Panama: Market for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver 2024

Market Size for Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Panama

The Panamanian market for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver rose to $X in 2022, increasing by 4.7% against the previous year. Overall, consumption saw a strong increase. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the near future.

Production of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver in Panama

In value terms, production of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver stood at $X in 2022 estimated in export price. Over the period under review, the total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +7.1% 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 +30.2% against 2016 indices. The pace of growth was the most pronounced in 2013 when the production volume increased by 47%. Over the period under review, production of hit record highs in 2022 and is expected to retain growth in the immediate term.

Exports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Exports from Panama

For the fourth year in a row, Panama recorded decline in overseas shipments of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver, which decreased by -7.7% to X kg in 2022. Over the period under review, exports continue to indicate a precipitous contraction. The most prominent rate of growth was recorded in 2018 with an increase of 139%. Over the period under review, the exports of attained the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X in 2022. In general, exports recorded a precipitous contraction. The most prominent rate of growth was recorded in 2018 with an increase of 194% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Chile (X kg), the United States (X kg) and Guatemala (X kg) were the main destinations of exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Panama, with a combined 58% share of total exports. Peru, Colombia, Ecuador, Costa Rica and Venezuela lagged somewhat behind, together accounting for a further 42%. Moreover, exports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver in Chile exceeded the figures recorded by the second-largest exporter, the United States, twofold.

From 2012 to 2022, the biggest increases were recorded for Costa Rica (with a CAGR of 0.0%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for non-silver precious metal goldsmiths ware articles exported from Panama were Guatemala ($X), the United States ($X) and Venezuela ($X), together comprising 96% of total exports. Chile, Colombia, Costa Rica, Peru and Ecuador lagged somewhat behind, together accounting for a further 3.7%.

Costa Rica, with a CAGR of +10.5%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X per kg, rising by 8.3% against the previous year. In general, the export price continues to indicate buoyant growth. The pace of growth was the most pronounced in 2013 when the average export price increased by 162% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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 Guatemala ($X per kg), while the average price for exports to Ecuador ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+31.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles of Goldsmiths’ or Silversmiths’ Wares of Precious Metals other than Silver

Imports into Panama

Imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver into Panama fell rapidly to X kg in 2022, with a decrease of -66.7% on 2021 figures. Overall, imports continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2017 with an increase of 311%. Imports peaked at X kg in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver declined markedly to $X in 2022. Over the period under review, imports recorded a sharp contraction. The most prominent rate of growth was recorded in 2016 when imports increased by 5,354%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Free Zones (X kg) constituted the largest supplier of non-silver precious metal goldsmiths ware articles to Panama, with a 83% share of total imports. Moreover, imports of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver from Free Zones exceeded the figures recorded by the second-largest supplier, the United States (X kg), fivefold.

From 2012 to 2022, the average annual growth rate of volume from Free Zones totaled -6.7%.

In value terms, Free Zones ($X) constituted the largest supplier of articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver to Panama, comprising 83% of total imports. The second position in the ranking was held by the United States ($X), with a 17% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Free Zones stood at -23.5%.

Import Prices by Country

In 2022, the average import price for articles of goldsmiths’ or silversmiths’ wares of precious metals other than silver amounted to $X per kg, with a decrease of -17.5% against the previous year. In general, the import price continues to indicate a abrupt decline. The growth pace was the most rapid in 2016 when the average import price increased by 2,082%. The import price peaked at $X per kg in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Free Zones ($X per kg), while the price for the United States amounted to $X per kg.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+13.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform