Panama: Steel Plaited Band Market 2024

Steel Plaited Band Market Size in Panama

The Panamanian steel plaited band market was finally on the rise to reach $X in 2022, after three years of decline. In general, consumption showed a significant increase. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Steel Plaited Band Exports

Exports from Panama

Steel plaited band exports from Panama surged to X tons in 2022, picking up by 465% compared with the year before. In general, exports, however, saw a abrupt decrease. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, steel plaited band exports surged to $X in 2022. Over the period under review, exports, however, showed a abrupt shrinkage. Over the period under review, the exports reached the maximum at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Venezuela (X tons) was the main destination for steel plaited band exports from Panama, with a 55% share of total exports. Moreover, steel plaited band exports to Venezuela exceeded the volume sent to the second major destination, Costa Rica (X tons), more than tenfold. The Dominican Republic (X tons) ranked third in terms of total exports with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Venezuela amounted to +10.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (+11.3% per year) and the Dominican Republic (+0.9% per year).

In value terms, Venezuela ($X) emerged as the key foreign market for iron or steel plaited bands and slings exports from Panama, comprising 47% of total exports. The second position in the ranking was held by Colombia ($X), with a 6.4% share of total exports. It was followed by the Dominican Republic, with a 4.7% share.

From 2012 to 2022, the average annual growth rate of value to Venezuela totaled +3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-5.4% per year) and the Dominican Republic (+8.2% per year).

Export Prices by Country

In 2022, the average steel plaited band export price amounted to $X per ton, declining by -38.3% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 64%. As a result, the export price attained the peak level of $X per ton, and then contracted dramatically in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Colombia ($X per ton), while the average price for exports to Venezuela ($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 Free Zones (+73.6%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Plaited Band Imports

Imports into Panama

In 2022, supplies from abroad of iron or steel plaited bands and slings was finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, imports recorded a resilient expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 454% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, steel plaited band imports skyrocketed to $X in 2022. In general, imports saw a prominent expansion. The most prominent rate of growth was recorded in 2017 with an increase of 260%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Brazil (X tons) and the United States (X tons) were the main suppliers of steel plaited band imports to Panama, with a combined 81% share of total imports. Argentina, South Korea, Japan, Free Zones, Mexico and Costa Rica lagged somewhat behind, together comprising a further 17%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Argentina (with a CAGR of +124.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest steel plaited band suppliers to Panama were Brazil ($X), China ($X) and the United States ($X), with a combined 82% share of total imports. South Korea, Argentina, Free Zones, Japan, Mexico and Costa Rica lagged somewhat behind, together accounting for a further 14%.

Argentina, with a CAGR of +94.1%, saw the highest growth rate of the value of imports, among the main suppliers 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 steel plaited band import price amounted to $X per ton, with an increase of 9.6% against the previous year. In general, import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the average import price increased by 49% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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 the United States ($X per ton), while the price for Costa Rica ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+13.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform