Venezuela: Insecticide Market 2024

Insecticide Market Size in Venezuela

After three years of growth, the Venezuelan insecticide market decreased by -1.3% to $X in 2021. Overall, the total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +86.9% against 2017 indices. Over the period under review, the market hit record highs at $X in 2020, and then reduced modestly in the following year.

Insecticide Production in Venezuela

In value terms, insecticide production dropped to $X in 2021 estimated in export price. Overall, production, however, showed a buoyant expansion. The pace of growth was the most pronounced in 2013 when the production volume increased by 146% against the previous year. Insecticide production peaked at $X in 2020, and then contracted in the following year.

Insecticide Exports

Exports from Venezuela

In 2021, exports of insecticides from Venezuela skyrocketed to X tons, rising by 226% on the previous year's figure. Over the period under review, exports, however, continue to indicate a abrupt setback. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, insecticide exports soared to $X in 2021. Overall, exports, however, showed a pronounced descent. The most prominent rate of growth was recorded in 2013 when exports increased by 125%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Costa Rica (X tons) was the main destination for insecticide exports from Venezuela, with a 95% share of total exports. Moreover, insecticide exports to Costa Rica exceeded the volume sent to the second major destination, Panama (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Costa Rica amounted to +83.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (-24.7% per year) and Brazil (-12.9% per year).

In value terms, Costa Rica ($X) emerged as the key foreign market for insecticides exports from Venezuela, comprising 88% of total exports. The second position in the ranking was taken by Panama ($X), with an 8.6% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Costa Rica totaled +148.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Panama (-8.1% per year) and Brazil (-2.2% per year).

Export Prices by Country

In 2021, the average insecticide export price amounted to $X per ton, dropping by -38.4% against the previous year. Over the period under review, the export price, however, continues to indicate a tangible increase. The most prominent rate of growth was recorded in 2018 when the average export price increased by 268% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to Costa Rica ($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 (+35.6%), while the prices for the other major destinations experienced more modest paces of growth.

Insecticide Imports

Imports into Venezuela

In 2021, the amount of insecticides imported into Venezuela soared to X tons, jumping by 135% against the previous year's figure. In general, imports, however, showed a deep slump. The growth pace was the most rapid in 2019 when imports increased by 172% against the previous year. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, insecticide imports surged to $X in 2021. Overall, imports, however, saw a abrupt downturn. The pace of growth was the most pronounced in 2019 when imports increased by 138%. Over the period under review, imports attained the peak figure 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 insecticide supplier to Venezuela, with a 56% share of total imports. Moreover, insecticide imports from China exceeded the figures recorded by the second-largest supplier, Colombia (X tons), threefold. Suriname (X tons) ranked third in terms of total imports with an 8.4% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +14.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (-2.4% per year) and Suriname (+67.2% per year).

In value terms, the largest insecticide suppliers to Venezuela were Colombia ($X), China ($X) and India ($X), with a combined 81% share of total imports. Brazil, the United States and Suriname lagged somewhat behind, together comprising a further 13%.

In terms of the main suppliers, Suriname, with a CAGR of +65.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average insecticide import price stood at $X per ton in 2021, falling by -6.8% against the previous year. In general, the import price continues to indicate a deep setback. The pace of growth appeared the most rapid in 2013 an increase of 27% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 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 ($X per ton), while the price for Suriname ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Guatemala (+23.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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