Panama: Athletic Footwear Market 2024

Athletic Footwear Market Size in Panama

In 2022, the Panamanian athletic footwear market decreased by -17.5% to $X, falling for the third consecutive year after three years of growth. Overall, consumption recorded a sharp curtailment. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Athletic Footwear Production in Panama

In value terms, athletic footwear production skyrocketed to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the production volume increased by 98%. As a result, production reached the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Athletic Footwear Exports

Exports from Panama

In 2022, the amount of athletic footwear exported from Panama skyrocketed to X pairs, with an increase of 277% against the previous year. In general, exports continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of 666%. As a result, the exports attained the peak of X pairs. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, athletic footwear exports soared to $X in 2022. Over the period under review, exports continue to indicate a strong increase. The most prominent rate of growth was recorded in 2014 when exports increased by 894% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Chile (X pairs), Australia (X pairs) and Hong Kong SAR (X pairs) were the main destinations of athletic footwear exports from Panama, together accounting for 58% of total exports.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +261.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for athletic footwear exported from Panama were Bermuda ($X), Australia ($X) and Hong Kong SAR ($X), together accounting for 56% of total exports.

Australia, with a CAGR of +148.2%, saw the highest growth rate of 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

The average athletic footwear export price stood at $X per pair in 2022, falling by -3.7% against the previous year. Over the last decade, it increased at an average annual rate of +4.1%. The pace of growth appeared the most rapid in 2014 when the average export price increased by 30%. The export price peaked at $X per pair in 2021, and then fell slightly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Bermuda ($X per pair), while the average price for exports to Chile ($X per pair) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Israel (+18.7%), while the prices for the other major destinations experienced more modest paces of growth.

Athletic Footwear Imports

Imports into Panama

In 2022, purchases abroad of athletic footwear was finally on the rise to reach X pairs after two years of decline. Over the period under review, imports, however, recorded a precipitous decline. Over the period under review, imports reached the peak figure at X pairs in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, athletic footwear imports surged to $X in 2022. Overall, imports, however, recorded a abrupt descent. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Free Zones (X pairs) was the main athletic footwear supplier to Panama, with a 95% share of total imports. It was followed by the United States (X pairs), with a 1.8% share of total imports. The third position in this ranking was held by China (X pairs), with a 1.4% share.

From 2012 to 2022, the average annual growth rate of volume from Free Zones stood at +49.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-9.7% per year) and China (-41.7% per year).

In value terms, Free Zones ($X) constituted the largest supplier of athletic footwear to Panama, comprising 95% of total imports. The second position in the ranking was held by the United States ($X), with a 1.8% share of total imports. It was followed by China, with a 1.4% share.

From 2012 to 2022, the average annual growth rate of value from Free Zones totaled +53.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-7.1% per year) and China (-40.0% per year).

Import Prices by Country

In 2022, the average athletic footwear import price amounted to $X per pair, reducing by -10.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.9%. The pace of growth appeared the most rapid in 2018 when the average import price increased by 15% against the previous year. Over the period under review, average import prices hit record highs at $X per pair in 2021, and then dropped in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Hong Kong SAR ($X per pair) and Indonesia ($X per pair), while the price for Free Zones ($X per pair) and the United States ($X per pair) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+3.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform