Panama: Glass Fibre Fabrics Market 2024

Glass Fibre Fabrics Market Size in Panama

The Panamanian glass fibre fabrics market contracted significantly to $X in 2022, declining by -15.6% 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). In general, consumption, however, showed a relatively flat trend pattern. Glass fibre fabrics consumption peaked at $X in 2021, and then declined significantly in the following year.

Glass Fibre Fabrics Exports

Exports from Panama

In 2022, exports of glass fibre fabrics from Panama soared to X tons, jumping by 18% compared with the previous year. In general, exports, however, showed a abrupt descent. The pace of growth was the most pronounced in 2020 when exports increased by 193% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, glass fibre fabrics exports reduced to $X in 2022. Over the period under review, exports, however, recorded a sharp decline. The most prominent rate of growth was recorded in 2020 with an increase of 316%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Costa Rica (X tons) was the main destination for glass fibre fabrics exports from Panama, accounting for a 92% share of total exports. Moreover, glass fibre fabrics exports to Costa Rica exceeded the volume sent to the second major destination, Guatemala (X kg), more than tenfold. The third position in this ranking was held by Venezuela (X kg), with a 1.7% share.

From 2012 to 2022, the average annual growth rate of volume to Costa Rica totaled -8.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (-9.3% per year) and Venezuela (+1.1% per year).

In value terms, Costa Rica ($X) emerged as the key foreign market for glass fibre fabrics exports from Panama, comprising 58% of total exports. The second position in the ranking was taken by Guatemala ($X), with an 18% share of total exports. It was followed by Venezuela, with a 4.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Costa Rica totaled -17.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (-15.0% per year) and Venezuela (-14.7% per year).

Export Prices by Country

In 2022, the average glass fibre fabrics export price amounted to $X per ton, which is down by -23.2% against the previous year. In general, the export price saw a abrupt slump. The pace of growth was the most pronounced in 2017 when the average export price increased by 68% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Jamaica ($X per ton), while the average price for exports to Costa Rica ($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 El Salvador (+42.2%), while the prices for the other major destinations experienced more modest paces of growth.

Glass Fibre Fabrics Imports

Imports into Panama

After two years of growth, supplies from abroad of glass fibre fabrics decreased by -10.9% to X tons in 2022. In general, imports, however, showed a pronounced increase. The most prominent rate of growth was recorded in 2017 when imports increased by 61%. Over the period under review, imports attained the peak figure at X tons in 2021, and then declined in the following year.

In value terms, glass fibre fabrics imports shrank remarkably to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 103% against the previous year. Imports peaked at $X in 2021, and then reduced notably in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of glass fibre fabrics to Panama, accounting for a 49% share of total imports. Moreover, glass fibre fabrics imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. Colombia (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2022, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+12.1% per year) and Colombia (+6.2% per year).

In value terms, the largest glass fibre fabrics suppliers to Panama were China ($X), the United States ($X) and Colombia ($X), with a combined 62% share of total imports. Italy, Canada, Spain and the Czech Republic lagged somewhat behind, together accounting for a further 16%.

Among the main suppliers, Italy, with a CAGR of +23.4%, 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 glass fibre fabrics import price amounted to $X per ton, declining by -6.3% against the previous year. Over the period under review, the import price saw a perceptible descent. The most prominent rate of growth was recorded in 2017 an increase of 26%. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 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 Canada ($X per ton), while the price for the Czech Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (-3.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform