Venezuela: Insulating Fittings Market 2024

Insulating Fittings Market Size in Venezuela

In 2021, the Venezuelan insulating fittings market was finally on the rise to reach $X after five years of decline. Over the period under review, consumption, however, showed a sharp slump. Insulating fittings consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Insulating Fittings Exports

Exports from Venezuela

In 2021, after three years of decline, there was significant growth in overseas shipments of insulating fittings for electrical purposes, when their volume increased by 1,900% to X kg. Over the period under review, exports, however, saw a abrupt setback. The exports peaked at X kg in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, insulating fittings exports surged to $X in 2021. In general, exports, however, recorded a drastic downturn. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Denmark (X kg) was the main destination for insulating fittings exports from Venezuela, accounting for a 40% share of total exports. Moreover, insulating fittings exports to Denmark exceeded the volume sent to the second major destination, Spain (X kg), fourfold. Panama (X kg) ranked third in terms of total exports with a 5% share.

From 2012 to 2021, the average annual growth rate of volume to Denmark was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (-4.4% per year) and Panama (0.0% per year).

In value terms, Panama ($X), Denmark ($X) and Spain ($X) were the largest markets for insulating fittings exported from Venezuela worldwide, together accounting for 71% of total exports.

Panama, with a CAGR of +15.9%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average insulating fittings export price stood at $X per ton in 2021, reducing by -64.6% against the previous year. Over the period under review, the export price recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2018 an increase of 144%. The export price peaked at $X per ton in 2020, and then dropped notably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to the Dominican Republic ($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 Spain (+3.1%), while the prices for the other major destinations experienced mixed trend patterns.

Insulating Fittings Imports

Imports into Venezuela

In 2021, overseas purchases of insulating fittings for electrical purposes were finally on the rise to reach X tons after five years of decline. Overall, imports, however, recorded a significant contraction. The growth pace was the most rapid in 2015 when imports increased by 25%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, insulating fittings imports soared to $X in 2021. Over the period under review, imports, however, saw a significant curtailment. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, South Africa (X tons) constituted the largest insulating fittings supplier to Venezuela, accounting for a 74% share of total imports. Moreover, insulating fittings imports from South Africa exceeded the figures recorded by the second-largest supplier, Germany (X kg), more than tenfold. Sweden (X kg) ranked third in terms of total imports with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from South Africa amounted to -23.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-30.9% per year) and Sweden (-14.6% per year).

In value terms, South Africa ($X) constituted the largest supplier of insulating fittings for electrical purposes to Venezuela, comprising 55% of total imports. The second position in the ranking was held by Chile ($X), with an 11% share of total imports. It was followed by Japan, with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from South Africa stood at -16.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (-11.1% per year) and Japan (-11.6% per year).

Import Prices by Country

In 2021, the average insulating fittings import price amounted to $X per ton, increasing by 24% against the previous year. Over the period under review, the import price posted a remarkable increase. The pace of growth was the most pronounced in 2016 when the average import price increased by 56% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

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 Japan ($X per ton), while the price for Austria ($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 (+15.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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