and Costa Rica (+24.4% per year).

Export Prices by Country

The average hydraulic jack export price stood at $X per unit in 2021, with an increase of 4.2% against the previous year. In general, the export price, however, saw a abrupt downturn. The pace of growth appeared the most rapid in 2016 an increase of 57%. As a result, the export price reached the peak level of $X per unit. From 2017 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Trinidad and Tobago ($X per unit), while the average price for exports to Costa Rica ($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 Trinidad and Tobago (-0.2%), while the prices for the other major destinations experienced a decline.

Hydraulic Jack Imports

Imports into Venezuela

In 2021, the amount of hydraulic jacks and hoists for raising vehicles imported into Venezuela soared to X units, growing by 223% on the previous year. Over the period under review, imports, however, faced a dramatic descent. The pace of growth appeared the most rapid in 2019 with an increase of 234%. Over the period under review, imports attained the maximum at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, hydraulic jack imports soared to $X in 2021. In general, imports, however, faced a deep setback. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Spain (X units) and the United States (X units) were the main suppliers of hydraulic jack imports to Venezuela, with a combined 82% share of total imports. Mexico, South Korea, Chile, Panama, Hong Kong SAR and Italy lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by South Korea (with a CAGR of +119.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of hydraulic jack to Venezuela, comprising 51% of total imports. The second position in the ranking was held by China ($X), with a 20% share of total imports. It was followed by South Korea, with a 7.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States stood at -4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-21.2% per year) and South Korea (+94.1% per year).

Import Prices by Country

The average hydraulic jack import price stood at $X per unit in 2021, rising by 58% against the previous year. In general, the import price saw a perceptible increase. Over the period under review, average import prices attained the peak figure at $X per unit in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+25.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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