Latin America and the Caribbean: Explosives Market 2024

Explosives Market Size in Latin America and the Caribbean

The Latin American explosives market expanded notably to $X in 2023, picking up by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2022 when the market value increased by X%. The level of consumption peaked in 2023 and is likely to continue growth in the immediate term.

Explosives Production in Latin America and the Caribbean

In value terms, explosives production declined to $X in 2023 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 with an increase of X% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2023, production stood at a somewhat lower figure.

Explosives Exports

Exports in Latin America and the Caribbean

For the third year in a row, LatAmerica and the Caribbean recorded growth in shipments abroad of prepared explosives, which increased by X% to X tons in 2023. The total export volume increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 when exports increased by X% against the previous year. The volume of export peaked in 2023 and is expected to retain growth in the near future.

In value terms, explosives exports shrank modestly to $X in 2023. Overall, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X, and then dropped in the following year.

Exports by Country

Peru (X tons) and Mexico (X tons) represented roughly X% of total exports in 2023. Costa Rica (X tons) ranks next in terms of the total exports with a X% share, followed by Brazil (X%). Chile (X tons) and the Dominican Republic (X tons) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for the Dominican Republic (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest explosives supplying countries in Latin America and the Caribbean were Mexico ($X), Peru ($X) and Brazil ($X), with a combined X% share of total exports. Costa Rica, Chile and the Dominican Republic lagged somewhat behind, together accounting for a further X%.

The Dominican Republic, with a CAGR of X%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per ton in 2023, declining by X% against the previous year. In general, the export price recorded a slight setback. The most prominent rate of growth was recorded in 2022 an increase of X% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Chile ($X per ton), while Peru ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Brazil (X%), while the other leaders experienced more modest paces of growth.

Explosives Imports

Imports in Latin America and the Caribbean

In 2023, explosives imports in Latin America and the Caribbean skyrocketed to X tons, growing by X% compared with the previous year. Total imports indicated a buoyant expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2018 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, explosives imports expanded notably to $X in 2023. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2023, the growth of imports failed to regain momentum.

Imports by Country

Mexico dominates imports structure, finishing at X tons, which was approx. X% of total imports in 2023. The Dominican Republic (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Nicaragua (X%), Bolivia (X%), Guyana (X%) and Ecuador (X%). Chile (X tons) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to explosives imports into Mexico stood at X%. At the same time, Guyana (X%), Ecuador (X%), Chile (X%), Nicaragua (X%) and Bolivia (X%) displayed positive paces of growth. Moreover, Guyana emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. The Dominican Republic experienced a relatively flat trend pattern. While the share of Mexico (X p.p.) and Guyana (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Nicaragua (X p.p.), Bolivia (X p.p.) and the Dominican Republic (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest explosives importing markets in Latin America and the Caribbean were Chile ($X), Mexico ($X) and Guyana ($X), with a combined X% share of total imports.

Among the main importing countries, Guyana, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per ton in 2023, shrinking by X% against the previous year. Overall, the import price recorded a abrupt downturn. The growth pace was the most rapid in 2018 when the import price increased by X% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Chile ($X per ton), while Mexico ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Chile (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform