Venezuela: Piano Market 2024

Piano Market Size in Venezuela

The Venezuelan piano market stood at $X in 2021, surging by 3.7% against the previous year. Overall, consumption, however, showed a pronounced descent. Piano consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Piano Production in Venezuela

In value terms, piano production rose slightly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 16%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Piano Exports

Exports from Venezuela

In 2021, after four years of growth, there was decline in overseas shipments of pianos and other keyboard stringed musical instruments, when their volume decreased by 0% to X tons. Overall, exports recorded significant growth. The most prominent rate of growth was recorded in 2013 with an increase of 162%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, piano exports totaled $X in 2021. Over the period under review, exports posted a significant increase. The pace of growth was the most pronounced in 2019 when exports increased by 158% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see steady growth in the immediate term.

Exports by Country

Guatemala (X kg), Italy (X kg) and Costa Rica (X kg) were the main destinations of piano exports from Venezuela, together accounting for 93% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Italy (with a CAGR of +40.0%), while the other leaders experienced more modest paces of growth.

In value terms, Guatemala ($X), Costa Rica ($X) and Italy ($X) constituted the largest markets for piano exported from Venezuela worldwide, together comprising 87% of total exports.

Costa Rica, with a CAGR of +73.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average piano export price stood at $X per ton in 2021, picking up by 2% against the previous year. Overall, the export price, however, showed a mild reduction. The most prominent rate of growth was recorded in 2015 when the average export price increased by 56% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Spain ($X per ton), while the average price for exports to Italy ($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 Costa Rica (+28.5%), while the prices for the other major destinations experienced more modest paces of growth.

Piano Imports

Imports into Venezuela

In 2021, supplies from abroad of pianos and other keyboard stringed musical instruments decreased by -0.9% to X tons, falling for the sixth year in a row after two years of growth. Over the period under review, imports recorded a sharp shrinkage. The most prominent rate of growth was recorded in 2014 when imports increased by 186%. Over the period under review, imports reached the peak figure at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, piano imports amounted to $X in 2021. In general, imports continue to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2014 with an increase of 71% against the previous year. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest piano supplier to Venezuela, with a 55% share of total imports. Moreover, piano imports from China exceeded the figures recorded by the second-largest supplier, the United States (X kg), twofold. The third position in this ranking was taken by Panama (X kg), with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -26.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-26.2% per year) and Panama (-22.4% per year).

In value terms, the United States ($X), Panama ($X) and China ($X) constituted the largest piano suppliers to Venezuela, with a combined 96% share of total imports.

Among the main suppliers, the United States, with a CAGR of -5.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2021, the average piano import price amounted to $X per ton, with an increase of 4.1% against the previous year. Overall, the import price enjoyed a significant expansion. The growth pace was the most rapid in 2017 an increase of 86%. The import price peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Panama ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+28.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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