Venezuela: Cotton Fabric Market 2024

Cotton Fabric Market Size in Venezuela

In 2021, the Venezuelan cotton fabric market increased by 3.6% to $X, rising for the second year in a row after two years of decline. In general, consumption, however, continues to indicate a noticeable shrinkage. Cotton fabric consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Cotton Fabric Production in Venezuela

In value terms, cotton fabric production contracted to $X in 2021 estimated in export price. Over the period under review, production showed a pronounced decrease. The pace of growth was the most pronounced in 2020 when the production volume increased by 26%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Cotton Fabric Exports

Exports from Venezuela

In 2021, overseas shipments of woven fabrics of cotton increased by 42% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports posted a prominent increase. The most prominent rate of growth was recorded in 2017 when exports increased by 212%. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, cotton fabric exports soared to $X in 2021. In general, exports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2017 when exports increased by 213%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Ecuador (X tons), Colombia (X tons) and Peru (X tons) were the main destinations of cotton fabric exports from Venezuela, with a combined 63% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Colombia (with a CAGR of +20.7%), while the other leaders experienced mixed trend patterns.

In value terms, Ecuador ($X) remains the key foreign market for woven fabrics of cotton exports from Venezuela, comprising 38% of total exports. The second position in the ranking was taken by Colombia ($X), with a 19% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Ecuador stood at +7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (+8.8% per year) and Peru (-4.9% per year).

Export Prices by Country

The average cotton fabric export price stood at $X per ton in 2021, growing by 4.8% against the previous year. Overall, the export price, however, continues to indicate a pronounced reduction. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Peru ($X per ton), while the average price for exports to Colombia ($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 Peru (-1.0%), while the prices for the other major destinations experienced a decline.

Cotton Fabric Imports

Imports into Venezuela

In 2021, the amount of woven fabrics of cotton imported into Venezuela skyrocketed to X tons, picking up by 225% against the previous year's figure. Overall, imports saw a mild expansion. Over the period under review, imports reached the maximum at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, cotton fabric imports surged to $X in 2021. In general, imports, however, continue to indicate a noticeable setback. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest cotton fabric supplier to Venezuela, accounting for a 39% share of total imports. Moreover, cotton fabric imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), fourfold. Hong Kong SAR (X tons) ranked third in terms of total imports with a 1.9% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-9.5% per year) and Hong Kong SAR (+0.9% per year).

In value terms, the largest cotton fabric suppliers to Venezuela were China ($X), India ($X) and Brazil ($X), with a combined 25% share of total imports. Hong Kong SAR, Panama, Colombia, Ecuador, the United Arab Emirates, Pakistan and Peru lagged somewhat behind, together accounting for a further 3.3%.

Hong Kong SAR, with a CAGR of -7.3%, recorded 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

In 2021, the average cotton fabric import price amounted to $X per ton, almost unchanged from the previous year. Overall, the import price, however, recorded a perceptible decrease. The most prominent rate of growth was recorded in 2014 an increase of 18%. As a result, import price reached the peak level of $X per ton. From 2015 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, amid the top importers, the country with the highest price was Pakistan ($X per ton), while the price for Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+14.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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