Panama: Base Metal Padlock Market 2025

Base Metal Padlock Market Size in Panama

For the fifth year in a row, the Panamanian base metal padlock market recorded decline in sales value, which decreased by -28% to $X in 2022. In general, consumption, however, saw modest growth. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Base Metal Padlock Exports

Exports from Panama

For the fourth consecutive year, Panama recorded decline in shipments abroad of base metal padlocks, which decreased by -11.5% to X tons in 2022. Over the period under review, exports showed a dramatic descent. The most prominent rate of growth was recorded in 2018 with an increase of 2.4%. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, base metal padlock exports reached $X in 2022. In general, exports continue to indicate a precipitous decrease. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Colombia (X tons), Guatemala (X tons) and Costa Rica (X tons) were the main destinations of base metal padlock exports from Panama, together accounting for 49% of total exports. Venezuela, Nicaragua, Honduras, Trinidad and Tobago, Jamaica, Cuba, Uruguay and the Dominican Republic lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the biggest increases were recorded for Uruguay (with a CAGR of -16.2%), while shipments for the other leaders experienced a decline.

In value terms, Colombia ($X) remains the key foreign market for base metal padlocks exports from Panama, comprising 31% of total exports. The second position in the ranking was taken by Venezuela ($X), with a 10% share of total exports. It was followed by Nicaragua, with a 7.4% share.

From 2012 to 2022, the average annual growth rate of value to Colombia amounted to -34.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-36.6% per year) and Nicaragua (-18.7% per year).

Export Prices by Country

In 2022, the average base metal padlock export price amounted to $X per ton, with an increase of 15% against the previous year. Overall, the export price, however, saw a slight setback. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Uruguay ($X per ton), while the average price for exports to Trinidad and Tobago ($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 Honduras (+9.2%), while the prices for the other major destinations experienced more modest paces of growth.

Base Metal Padlock Imports

Imports into Panama

For the seventh year in a row, Panama recorded decline in purchases abroad of base metal padlocks, which decreased by -24.4% to X tons in 2022. In general, imports showed a dramatic slump. The most prominent rate of growth was recorded in 2015 with an increase of 1.9%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, base metal padlock imports fell significantly to $X in 2022. Over the period under review, imports faced a abrupt decline. The pace of growth appeared the most rapid in 2017 with an increase of 51%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Free Zones (X tons), China (X tons) and the United States (X tons) were the main suppliers of base metal padlock imports to Panama, together accounting for 88% of total imports. Colombia and Canada lagged somewhat behind, together comprising a further 11%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Canada (with a CAGR of +99.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest base metal padlock suppliers to Panama were Free Zones ($X), China ($X) and the United States ($X), together accounting for 81% of total imports. Colombia and Canada lagged somewhat behind, together comprising a further 14%.

Among the main suppliers, Canada, with a CAGR of +133.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average base metal padlock import price stood at $X per ton in 2022, growing by 5.2% against the previous year. Over the period under review, the import price saw a notable increase. The growth pace was the most rapid in 2017 when the average import price increased by 116%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Colombia ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+17.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform