Panama: Glass Closure Market 2024

Glass Closure Market Size in Panama

The Panamanian glass closure market expanded sharply to $X in 2022, increasing by 8.9% against the previous year. Overall, consumption recorded a modest expansion. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Glass Closure Production in Panama

In value terms, glass closure production expanded significantly to $X in 2022 estimated in export price. Overall, production saw a mild increase. The pace of growth was the most pronounced in 2020 with an increase of 44% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Glass Closure Exports

Exports from Panama

In 2022, overseas shipments of glass stoppers, lids and other closures were finally on the rise to reach X kg for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, continue to indicate a sharp decline. The pace of growth appeared the most rapid in 2018 when exports increased by 1,839% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, glass closure exports expanded to $X in 2022. Overall, exports, however, faced a sharp shrinkage. The growth pace was the most rapid in 2018 with an increase of 2,466% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Colombia (X kg), Guatemala (X kg) and Costa Rica (X kg) were the main destinations of glass closure exports from Panama, together comprising 69% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Colombia (with a CAGR of +28.7%), while the other leaders experienced a decline.

In value terms, the largest markets for glass closure exported from Panama were Guatemala ($X), Costa Rica ($X) and Colombia ($X), together accounting for 70% of total exports.

Colombia, with a CAGR of +11.7%, 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 a decline.

Export Prices by Country

In 2022, the average glass closure export price amounted to $X per ton, dropping by -50.5% against the previous year. Over the period under review, the export price showed a abrupt contraction. The pace of growth appeared the most rapid in 2013 when the average export price increased by 84%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while the average price for exports to Barbados ($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 Venezuela (+4.5%), while the prices for the other major destinations experienced more modest paces of growth.

Glass Closure Imports

Imports into Panama

For the third year in a row, Panama recorded decline in overseas purchases of glass stoppers, lids and other closures, which decreased by -50.7% to X tons in 2022. In general, imports faced a drastic downturn. The pace of growth was the most pronounced in 2017 with an increase of 688%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, glass closure imports contracted notably to $X in 2022. Over the period under review, imports faced a abrupt descent. The most prominent rate of growth was recorded in 2017 with an increase of 1,114%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest glass closure supplier to Panama, with a 58% share of total imports. Moreover, glass closure imports from China exceeded the figures recorded by the second-largest supplier, the United States (X kg), threefold.

From 2012 to 2022, the average annual growth rate of volume from China totaled -5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-9.6% per year) and Free Zones (+36.1% per year).

In value terms, China ($X) constituted the largest supplier of glass stoppers, lids and other closures to Panama, comprising 54% of total imports. The second position in the ranking was held by the United States ($X), with a 23% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to -6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-1.8% per year) and Free Zones (+28.4% per year).

Import Prices by Country

The average glass closure import price stood at $X per ton in 2022, shrinking by -21.2% against the previous year. Over the period under review, the import price continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2020 an increase of 59% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Free Zones ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+23.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform