Venezuela: Plastic Closure Market 2024

Plastic Closure Market Size in Venezuela

The Venezuelan plastic closure market reduced sharply to $X in 2022, waning by -17.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption recorded a sharp slump. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Plastic Closure Exports

Exports from Venezuela

After two years of growth, overseas shipments of plastic stoppers, caps and closures decreased by -10.6% to X tons in 2022. Over the period under review, exports, however, saw a strong increase. The most prominent rate of growth was recorded in 2016 when exports increased by 113%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, plastic closure exports contracted modestly to $X in 2022. In general, exports, however, enjoyed a remarkable increase. The pace of growth was the most pronounced in 2016 with an increase of 418%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The Dominican Republic (X tons) was the main destination for plastic closure exports from Venezuela, accounting for a 73% share of total exports. Moreover, plastic closure exports to the Dominican Republic exceeded the volume sent to the second major destination, Chile (X tons), fourfold. The third position in this ranking was held by Panama (X tons), with a 9% share.

From 2012 to 2022, the average annual growth rate of volume to the Dominican Republic stood at +54.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+82.7% per year) and Panama (+99.2% per year).

In value terms, the Dominican Republic ($X) remains the key foreign market for plastic stoppers, caps and closures exports from Venezuela, comprising 71% of total exports. The second position in the ranking was held by Chile ($X), with a 17% share of total exports. It was followed by Panama, with an 8.7% share.

From 2012 to 2022, the average annual growth rate of value to the Dominican Republic totaled +39.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+83.2% per year) and Panama (+50.5% per year).

Export Prices by Country

The average plastic closure export price stood at $X per ton in 2022, growing by 7.2% against the previous year. Over the period under review, the export price, however, recorded a abrupt descent. The growth pace was the most rapid in 2016 an increase of 143% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Panama ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+1.0%), while the prices for the other major destinations experienced mixed trend patterns.

Plastic Closure Imports

Imports into Venezuela

In 2022, plastic closure imports into Venezuela shrank markedly to X tons, falling by -15.2% compared with the previous year's figure. In general, imports recorded a precipitous decrease. The pace of growth was the most pronounced in 2013 with an increase of 47%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, plastic closure imports reduced sharply to $X in 2022. Over the period under review, imports showed a significant decline. The pace of growth appeared the most rapid in 2013 with an increase of 56%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X tons), Brazil (X tons) and Spain (X tons) were the main suppliers of plastic closure imports to Venezuela, with a combined 81% share of total imports. The Dominican Republic, the United States and Germany lagged somewhat behind, together accounting for a further 5.6%.

From 2012 to 2022, the biggest increases were recorded for the Dominican Republic (with a CAGR of +44.4%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest plastic closure suppliers to Venezuela were China ($X), Brazil ($X) and Spain ($X), together accounting for 76% of total imports. The Dominican Republic, Germany and the United States lagged somewhat behind, together accounting for a further 4.8%.

The Dominican Republic, with a CAGR of +32.8%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average plastic closure import price stood at $X per ton in 2022, almost unchanged from the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average import price increased by 14% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+17.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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