Venezuela: Tapered Roller Bearing Market 2024

Tapered Roller Bearing Market Size in Venezuela

The Venezuelan tapered roller bearing market declined to $X in 2021, falling by -6.4% 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, however, showed a dramatic shrinkage. Tapered roller bearing consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Tapered Roller Bearing Exports

Exports from Venezuela

In 2021, the amount of tapered roller bearings exported from Venezuela skyrocketed to X kg, increasing by 46% against 2020 figures. Over the period under review, exports, however, showed a noticeable curtailment. The most prominent rate of growth was recorded in 2018 when exports increased by 248% against the previous year. As a result, the exports attained the peak of X kg. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, tapered roller bearing exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a abrupt decrease. The growth pace was the most rapid in 2017 when exports increased by 110% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Chile (X kg) was the main destination for tapered roller bearing exports from Venezuela, with a 60% share of total exports. Moreover, tapered roller bearing exports to Chile exceeded the volume sent to the second major destination, Belgium (X kg), threefold.

From 2012 to 2021, the average annual growth rate of volume to Chile amounted to +17.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (-17.0% per year) and Panama (+15.5% per year).

In value terms, the largest markets for tapered roller bearing exported from Venezuela were Chile ($X), Belgium ($X) and Panama ($X).

Chile, with a CAGR of +16.8%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average tapered roller bearing export price stood at $X per ton in 2021, picking up by 3.5% against the previous year. Over the period under review, the export price, however, continues to indicate a slight downturn. The most prominent rate of growth was recorded in 2013 an increase of 108%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Belgium ($X per ton), while the average price for exports to Chile ($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 Belgium (+5.8%), while the prices for the other major destinations experienced a decline.

Tapered Roller Bearing Imports

Imports into Venezuela

In 2021, purchases abroad of tapered roller bearings increased by 12% to X tons, rising for the second year in a row after three years of decline. Overall, imports, however, showed a significant decrease. The pace of growth was the most pronounced in 2020 with an increase of 45%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, tapered roller bearing imports reduced to $X in 2021. In general, imports, however, showed a precipitous decrease. The most prominent rate of growth was recorded in 2020 with an increase of 11%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest tapered roller bearing supplier to Venezuela, with a 71% share of total imports. Moreover, tapered roller bearing imports from China exceeded the figures recorded by the second-largest supplier, Panama (X tons), eightfold. The third position in this ranking was held by Singapore (X tons), with a 2.6% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (-20.0% per year) and Singapore (-22.3% per year).

In value terms, China ($X) constituted the largest supplier of tapered roller bearings to Venezuela, comprising 40% of total imports. The second position in the ranking was held by Panama ($X), with a 13% share of total imports. It was followed by Hungary, with a 5.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at -17.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Panama (-26.2% per year) and Hungary (-5.5% per year).

Import Prices by Country

The average tapered roller bearing import price stood at $X per ton in 2021, which is down by -24.4% against the previous year. Over the period under review, the import price recorded a abrupt decline. The pace of growth appeared the most rapid in 2015 when the average import price increased by 9.8%. As a result, import price attained the peak level of $X per ton. From 2016 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Colombia (+5.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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