Venezuela: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in Venezuela

In 2022, the Venezuelan truck and bus tyre market was finally on the rise to reach $X after two years of decline. In general, consumption, however, continues to indicate a abrupt setback. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Exports of Tyres For Buses Or Lorries

Exports from Venezuela

In 2022, exports of tyres for buses or lorries from Venezuela amounted to X units, with an increase of 6.4% against 2021 figures. In general, exports, however, faced a drastic downturn. The pace of growth was the most pronounced in 2017 when exports increased by 134% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, truck and bus tyre exports expanded sharply to $X in 2022. Overall, exports, however, faced a precipitous shrinkage. The pace of growth was the most pronounced in 2017 when exports increased by 129% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Colombia (X units) was the main destination for truck and bus tyre exports from Venezuela, accounting for a 80% share of total exports. Moreover, truck and bus tyre exports to Colombia exceeded the volume sent to the second major destination, Chile (X units), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Colombia amounted to -18.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (-18.2% per year) and Panama (-2.6% per year).

In value terms, Chile ($X), Colombia ($X) and Panama ($X) appeared to be the largest markets for truck and bus tyre exported from Venezuela worldwide, together comprising 98% of total exports.

Panama, with a CAGR of +4.9%, saw 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 a decline.

Export Prices by Country

In 2022, the average truck and bus tyre export price amounted to $X per unit, growing by 5.7% against the previous year. Overall, the export price, however, recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2014 an increase of 8.3%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Panama ($X per unit), while the average price for exports to Colombia ($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 Panama (+7.7%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Tyres For Buses Or Lorries

Imports into Venezuela

In 2022, after two years of decline, there was significant growth in supplies from abroad of tyres for buses or lorries, when their volume increased by 9.2% to X units. Over the period under review, imports, however, continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2019 when imports increased by 44% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, truck and bus tyre imports reached $X in 2022. In general, imports, however, faced a deep reduction. The most prominent rate of growth was recorded in 2018 with an increase of 57% against the previous year. Over the period under review, imports reached the maximum 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 truck and bus tyre to Venezuela, with a 61% share of total imports. Moreover, truck and bus tyre imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), sevenfold. The third position in this ranking was held by Turkey (X units), with a 7.4% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to -9.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-8.1% per year) and Turkey (+11.6% per year).

In value terms, China ($X) constituted the largest supplier of tyres for buses or lorries to Venezuela, comprising 65% of total imports. The second position in the ranking was held by the United States ($X), with a 6.2% share of total imports. It was followed by Democratic People's Republic of Korea, with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to -11.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-13.2% per year) and Democratic People's Republic of Korea (+13.6% per year).

Import Prices by Country

In 2022, the average truck and bus tyre import price amounted to $X per unit, which is down by -7.5% against the previous year. Overall, the import price continues to indicate a pronounced slump. The most prominent rate of growth was recorded in 2018 an increase of 29% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2014; however, from 2015 to 2022, 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 Brazil ($X per unit), while the price for Turkey ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+3.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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