Venezuela: Relay Market 2024

Relay Market Size in Venezuela

The Venezuelan relay market reduced to $X in 2022, dropping by -2.5% 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, however, saw a sharp setback. Relay consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Relay Exports

Exports from Venezuela

Relay exports from Venezuela surged to X units in 2022, jumping by 40% compared with 2021 figures. Overall, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 284%. Over the period under review, the exports attained the maximum at X units in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, relay exports soared to $X in 2022. In general, exports, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2020 with an increase of 119%. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Colombia (X units) was the main destination for relay exports from Venezuela, with a 64% share of total exports. Moreover, relay exports to Colombia exceeded the volume sent to the second major destination, Spain (X units), sixfold. Kyrgyzstan (X units) ranked third in terms of total exports with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Colombia amounted to +7.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Spain (+14.7% per year) and Kyrgyzstan (0.0% per year).

In value terms, Colombia ($X) remains the key foreign market for relays exports from Venezuela, comprising 52% of total exports. The second position in the ranking was taken by the Dominican Republic ($X), with a 15% share of total exports. It was followed by Finland, with a 7.7% share.

From 2012 to 2022, the average annual growth rate of value to Colombia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+22.9% per year) and Finland (+5.2% per year).

Export Prices by Country

The average relay export price stood at $X per unit in 2022, dropping by -14.1% against the previous year. Over the period under review, the export price saw a deep reduction. The most prominent rate of growth was recorded in 2017 when the average export price increased by 115% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the Dominican Republic ($X per unit), while the average price for exports to Spain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Dominican Republic (+7.8%), while the prices for the other major destinations experienced more modest paces of growth.

Relay Imports

Imports into Venezuela

Relay imports into Venezuela rose modestly to X units in 2022, with an increase of 2.4% on the previous year's figure. Overall, imports, however, faced a sharp decline. The most prominent rate of growth was recorded in 2019 with an increase of 102%. Over the period under review, imports reached the maximum at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, relay imports reduced to $X in 2022. In general, imports, however, recorded a sharp setback. The most prominent rate of growth was recorded in 2019 when imports increased by 141%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of relay to Venezuela, with a 68% share of total imports. Moreover, relay imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), tenfold. The third position in this ranking was taken by Brazil (X units), with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -24.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (-11.2% per year) and Brazil (-27.5% per year).

In value terms, the largest relay suppliers to Venezuela were China ($X), Hong Kong SAR ($X) and the United States ($X), together accounting for 60% of total imports.

Hong Kong SAR, with a CAGR of +15.2%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average relay import price stood at $X per unit in 2022, dropping by -9.7% against the previous year. Overall, the import price, however, recorded modest growth. The most prominent rate of growth was recorded in 2014 an increase of 65%. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Hong Kong SAR ($X per unit), while the price for Turkey ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+29.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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