Panama: Market for Extruded Solid Rubber Rods And Profiles 2024

Market Size for Extruded Solid Rubber Rods And Profiles in Panama

In 2022, the Panamanian extruded solid rubber rod market was finally on the rise to reach $X after three years of decline. Overall, consumption, however, saw a pronounced downturn. Extruded solid rubber rod consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Exports of Extruded Solid Rubber Rods And Profiles

Exports from Panama

For the third year in a row, Panama recorded decline in shipments abroad of extruded solid rubber rods and profiles, which decreased by -3.1% to X tons in 2022. Over the period under review, exports continue to indicate a deep setback. The growth pace was the most rapid in 2015 with an increase of 15,612%. As a result, the exports reached the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, extruded solid rubber rod exports totaled $X in 2022. In general, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when exports increased by 13,996% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Cuba (X kg) was the main destination for extruded solid rubber rod exports from Panama, accounting for a 29% share of total exports. Moreover, extruded solid rubber rod exports to Cuba exceeded the volume sent to the second major destination, Nicaragua (X kg), threefold. Colombia (X kg) ranked third in terms of total exports with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cuba amounted to +43.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (+4.1% per year) and Colombia (-10.5% per year).

In value terms, the largest markets for extruded solid rubber rod exported from Panama were Nicaragua ($X), Colombia ($X) and Cuba ($X), with a combined 36% share of total exports.

In terms of the main countries of destination, Cuba, with a CAGR of +41.8%, saw the highest growth rate of the value of exports, 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 extruded solid rubber rod export price amounted to $X per ton, surging by 4.4% against the previous year. Overall, the export price enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2021 when the average export price increased by 39%. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to Cuba ($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 (+22.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Extruded Solid Rubber Rods And Profiles

Imports into Panama

In 2022, after four years of decline, there was significant growth in overseas purchases of extruded solid rubber rods and profiles, when their volume increased by 76% to X tons. In general, imports, however, saw a pronounced setback. Imports peaked at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, extruded solid rubber rod imports skyrocketed to $X in 2022. Over the period under review, imports, however, saw a deep downturn. The growth pace was the most rapid in 2017 with an increase of 109%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Peru (X tons) constituted the largest supplier of extruded solid rubber rod to Panama, with a 80% share of total imports. Moreover, extruded solid rubber rod imports from Peru exceeded the figures recorded by the second-largest supplier, Free Zones (X tons), eightfold. The third position in this ranking was taken by Colombia (X tons), with a 6.3% share.

From 2012 to 2022, the average annual growth rate of volume from Peru totaled +34.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (+67.0% per year) and Colombia (+17.2% per year).

In value terms, Peru ($X) constituted the largest supplier of extruded solid rubber rods and profiles to Panama, comprising 68% of total imports. The second position in the ranking was held by Free Zones ($X), with an 18% share of total imports. It was followed by Colombia, with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Peru stood at +29.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (+37.6% per year) and Colombia (+8.5% per year).

Import Prices by Country

In 2022, the average extruded solid rubber rod import price amounted to $X per ton, dropping by -24.2% against the previous year. In general, the import price showed a noticeable decline. The most prominent rate of growth was recorded in 2017 an increase of 33% against the previous year. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+7.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform