Ecuador: Market for Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel) 2022

Market Size for Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel) in Ecuador

In 2020, the Ecuadorian iron and steel wire market increased by X% to $X, rising for the eighth consecutive year after two years of decline. Overall, consumption continues to indicate a pronounced shrinkage. The pace of growth appeared the most rapid in 2013 when the market value increased by X% against the previous year. Iron and steel wire consumption peaked at $X in 2008; however, from 2009 to 2020, consumption remained at a lower figure.

Production of Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel) in Ecuador

In value terms, iron and steel wire production fell dramatically to $X in 2020 estimated in export prices. Overall, production faced a deep setback. The growth pace was the most rapid in 2016 with an increase of X% y-o-y. Over the period under review, production hit record highs at $X in 2010; however, from 2011 to 2020, production stood at a somewhat lower figure.

Exports of Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel)

Exports from Ecuador

In 2020, overseas shipments of wire of iron or non-alloy steel (stainless steel or other alloy steel) decreased by -X% to X tons for the first time since 2017, thus ending a two-year rising trend. Overall, exports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2012 with an increase of X% year-to-year. As a result, exports attained the peak of X tons. from 2013 to 2020, the growth exports failed to regain the momentum.

In value terms, iron and steel wire exports contracted modestly to $X in 2020. In general, exports, however, continue to indicate a noticeable increase. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. Exports peaked at $X in 2012; however, from 2013 to 2020, exports stood at a somewhat lower figure.

Exports by Country

Costa Rica (X tons) was the main destination for iron and steel wire exports from Ecuador, with a X% share of total exports. Moreover, iron and steel wire exports to Costa Rica exceeded the volume sent to the second major destination, Chile (X tons), eightfold. The third position in this ranking was occupied by Colombia (X tons), with a X% share.

From 2007 to 2020, the average annual growth rate of volume to Costa Rica totaled +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+X% per year) and Colombia (-X% per year).

In value terms, Costa Rica ($X) remains the key foreign market for iron and steel wire exports from Ecuador, comprising X% of total exports. The second position in the ranking was occupied by Chile ($X), with a X% share of total exports. It was followed by Colombia, with a X% share.

From 2007 to 2020, the average annual rate of growth in terms of value to Costa Rica amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Chile (+X% per year) and Colombia (-X% per year).

Export Prices by Country

In 2020, the average iron and steel wire export price amounted to $X per ton, shrinking by -X% against the previous year. In general, the export price saw a mild decrease. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. Over the period under review, average export prices reached the peak figure at $X per ton in 2008; however, from 2009 to 2020, export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2020, the country with the highest price was Brazil ($X per ton), while the average price for exports to India ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Chile, while the prices for the other major destinations experienced a decline.

Imports of Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel)

Imports into Ecuador

In 2020, overseas purchases of wire of iron or non-alloy steel (stainless steel or other alloy steel) decreased by -X% to X tons, falling for the second year in a row after three years of growth. Over the period under review, total imports indicated modest growth from 2007 to 2020: its volume increased at an average annual rate of +X% over the last thirteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, imports decreased by -X% against 2018 indices. The most prominent rate of growth was recorded in 2008 with an increase of X% y-o-y. Imports peaked at X tons in 2018; however, from 2019 to 2020, imports remained at a lower figure.

In value terms, iron and steel wire imports declined markedly to $X in 2020. Overall, total imports indicated a mild expansion from 2007 to 2020: its value increased at an average annual rate of +X% over the last thirteen-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2020 figures, imports decreased by -X% against 2018 indices. The pace of growth was the most pronounced in 2008 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2018; however, from 2019 to 2020, imports remained at a lower figure.

Imports by Country

In 2020, China (X tons) constituted the largest iron and steel wire supplier to Ecuador, with a X% share of total imports. Moreover, iron and steel wire imports from China exceeded the figures recorded by the second-largest supplier, Belarus (X tons), threefold. The third position in this ranking was occupied by the U.S. (X tons), with a X% share.

From 2007 to 2020, the average annual rate of growth in terms of volume from China totaled +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Belarus (+X% per year) and the U.S. (-X% per year).

In value terms, the largest iron and steel wire suppliers to Ecuador were China ($X), Belarus ($X) and the U.S. ($X), together accounting for X% of total imports.

Belarus (+X% per year) saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2020, the average iron and steel wire import price amounted to $X per ton, picking up by X% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2008 when the average import price increased by X% year-to-year. As a result, import price attained the peak level of $X per ton. from 2009 to 2020, the growth in terms of the average import prices failed to regain the momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was the U.S. ($X per ton), while the price for Greece ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by China, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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