Venezuela: Market for Polyethylene in Primary Forms 2024

Market Size for Polyethylene in Primary Forms in Venezuela

After two years of growth, the Venezuelan polyethylene in primary forms market decreased by -3.5% to $X in 2021. In general, consumption recorded a abrupt setback. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Polyethylene in Primary Forms in Venezuela

In value terms, polyethylene in primary forms production reduced modestly to $X in 2021 estimated in export price. Over the period under review, production saw a deep slump. The pace of growth appeared the most rapid in 2015 when the production volume increased by 44%. As a result, production attained the peak level of $X. From 2016 to 2021, production growth remained at a somewhat lower figure.

Exports of Polyethylene in Primary Forms

Exports from Venezuela

In 2021, overseas shipments of polyethylene in primary forms decreased by -20.7% to X tons, falling for the fourth consecutive year after two years of growth. In general, exports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 370% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, polyethylene in primary forms exports shrank notably to $X in 2021. Over the period under review, exports, however, saw a measured increase. The pace of growth was the most pronounced in 2016 with an increase of 287%. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Colombia (X tons) was the main destination for polyethylene in primary forms exports from Venezuela, with a 98% share of total exports. It was followed by Panama (X tons), with a 2% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Colombia totaled +31.3%.

In value terms, Colombia ($X) emerged as the key foreign market for polyethylene in primary forms exports from Venezuela, comprising 90% of total exports. The second position in the ranking was held by Panama ($X), with a 9.8% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Colombia totaled +11.7%.

Export Prices by Country

In 2021, the average polyethylene in primary forms export price amounted to $X per ton, with a decrease of -14.3% against the previous year. Over the period under review, the export price showed a deep contraction. The pace of growth was the most pronounced in 2015 when the average export price increased by 39%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Panama ($X per ton), while the average price for exports to Colombia amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Panama (+16.1%), while the prices for the other major destinations experienced a decline.

Imports of Polyethylene in Primary Forms

Imports into Venezuela

In 2021, purchases abroad of polyethylene in primary forms increased by 5.6% to X tons, rising for the fourth consecutive year after five years of decline. Overall, imports, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 314% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, polyethylene in primary forms imports soared to $X in 2021. Over the period under review, imports, however, recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2018 when imports increased by 276% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest polyethylene in primary forms supplier to Venezuela, accounting for a 84% share of total imports. Moreover, polyethylene in primary forms imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), more than tenfold. South Korea (X tons) ranked third in terms of total imports with a 2.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States stood at -7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+22.2% per year) and South Korea (-21.3% per year).

In value terms, the United States ($X) constituted the largest supplier of polyethylene in primary forms to Venezuela, comprising 86% of total imports. The second position in the ranking was held by China ($X), with a 3% share of total imports. It was followed by South Korea, with a 2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States stood at -6.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+24.1% per year) and South Korea (-21.5% per year).

Import Prices by Country

The average polyethylene in primary forms import price stood at $X per ton in 2021, increasing by 73% against the previous year. In general, import price indicated mild growth from 2012 to 2021: its price increased at an average annual rate of +1.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, average import prices hit record highs at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a 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 Colombia ($X per ton), while the price for Taiwan (Chinese) ($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 (+1.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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