Latin America and the Caribbean: Luggage Market 2024

Luggage Market Size in Latin America and the Caribbean

The Latin American luggage market fell to $X in 2023, leveling off at the previous year. Overall, consumption, however, continues to indicate a pronounced downturn. The level of consumption peaked at $X in 2014; however, from 2015 to 2023, consumption stood at a somewhat lower figure.

Luggage Production in Latin America and the Caribbean

In value terms, luggage production reduced slightly to $X in 2023 estimated in export price. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2019 to 2023, production growth remained at a somewhat lower figure.

Luggage Exports

Exports in Latin America and the Caribbean

In 2023, shipments abroad of luggage and handbags increased by X% to X units, rising for the third year in a row after two years of decline. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The volume of export peaked in 2023 and is likely to see gradual growth in the immediate term.

In value terms, luggage exports skyrocketed to $X in 2023. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 with an increase of X%. Over the period under review, the exports reached the maximum in 2023 and are likely to see steady growth in years to come.

Exports by Country

Mexico prevails in exports structure, amounting to X units, which was approx. X% of total exports in 2023. It was distantly followed by Brazil (X units), comprising a X% share of total exports. The following exporters - Colombia (X units) and Chile (X units) - each amounted to a X% share of total exports.

From 2012 to 2023, average annual rates of growth with regard to luggage exports from Mexico stood at X%. At the same time, Brazil (X%) displayed positive paces of growth. Moreover, Brazil emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. By contrast, Chile (X%) and Colombia (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Mexico and Brazil increased by X and X percentage points, respectively.

In value terms, Mexico ($X) remains the largest luggage supplier in Latin America and the Caribbean, comprising X% of total exports. The second position in the ranking was taken by Chile ($X), with a X% share of total exports. It was followed by Brazil, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Mexico amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Chile (X% per year) and Brazil (X% per year).

Export Prices by Country

In 2023, the export price in Latin America and the Caribbean amounted to $X per unit, with an increase of X% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 an increase of X%. Over the period under review, the export prices attained the peak figure at $X per unit in 2016; however, from 2017 to 2023, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Chile ($X per unit), while Mexico ($X per unit) was amongst the lowest.

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

Luggage Imports

Imports in Latin America and the Caribbean

For the third year in a row, LatAmerica and the Caribbean recorded growth in overseas purchases of luggage and handbags, which increased by X% to X units in 2023. Over the period under review, imports, however, recorded a noticeable shrinkage. The pace of growth appeared the most rapid in 2021 when imports increased by X%. The volume of import peaked at X units in 2012; however, from 2013 to 2023, imports failed to regain momentum.

In value terms, luggage imports shrank modestly to $X in 2023. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2013; afterwards, it flattened through to 2023.

Imports by Country

Mexico (X units) and Brazil (X units) represented the key importers of luggage and handbags in 2023, accounting for approx. X% and X% of total imports, respectively. It was distantly followed by Chile (X units), achieving a X% share of total imports. The following importers - the Dominican Republic (X units), Colombia (X units), Peru (X units) and Argentina (X units) - together made up X% of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the Dominican Republic (with a CAGR of X%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Mexico ($X), Brazil ($X) and Chile ($X) were the countries with the highest levels of imports in 2023, together comprising X% of total imports. Colombia, Argentina, Peru and the Dominican Republic lagged somewhat behind, together comprising a further X%.

The Dominican Republic, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in Latin America and the Caribbean amounted to $X per unit, falling by X% against the previous year. Over the last eleven years, it increased at an average annual rate of X%. The growth pace was the most rapid in 2022 when the import price increased by X%. As a result, import price attained the peak level of $X per unit, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Argentina ($X per unit), while the Dominican Republic ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform