Panama: Market for Footwear with Uppers of Textile Materials 2024

Market Size for Footwear with Uppers of Textile Materials in Panama

In 2022, the Panamanian market for footwear with uppers of textile materials decreased by -12.9% to $X, falling for the third consecutive year after five years of growth. Over the period under review, consumption, however, continues to indicate a strong increase. Consumption of peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Footwear with Uppers of Textile Materials in Panama

In value terms, production of footwear with uppers of textile materials declined modestly to $X in 2022 estimated in export price. In general, production, however, saw a strong increase. The pace of growth was the most pronounced in 2017 with an increase of 253%. Production of peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Footwear with Uppers of Textile Materials

Exports from Panama

In 2022, overseas shipments of footwear with uppers of textile materials were finally on the rise to reach X pairs for the first time since 2018, thus ending a three-year declining trend. In general, exports, however, continue to indicate a deep contraction. The pace of growth appeared the most rapid in 2017 with an increase of 367%. Over the period under review, the exports of attained the peak figure at X pairs in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, exports of footwear with uppers of textile materials soared to $X in 2022. Over the period under review, exports, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2017 when exports increased by 334%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Colombia (X pairs), Peru (X pairs) and Guatemala (X pairs) were the main destinations of exports of footwear with uppers of textile materials from Panama, together accounting for 37% of total exports.

From 2012 to 2022, the biggest increases were recorded for Peru (with a CAGR of +59.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for footwear with uppers of textile materials exported from Panama were Colombia ($X), Guatemala ($X) and Peru ($X), together comprising 37% of total exports.

In terms of the main countries of destination, Peru, with a CAGR of +58.0%, recorded the highest rates of growth with regard to 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 export price for footwear with uppers of textile materials amounted to $X per pair, stabilizing at the previous year. In general, export price indicated a moderate expansion from 2012 to 2022: its price increased at an average annual rate of +3.3% 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 footwear with uppers of textile materials decreased by -7.5% against 2019 indices. The growth pace was the most rapid in 2016 an increase of 21%. The export price peaked at $X per pair in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the United States ($X per pair) and the Dominican Republic ($X per pair), while the average price for exports to Chile ($X per pair) and Costa Rica ($X per pair) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ecuador (+5.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Footwear with Uppers of Textile Materials

Imports into Panama

In 2022, purchases abroad of footwear with uppers of textile materials increased by 35% to X pairs for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, saw a abrupt descent. Over the period under review, imports of attained the peak figure at X pairs in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, imports of footwear with uppers of textile materials skyrocketed to $X in 2022. Overall, imports, however, continue to indicate a abrupt downturn. Over the period under review, imports of attained the maximum at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

China (X pairs), Free Zones (X pairs) and Italy (X pairs) were the main suppliers of imports of footwear with uppers of textile materials to Panama, together accounting for 78% of total imports.

From 2012 to 2022, the biggest increases were recorded for Free Zones (with a CAGR of +54.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Free Zones ($X) and Italy ($X) constituted the largest footwear with uppers of textile materials suppliers to Panama, together accounting for 79% of total imports.

In terms of the main suppliers, Free Zones, with a CAGR of +61.0%, saw the highest growth rate of 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

In 2022, the average import price for footwear with uppers of textile materials amounted to $X per pair, therefore, remained relatively stable against the previous year. Over the last decade, it increased at an average annual rate of +3.2%. The most prominent rate of growth was recorded in 2020 an increase of 20%. The import price peaked at $X per pair in 2021, and then reduced in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Italy ($X per pair) and Vietnam ($X per pair), while the price for Spain ($X per pair) and the United States ($X per pair) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+22.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform