Panama: Footwear Market 2025

Footwear Market Size in Panama

In 2022, the Panamanian footwear market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Over the period under review, the total consumption indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2019 indices. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Footwear Production in Panama

In value terms, footwear production reached $X in 2022 estimated in export price. Overall, production, however, showed a mild contraction. The pace of growth was the most pronounced in 2016 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Footwear Exports

Exports from Panama

For the third consecutive year, Panama recorded decline in shipments abroad of footwear, which decreased by X% to X pairs in 2022. Overall, exports faced a abrupt downturn. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. The exports peaked at X pairs in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, footwear exports stood at $X in 2022. In general, exports saw a abrupt downturn. The pace of growth was the most pronounced in 2019 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Colombia (X pairs), Nicaragua (X pairs) and Venezuela (X pairs) were the main destinations of footwear exports from Panama, together accounting for X% of total exports. Honduras, the Dominican Republic, Guatemala, Costa Rica, El Salvador, Ecuador, Trinidad and Tobago, Haiti, Jamaica and the United States lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of X%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for footwear exported from Panama were Colombia ($X), Nicaragua ($X) and Venezuela ($X), together comprising X% of total exports. Honduras, the Dominican Republic, Costa Rica, Guatemala, Ecuador, El Salvador, Trinidad and Tobago, Jamaica, the United States and Haiti lagged somewhat behind, together accounting for a further X%.

The United States, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average footwear export price amounted to $X per pair, remaining relatively unchanged against the previous year. Overall, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of X% against the previous year. The export price peaked at $X per pair in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ecuador ($X per pair), while the average price for exports to Haiti ($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 the Dominican Republic (X%), while the prices for the other major destinations experienced more modest paces of growth.

Footwear Imports

Imports into Panama

In 2022, the amount of footwear imported into Panama declined to X pairs, waning by X% against the previous year's figure. In general, imports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at X pairs in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, footwear imports rose modestly to $X in 2022. Overall, imports faced a deep contraction. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. 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) constituted the largest supplier of footwear to Panama, with a X% share of total imports. Moreover, footwear imports from Free Zones exceeded the figures recorded by the second-largest supplier, China (X pairs), sevenfold. The United States (X pairs) ranked third in terms of total imports with a X% share.

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

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

From 2012 to 2022, the average annual rate of growth in terms of value from Free Zones amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and the United States (X% per year).

Import Prices by Country

In 2022, the average footwear import price amounted to $X per pair, picking up by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2021 an increase of X% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per pair), while the price for Free Zones ($X per pair) was amongst the lowest.

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

Source: IndexBox Platform