Venezuela: Market for Instruments for Measuring Electrical Quantities 2025

Market Size for Instruments for Measuring Electrical Quantities in Venezuela

In 2021, the Venezuelan market for instruments for measuring electrical quantities increased by 116% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption, however, faced a precipitous setback. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Exports of Instruments for Measuring Electrical Quantities

Exports from Venezuela

In 2021, overseas shipments of instruments for measuring electrical quantities decreased by -38.3% to X units, falling for the second year in a row after two years of growth. Overall, exports saw a sharp downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 300%. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, instruments for measuring electrical quantities exports totaled $X in 2021. In general, exports faced a dramatic downturn. The most prominent rate of growth was recorded in 2016 with an increase of 130% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Panama (X units) was the main destination for instruments for measuring electrical quantities exports from Venezuela, accounting for a 76% share of total exports. Moreover, instruments for measuring electrical quantities exports to Panama exceeded the volume sent to the second major destination, Germany (X units), threefold. The United States (X units) ranked third in terms of total exports with a 1.3% share.

From 2012 to 2021, the average annual growth rate of volume to Panama amounted to -24.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-16.7% per year) and the United States (-34.5% per year).

In value terms, Panama ($X) remains the key foreign market for instruments for measuring electrical quantities exports from Venezuela, comprising 71% of total exports. The second position in the ranking was taken by Germany ($X), with a 20% share of total exports. It was followed by the United States, with a 7.7% share.

From 2012 to 2021, the average annual growth rate of value to Panama totaled -22.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-11.4% per year) and the United States (-26.8% per year).

Export Prices by Country

The average export price for instruments for measuring electrical quantities stood at $X per unit in 2021, growing by 63% against the previous year. Over the period under review, the export price recorded resilient growth. The pace of growth appeared the most rapid in 2013 when the average export price increased by 848%. As a result, the export price attained the peak level of $X per unit. From 2014 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was the United States ($X per unit), while the average price for exports to Costa Rica ($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 Russia (+9,324.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Instruments for Measuring Electrical Quantities

Imports into Venezuela

In 2021, supplies from abroad of instruments for measuring electrical quantities increased by 84% to X units, rising for the second year in a row after two years of decline. Over the period under review, imports, however, recorded a dramatic downturn. The most prominent rate of growth was recorded in 2017 when imports increased by 91%. Imports peaked at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, instruments for measuring electrical quantities imports soared to $X in 2021. In general, imports, however, faced a dramatic decrease. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of instruments for measuring electrical quantities to Venezuela, with a 62% share of total imports. Moreover, instruments for measuring electrical quantities imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), fourfold. New Zealand (X units) ranked third in terms of total imports with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -19.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+14.3% per year) and New Zealand (+18.4% per year).

In value terms, China ($X), India ($X) and the United States ($X) were the largest instruments for measuring electrical quantities suppliers to Venezuela, with a combined 65% share of total imports.

India, with a CAGR of +45.6%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average import price for instruments for measuring electrical quantities amounted to $X per unit, increasing by 33% against the previous year. In general, the import price continues to indicate a prominent expansion. The pace of growth appeared the most rapid in 2014 an increase of 75% against the previous year. 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 remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Panama (+40.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :