Venezuela: Safety Valve Market 2024

Safety Valve Market Size in Venezuela

The Venezuelan safety valve market fell sharply to $X in 2021, shrinking by -48.7% 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). Overall, consumption saw a precipitous shrinkage. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Safety Valve Exports

Exports from Venezuela

Safety valve exports from Venezuela fell significantly to X units in 2021, with a decrease of -72.6% against the previous year. In general, exports saw a significant decline. The most prominent rate of growth was recorded in 2018 when exports increased by 529% against the previous year. The exports peaked at X units in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, safety valve exports declined markedly to $X in 2021. Overall, exports saw a sharp downturn. The growth pace was the most rapid in 2016 when exports increased by 954%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Peru (X units) was the main destination for safety valve exports from Venezuela, accounting for a 79% share of total exports. Moreover, safety valve exports to Peru exceeded the volume sent to the second major destination, Trinidad and Tobago (X units), fivefold.

From 2012 to 2021, the average annual growth rate of volume to Peru totaled -23.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Trinidad and Tobago (-10.1% per year) and the United States (-36.9% per year).

In value terms, Peru ($X) remains the key foreign market for safety or relief valves for pipes, boiler shells, tanks and vats exports from Venezuela, comprising 67% of total exports. The second position in the ranking was taken by Trinidad and Tobago ($X), with a 31% share of total exports. It was followed by the United States, with a 0.8% share.

From 2012 to 2021, the average annual growth rate of value to Peru totaled -27.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Trinidad and Tobago (-2.6% per year) and the United States (-49.2% per year).

Export Prices by Country

The average safety valve export price stood at $X per unit in 2021, with a decrease of -27.2% against the previous year. Overall, the export price recorded a deep contraction. The growth pace was the most rapid in 2016 an increase of 130%. As a result, the export price reached the peak level of $X per unit. From 2017 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Trinidad and Tobago ($X per unit), while the average price for exports to the United States ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+211.6%), while the prices for the other major destinations experienced more modest paces of growth.

Safety Valve Imports

Imports into Venezuela

Safety valve imports into Venezuela fell significantly to X units in 2021, waning by -30.3% compared with 2020. In general, imports recorded a sharp downturn. The most prominent rate of growth was recorded in 2015 when imports increased by 39% against the previous year. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, safety valve imports declined significantly to $X in 2021. Overall, imports saw a significant contraction. The most prominent rate of growth was recorded in 2015 when imports increased by 8.5%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, India (X units) constituted the largest safety valve supplier to Venezuela, accounting for a 48% share of total imports. Moreover, safety valve imports from India exceeded the figures recorded by the second-largest supplier, Japan (X units), twofold. Sweden (X units) ranked third in terms of total imports with a 6% share.

From 2012 to 2021, the average annual growth rate of volume from India amounted to +11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+22.0% per year) and Sweden (+18.2% per year).

In value terms, the largest safety valve suppliers to Venezuela were Japan ($X), the United States ($X) and India ($X), together comprising 89% of total imports.

Japan, with a CAGR of +13.3%, 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 safety valve import price stood at $X per unit in 2021, reducing by -40.1% against the previous year. Over the period under review, the import price saw a noticeable shrinkage. The growth pace was the most rapid in 2019 an increase of 28% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2020, and then dropped markedly in the following year.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+19.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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