Panama: Halogenated Hydrocarbon Derivative Market 2024

Halogenated Hydrocarbon Derivative Market Size in Panama

In 2022, the Panamanian halogenated hydrocarbon derivative market increased by 21% to $X for the first time since 2018, thus ending a three-year declining trend. In general, consumption, however, saw resilient growth. Halogenated hydrocarbon derivative consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Halogenated Hydrocarbon Derivative Exports

Exports from Panama

In 2022, overseas shipments of halogenated derivatives of hydrocarbons decreased by -4.4% to X tons, falling for the second year in a row after two years of growth. Over the period under review, exports recorded a abrupt descent. The pace of growth was the most pronounced in 2015 with an increase of 383%. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, halogenated hydrocarbon derivative exports contracted to $X in 2022. Overall, exports showed a abrupt downturn. The growth pace was the most rapid in 2015 when exports increased by 342%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Venezuela (X tons), Cuba (X tons) and Colombia (X tons) were the main destinations of halogenated hydrocarbon derivative exports from Panama, together accounting for 87% of total exports. Brazil, Jamaica, Guatemala and France lagged somewhat behind, together accounting for a further 7.3%.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +102.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Venezuela ($X) remains the key foreign market for halogenated derivatives of hydrocarbons exports from Panama, comprising 57% of total exports. The second position in the ranking was taken by Cuba ($X), with a 26% share of total exports. It was followed by Colombia, with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Venezuela amounted to -6.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cuba (-26.2% per year) and Colombia (+3.9% per year).

Export Prices by Country

The average halogenated hydrocarbon derivative export price stood at $X per ton in 2022, reducing by -3.9% against the previous year. Over the period under review, the export price showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2018 when the average export price increased by 23% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 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 Colombia ($X per ton), while the average price for exports to Brazil ($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 Colombia (+4.6%), while the prices for the other major destinations experienced mixed trend patterns.

Halogenated Hydrocarbon Derivative Imports

Imports into Panama

In 2022, purchases abroad of halogenated derivatives of hydrocarbons decreased by -6.5% to X tons, falling for the second consecutive year after seven years of growth. Over the period under review, imports, however, posted resilient growth. The most prominent rate of growth was recorded in 2014 with an increase of 111%. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, halogenated hydrocarbon derivative imports soared to $X in 2022. In general, imports, however, recorded a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 123%. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of halogenated hydrocarbon derivative to Panama, accounting for a 66% share of total imports. Moreover, halogenated hydrocarbon derivative imports from China exceeded the figures recorded by the second-largest supplier, Free Zones (X tons), fourfold. India (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +12.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (+50.2% per year) and India (+8.8% per year).

In value terms, China ($X) constituted the largest supplier of halogenated derivatives of hydrocarbons to Panama, comprising 60% of total imports. The second position in the ranking was taken by Free Zones ($X), with a 23% share of total imports. It was followed by India, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +14.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (+38.6% per year) and India (+18.0% per year).

Import Prices by Country

In 2022, the average halogenated hydrocarbon derivative import price amounted to $X per ton, surging by 45% against the previous year. Overall, import price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, halogenated hydrocarbon derivative import price increased by +69.3% against 2020 indices. The pace of growth was the most pronounced in 2017 when the average import price increased by 61% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Free Zones ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+8.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform