Venezuela: Market for Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels 2022

Market Size for Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels in Venezuela

After six years of decline, the Venezuelan market for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels increased by 36% to $X in 2021. Overall, consumption, however, recorded a dramatic downturn. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Exports of Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels

Exports from Venezuela

In 2021, approx. X units of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels were exported from Venezuela; picking up by 335% compared with the previous year. In general, exports enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2017 with an increase of 564% against the previous year. The exports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, grease fittings and oil seals exports skyrocketed to $X in 2021. Overall, exports posted buoyant growth. The growth pace was the most rapid in 2018 with an increase of 87%. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Indonesia (X units) was the main destination for grease fittings and oil seals exports from Venezuela, accounting for a 95% share of total exports. It was followed by Tunisia (X units), with a 2.2% share of total exports. The third position in this ranking was taken by the UK (X units), with a 1.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Indonesia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Tunisia (-19.7% per year) and the UK (-27.3% per year).

In value terms, Indonesia ($X) emerged as the key foreign market for grease fittings and oil seals exports from Venezuela, comprising 75% of total exports. The second position in the ranking was taken by the UK ($X), with a 13% share of total exports. It was followed by Tunisia, with a 6.7% share.

From 2012 to 2021, the average annual growth rate of value to Indonesia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (-12.9% per year) and Tunisia (-22.4% per year).

Export Prices by Country

In 2021, the average export price for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels amounted to $X per unit, waning by -68.2% against the previous year. Overall, the export price continues to indicate a noticeable decline. The growth pace was the most rapid in 2016 an increase of 196%. As a result, the export price reached the peak level of $X per unit. From 2017 to 2021, the the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was the UK ($X per unit), while the average price for exports to Indonesia ($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 the UK (+19.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Non-Automatic Lubricating Pots, Greasing Nipples, Oil Seal Rings And Hand Wheels

Imports into Venezuela

In 2021, overseas purchases of non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels were finally on the rise to reach X units after six years of decline. Overall, imports, however, faced a deep downturn. Over the period under review, imports reached the peak figure at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, grease fittings and oil seals imports soared to $X in 2021. Over the period under review, imports, however, recorded a dramatic shrinkage. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of grease fittings and oil seals to Venezuela, accounting for a 48% share of total imports. Moreover, grease fittings and oil seals imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), twofold. Colombia (X units) ranked third in terms of total imports with an 18% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +19.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-30.0% per year) and Colombia (-8.2% per year).

In value terms, the United States ($X) constituted the largest supplier of grease fittings and oil seals to Venezuela, comprising 57% of total imports. The second position in the ranking was held by China ($X), with a 17% share of total imports. It was followed by Taiwan (Chinese), with a 6.3% share.

From 2012 to 2021, the average annual growth rate of value from the United States stood at -26.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+14.8% per year) and Taiwan (Chinese) (-12.0% per year).

Import Prices by Country

The average import price for non-automatic lubricating pots, greasing nipples, oil seal rings and hand wheels stood at $X per unit in 2021, which is down by -30.1% against the previous year. Overall, the import price recorded a abrupt curtailment. The growth pace was the most rapid in 2015 an increase of 19%. As a result, import price reached the peak level of $X per unit. From 2016 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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