Venezuela: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in Venezuela

In 2021, after three years of decline, there was significant growth in the Venezuelan market for oil and water paints and varnishes, when its value increased by 425% to $X. Over the period under review, consumption, however, continues to indicate a abrupt decrease. Consumption of peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Exports of Oil And Water Paints And Varnishes

Exports from Venezuela

For the seventh year in a row, Venezuela recorded decline in overseas shipments of oil and water paints and varnishes, which decreased by -8.4% to X kg in 2021. Over the period under review, exports faced a precipitous shrinkage. The most prominent rate of growth was recorded in 2014 when exports increased by 208% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, exports of oil and water paints and varnishes fell to $X in 2021. In general, exports recorded a significant decrease. The most prominent rate of growth was recorded in 2014 when exports increased by 248% against the previous year. Over the period under review, the exports of attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Colombia (X kg) was the main destination for exports of oil and water paints and varnishes from Venezuela, with a 79% share of total exports. Moreover, exports of oil and water paints and varnishes to Colombia exceeded the volume sent to the second major destination, the Dominican Republic (X kg), fivefold. The third position in this ranking was taken by Aruba (X kg), with a 5.3% share.

From 2012 to 2021, the average annual growth rate of volume to Colombia stood at -42.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (-2.3% per year) and Aruba (-50.6% per year).

In value terms, the largest markets for oil and water paints and varnishes exported from Venezuela were Aruba ($X), Colombia ($X) and the Dominican Republic ($X), together accounting for 100% of total exports.

In terms of the main countries of destination, the Dominican Republic, with a CAGR of -22.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average export price for oil and water paints and varnishes stood at $X per ton in 2021, shrinking by -3.7% against the previous year. In general, the export price, however, recorded a mild increase. The pace of growth appeared the most rapid in 2013 an increase of 59% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Aruba ($X per ton), while the average price for exports to Saint Vincent and the Grenadines ($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 Aruba (+51.2%), while the prices for the other major destinations experienced a decline.

Imports of Oil And Water Paints And Varnishes

Imports into Venezuela

In 2021, supplies from abroad of oil and water paints and varnishes was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. In general, imports, however, recorded a abrupt curtailment. Over the period under review, imports of reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, imports of oil and water paints and varnishes surged to $X in 2021. Overall, imports, however, recorded a abrupt decrease. Over the period under review, imports of reached the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

Spain (X tons), France (X tons) and China (X tons) were the main suppliers of imports of oil and water paints and varnishes to Venezuela, with a combined 66% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Spain (with a CAGR of +30.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X) constituted the largest supplier of oil and water paints and varnishes to Venezuela, comprising 35% of total imports. The second position in the ranking was held by China ($X), with a 14% share of total imports. It was followed by the United States, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Spain totaled +26.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-15.7% per year) and the United States (-22.6% per year).

Import Prices by Country

The average import price for oil and water paints and varnishes stood at $X per ton in 2021, waning by -22.7% against the previous year. In general, the import price saw a slight reduction. The pace of growth appeared the most rapid in 2020 when the average import price increased by 45%. The import price peaked at $X per ton in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+13.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :