Venezuela: Waffle And Wafer Market 2024

Waffle And Wafer Market Size in Venezuela

For the third year in a row, the Venezuelan waffle and wafer market recorded growth in sales value, which increased by 248% to $X in 2021. Over the period under review, consumption showed a significant increase. Waffle and wafer consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Waffle And Wafer Exports

Exports from Venezuela

In 2021, overseas shipments of waffles and wafers increased by 73% to X tons, rising for the seventh consecutive year after two years of decline. Overall, exports recorded a significant expansion. The growth pace was the most rapid in 2019 when exports increased by 665% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see gradual growth in the near future.

In value terms, waffle and wafer exports skyrocketed to $X in 2021. In general, exports posted a significant increase. The pace of growth was the most pronounced in 2019 when exports increased by 565% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for waffle and wafer exports from Venezuela, accounting for a 84% share of total exports. Moreover, waffle and wafer exports to the United States exceeded the volume sent to the second major destination, Ecuador (X tons), eightfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +47.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (0.0% per year) and Colombia (-0.8% per year).

In value terms, the United States ($X) remains the key foreign market for waffles and wafers exports from Venezuela, comprising 86% of total exports. The second position in the ranking was held by Ecuador ($X), with a 9.5% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the United States stood at +60.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (0.0% per year) and Colombia (-0.6% per year).

Export Prices by Country

In 2021, the average waffle and wafer export price amounted to $X per ton, increasing by 4.9% against the previous year. In general, export price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when the average export price increased by 63% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per ton), while the average price for exports to Colombia ($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 the United States (+9.1%).

Waffle And Wafer Imports

Imports into Venezuela

For the third consecutive year, Venezuela recorded growth in overseas purchases of waffles and wafers, which increased by 242% to X tons in 2021. Over the period under review, imports saw a significant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 660%. Imports peaked in 2021 and are likely to continue growth in the near future.

In value terms, waffle and wafer imports soared to $X in 2021. In general, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 577% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Turkey (X tons) was the main waffle and wafer supplier to Venezuela, with a 91% share of total imports. It was followed by Colombia (X tons), with a 2.2% share of total imports. Ecuador (X tons) ranked third in terms of total imports with a 1.6% share.

From 2012 to 2021, the average annual growth rate of volume from Turkey totaled +80.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (-6.5% per year) and Ecuador (+50.5% per year).

In value terms, Turkey ($X) constituted the largest supplier of waffles and wafers to Venezuela, comprising 83% of total imports. The second position in the ranking was taken by Colombia ($X), with a 2.1% share of total imports. It was followed by Ecuador, with a 2% share.

From 2012 to 2021, the average annual growth rate of value from Turkey stood at +84.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (-17.2% per year) and Ecuador (+38.3% per year).

Import Prices by Country

The average waffle and wafer import price stood at $X per ton in 2021, which is down by -2.5% against the previous year. Overall, the import price continues to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2013 when the average import price increased by 4.4%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Peru ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Peru (+10.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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