Venezuela: Wire And Cable Market 2024

Wire And Cable Market Size in Venezuela

In 2021, the Venezuelan wire and cable market decreased by -0.2% to $X, falling for the second year in a row after three years of growth. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Wire And Cable Production in Venezuela

In value terms, wire and cable production stood at $X in 2021 estimated in export price. Overall, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 18% against the previous year. Wire and cable production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Wire And Cable Exports

Exports from Venezuela

After four years of decline, overseas shipments of insulated wire and cable increased by 29% to X tons in 2021. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 43%. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, wire and cable exports soared to $X in 2021. Over the period under review, total exports indicated modest growth from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for wire and cable exports from Venezuela, accounting for a 99% share of total exports. It was followed by Colombia (X tons), with a 0.3% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +4.1%.

In value terms, the United States ($X) remains the key foreign market for insulated wire and cable exports from Venezuela, comprising 100% of total exports. The second position in the ranking was taken by Colombia ($X), with a 0.2% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +5.2%.

Export Prices by Country

The average wire and cable export price stood at $X per ton in 2021, surging by 41% against the previous year. Over the period under review, export price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, wire and cable export price increased by +81.0% against 2016 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Colombia amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+1.1%).

Wire And Cable Imports

Imports into Venezuela

In 2021, overseas purchases of insulated wire and cable were finally on the rise to reach X tons after six years of decline. Over the period under review, imports, however, recorded a dramatic contraction. The most prominent rate of growth was recorded in 2014 when imports increased by 18% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, wire and cable imports skyrocketed to $X in 2021. In general, imports, however, saw a dramatic contraction. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest wire and cable supplier to Venezuela, accounting for a 81% share of total imports. Moreover, wire and cable imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), more than tenfold. The third position in this ranking was taken by Brazil (X tons), with a 1.8% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled -17.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-34.4% per year) and Brazil (-30.6% per year).

In value terms, China ($X) constituted the largest supplier of insulated wire and cable to Venezuela, comprising 80% of total imports. The second position in the ranking was taken by the United States ($X), with a 5.7% share of total imports. It was followed by Brazil, with a 2.2% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to -11.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-33.6% per year) and Brazil (-32.5% per year).

Import Prices by Country

In 2021, the average wire and cable import price amounted to $X per ton, increasing by 15% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.9%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 24%. Over the period under review, average import prices hit record highs in 2021 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Argentina ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+8.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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