Venezuela: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Venezuela

The Venezuelan worked wax articles market declined to $X in 2022, waning by -10.2% 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). Over the period under review, consumption, however, faced a deep contraction. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Worked Wax Articles Exports

Exports from Venezuela

In 2022, overseas shipments of worked articles of wax decreased by -3.9% to X units for the first time since 2017, thus ending a four-year rising trend. In general, exports continue to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2015 when exports increased by 455% against the previous year. Over the period under review, the exports attained the maximum at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, worked wax articles exports reduced slightly to $X in 2022. Overall, exports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2015 with an increase of 419% 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

El Salvador (X units) was the main destination for worked wax articles exports from Venezuela, accounting for a 86% share of total exports. Moreover, worked wax articles exports to El Salvador exceeded the volume sent to the second major destination, Ecuador (X units), sixfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to El Salvador amounted to -10.1%.

In value terms, Ecuador ($X) and El Salvador ($X) appeared to be the largest markets for worked wax articles exported from Venezuela worldwide.

El Salvador, with a CAGR of +1.1%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review.

Export Prices by Country

In 2022, the average worked wax articles export price amounted to $X per thousand units, surging by 1.8% against the previous year. In general, export price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, worked wax articles export price decreased by -8.0% against 2016 indices. The pace of growth appeared the most rapid in 2013 when the average export price increased by 103% against the previous year. Over the period under review, the average export prices attained the maximum at $X per thousand units in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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 Ecuador ($X per thousand units), while the average price for exports to El Salvador stood at $X per thousand units.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ecuador (+13.5%).

Worked Wax Articles Imports

Imports into Venezuela

In 2022, purchases abroad of worked articles of wax increased by less than 0.1% to X units, rising for the second consecutive year after five years of decline. In general, imports, however, continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 when imports increased by 58%. As a result, imports attained the peak of X units. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, worked wax articles imports fell notably to $X in 2022. Overall, imports, however, faced a dramatic decline. The most prominent rate of growth was recorded in 2013 when imports increased by 68%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X units), Spain (X units) and the United States (X units) were the main suppliers of worked wax articles imports to Venezuela, with a combined 69% share of total imports. Brazil, Panama, Colombia, Italy and India lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +43.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), the United States ($X) and China ($X) constituted the largest worked wax articles suppliers to Venezuela, with a combined 66% share of total imports. Brazil, Panama, India, Colombia and Italy lagged somewhat behind, together accounting for a further 26%.

Brazil, with a CAGR of +35.3%, 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 more modest paces of growth.

Import Prices by Country

The average worked wax articles import price stood at $X per thousand units in 2022, declining by -15.7% against the previous year. Over the period under review, the import price recorded a abrupt contraction. The pace of growth was the most pronounced in 2021 an increase of 34%. Over the period under review, average import prices hit record highs at $X per thousand units in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Panama ($X per thousand units), while the price for Italy ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Panama (+7.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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