Venezuela: Market for Natural Bitumen and Asphalt 2024

Market Size for Natural Bitumen and Asphalt in Venezuela

The Venezuelan natural bitumen and asphalt market reduced to $X in 2022, approximately mirroring the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Natural Bitumen and Asphalt in Venezuela

In value terms, natural bitumen and asphalt production contracted modestly to $X in 2022 estimated in export price. In general, the total production indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of X%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Exports of Natural Bitumen and Asphalt

Exports from Venezuela

In 2022, shipments abroad of natural bitumen and asphalt was finally on the rise to reach X tons for the first time since 2017, thus ending a four-year declining trend. Over the period under review, exports, however, showed a precipitous curtailment. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, natural bitumen and asphalt exports skyrocketed to $X in 2022. Overall, exports, however, faced a dramatic downturn. The pace of growth was the most pronounced in 2017 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Costa Rica (X tons), the United States (X tons) and Antigua and Barbuda (X tons) were the main destinations of natural bitumen and asphalt exports from Venezuela, with a combined X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Antigua and Barbuda (with a CAGR of X%), while the other leaders experienced a decline.

In value terms, the largest markets for natural bitumen and asphalt exported from Venezuela were Costa Rica ($X), the United States ($X) and Antigua and Barbuda ($X), together accounting for X% of total exports.

Among the main countries of destination, Costa Rica, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average natural bitumen and asphalt export price amounted to $X per ton, shrinking by X% against the previous year. Overall, the export price showed a perceptible downturn. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2015 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Antigua and Barbuda ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (X%), while the prices for the other major destinations experienced a decline.

Imports of Natural Bitumen and Asphalt

Imports into Venezuela

In 2022, approx. X tons of natural bitumen and asphalt were imported into Venezuela; shrinking by X% compared with 2021 figures. In general, imports showed a dramatic shrinkage. The growth pace was the most rapid in 2016 with an increase of X%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, natural bitumen and asphalt imports reduced remarkably to $X in 2022. Overall, imports showed a sharp decrease. The most prominent rate of growth was recorded in 2017 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United States (X tons), Iran (X tons) and South Africa (X kg) were the main suppliers of natural bitumen and asphalt imports to Venezuela, with a combined X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for South Africa (with a CAGR of X%), while purchases for the other leaders experienced a decline.

In value terms, the United States ($X) constituted the largest supplier of natural bitumen and asphalt to Venezuela, comprising X% of total imports. The second position in the ranking was held by Iran ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Iran (X% per year) and South Africa (X% per year).

Import Prices by Country

In 2022, the average natural bitumen and asphalt import price amounted to $X per ton, which is down by X% against the previous year. Over the period under review, the import price showed a mild descent. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Africa ($X per ton), while the price for Iran ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%).

Source: IndexBox Platform

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