Plugs and Socket Price in Venezuela - 2022

Plugs and Socket Price in Venezuela (CIF) - 2022

The average plugs and socket import price stood at $0.1 per unit in 2022, remaining constant against the previous year. Overall, the import price, however, saw a perceptible setback. The growth pace was the most rapid in 2015 when the average import price increased by 38%. As a result, import price attained the peak level of $0.2 per unit. From 2016 to 2022, the average import prices remained 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 the United States ($0.6 per unit), while the price for China ($0.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+12.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Plugs and Socket Price in Venezuela (FOB) - 2022

The average plugs and socket export price stood at $0.6 per unit in 2022, dropping by -25.1% against the previous year. Overall, the export price, however, enjoyed resilient growth. The pace of growth was the most pronounced in 2021 when the average export price increased by 119%. As a result, the export price attained the peak level of $0.8 per unit, and then reduced markedly in the following year.

As there is only one major export destination, the average price level is determined by prices for the Netherlands.

From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to +14.8% per year.

Plugs and Socket Imports in Venezuela

For the fourth year in a row, Venezuela recorded growth in overseas purchases of electrical plugs and sockets for under 1000 v, which increased by 15% to 77M units in 2022. In general, imports showed a significant increase. The pace of growth was the most pronounced in 2021 when imports increased by 174% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, plugs and socket imports skyrocketed to $6.2M in 2022. Over the period under review, imports recorded a significant expansion. The pace of growth appeared the most rapid in 2021 with an increase of 114% against the previous year. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in the immediate term.

Import of Plugs and Socket in Venezuela (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	1.1	1.8	5.1	5.6	72.0%
Costa Rica	N/A	N/A	N/A	0.2	0%
Others	0.4	0.7	0.3	0.4	0.0%
Total	1.5	2.5	5.4	6.2	60.5%

Top Suppliers of Plugs and Socket to Venezuela in 2022:

China (74.5M units)
Costa Rica (1.4M units)

Plugs and Socket Exports in Venezuela

In 2022, shipments abroad of electrical plugs and sockets for under 1000 v was finally on the rise to reach 2.7M units for the first time since 2019, thus ending a two-year declining trend. Overall, exports enjoyed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, plugs and socket exports skyrocketed to $1.5M in 2022. Over the period under review, exports posted a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.