Panama: Market for Floor, Wall Or Ceiling Coverings Of Plastics 2024

Market Size for Floor, Wall Or Ceiling Coverings Of Plastics in Panama

The Panamanian market for floor, wall or ceiling coverings of plastics skyrocketed to $X in 2022, picking up by 31% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a significant increase. Over the period under review, the market reached the maximum level in 2022 and is likely to see gradual growth in the near future.

Exports of Floor, Wall Or Ceiling Coverings Of Plastics

Exports from Panama

In 2022, after two years of decline, there was significant growth in overseas shipments of floor, wall or ceiling coverings of plastics, when their volume increased by 40% to X square meters. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 164% against the previous year. Over the period under review, the exports of hit record highs at X square meters in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, exports of floor, wall or ceiling coverings of plastics soared to $X in 2022. Overall, exports recorded a mild expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 282% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cuba (X square meters) was the main destination for exports of floor, wall or ceiling coverings of plastics from Panama, accounting for a 20% share of total exports. Moreover, exports of floor, wall or ceiling coverings of plastics to Cuba exceeded the volume sent to the second major destination, Colombia (X square meters), twofold. Nicaragua (X square meters) ranked third in terms of total exports with a 7.1% share.

From 2012 to 2022, the average annual growth rate of volume to Cuba totaled +8.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (+4.2% per year) and Nicaragua (+59.8% per year).

In value terms, Cuba ($X) remains the key foreign market for floor, wall or ceiling coverings of plastics exports from Panama, comprising 19% of total exports. The second position in the ranking was held by Colombia ($X), with a 9.2% share of total exports. It was followed by Nicaragua, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Cuba totaled +5.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (+6.8% per year) and Nicaragua (+68.7% per year).

Export Prices by Country

The average export price for floor, wall or ceiling coverings of plastics stood at $X per square meter in 2022, falling by -14.5% against the previous year. Over the period under review, export price indicated measured growth from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for floor, wall or ceiling coverings of plastics increased by +10.9% against 2020 indices. The pace of growth appeared the most rapid in 2014 an increase of 45%. Over the period under review, the average export prices reached the peak figure at $X per square meter in 2021, and then reduced in the following year.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Colombia ($X per square meter) and the Dominican Republic ($X per square meter), while the average price for exports to Antigua and Barbuda ($X per square meter) and Nicaragua ($X per square meter) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Honduras (+5.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Floor, Wall Or Ceiling Coverings Of Plastics

Imports into Panama

Imports of floor, wall or ceiling coverings of plastics into Panama amounted to X square meters in 2022, growing by 11% compared with the previous year's figure. Over the period under review, imports saw significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 145% against the previous year. Over the period under review, imports of hit record highs at X square meters in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, imports of floor, wall or ceiling coverings of plastics skyrocketed to $X in 2022. Overall, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 173%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X square meters) constituted the largest supplier of plastic floor, wall and ceiling coverings to Panama, accounting for a 61% share of total imports. Moreover, imports of floor, wall or ceiling coverings of plastics from China exceeded the figures recorded by the second-largest supplier, South Korea (X square meters), sevenfold. The third position in this ranking was held by Vietnam (X square meters), with a 7.2% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +23.5%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+65.9% per year) and Vietnam (+0.3% per year).

In value terms, China ($X) constituted the largest supplier of floor, wall or ceiling coverings of plastics to Panama, comprising 55% of total imports. The second position in the ranking was held by Free Zones ($X), with a 9.3% share of total imports. It was followed by South Korea, with a 9% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +30.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (+35.1% per year) and South Korea (+64.7% per year).

Import Prices by Country

In 2022, the average import price for floor, wall or ceiling coverings of plastics amounted to $X per square meter, increasing by 27% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Free Zones ($X per square meter), while the price for Vietnam ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform