Panama: Granite Block Market 2024

Granite Block Market Size in Panama

The Panamanian granite block market reduced modestly to $X in 2022, remaining relatively unchanged 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). Over the period under review, consumption, however, recorded a abrupt decline. Granite block consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Granite Block Exports

Exports from Panama

In 2022, the amount of granite blocks and slabs exported from Panama was estimated at X tons, growing by 2% compared with the previous year. Over the period under review, total exports indicated a resilient increase from 2012 to 2022: its volume increased at an average annual rate of +8.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -2.0% against 2020 indices. The pace of growth appeared the most rapid in 2013 with an increase of 58% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, granite block exports amounted to $X in 2022. In general, exports, however, showed a abrupt setback. The pace of growth was the most pronounced in 2020 when exports increased by 0.5% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Colombia (X tons), Venezuela (X tons) and Serbia (X tons) were the main destinations of granite block exports from Panama, together accounting for 99.9% 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 Venezuela (with a CAGR of +24.7%), while the other leaders experienced more modest paces of growth.

In value terms, Venezuela ($X) remains the key foreign market for granite blocks and slabs exports from Panama, comprising 95% of total exports. The second position in the ranking was held by Serbia ($X), with a 2.7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Venezuela totaled +2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Serbia (-26.6% per year) and Colombia (-24.4% per year).

Export Prices by Country

In 2022, the average granite block export price amounted to $X per ton, declining by -1.9% against the previous year. In general, the export price recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2015 when the average export price increased by 5.1%. Over the period under review, the average export prices hit record highs 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 overseas markets. In 2022, amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while the average price for exports to Colombia ($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 (-18.2%), while the prices for the other major destinations experienced a decline.

Granite Block Imports

Imports into Panama

In 2022, imports of granite blocks and slabs into Panama totaled X tons, remaining stable against the previous year's figure. In general, imports, however, recorded a deep setback. The pace of growth was the most pronounced in 2020 with an increase of 4%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, granite block imports reached $X in 2022. Overall, imports, however, continue to indicate a pronounced descent. The pace of growth was the most pronounced in 2020 when imports increased by 1.7%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

China (X tons), the United States (X tons) and Spain (X tons) were the main suppliers of granite block imports to Panama, with a combined 100% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +35.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Spain ($X) and the United States ($X) constituted the largest granite block suppliers to Panama, together accounting for 93% of total imports.

China, with a CAGR of +7.1%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average granite block import price stood at $X per ton in 2022, leveling off at the previous year. Overall, import price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +7.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, granite block import price decreased by -1.7% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by 62% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2019; afterwards, it flattened through to 2022.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Brazil ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+4.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform