Panama: Knotted Carpet Market 2025

Knotted Carpet Market Size in Panama

The Panamanian knotted carpet market shrank to $X in 2022, which is down by -14.7% against the previous year. Overall, consumption saw a drastic downturn. Knotted carpet consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Knotted Carpet Production in Panama

In value terms, knotted carpet production contracted to $X in 2022 estimated in export price. In general, production recorded a abrupt setback. The most prominent rate of growth was recorded in 2019 when the production volume increased by 86%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Knotted Carpet Exports

Exports from Panama

In 2022, the amount of knotted carpets and other knotted textile floor coverings exported from Panama surged to X square meters, jumping by 69% compared with 2021 figures. Over the period under review, exports posted a tangible expansion. The pace of growth was the most pronounced in 2015 when exports increased by 217% against the previous year. Over the period under review, the exports reached the maximum at X square meters in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, knotted carpet exports surged to $X in 2022. In general, exports, however, continue to indicate a perceptible contraction. The pace of growth appeared the most rapid in 2020 when exports increased by 83%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Cuba (X square meters), Suriname (X square meters) and Bahamas (X square meters) were the main destinations of knotted carpet exports from Panama, together comprising 63% of total exports.

From 2012 to 2022, the biggest increases were recorded for Cuba (with a CAGR of +70.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for knotted carpet exported from Panama were Cuba ($X), Suriname ($X) and Saint Kitts and Nevis ($X), with a combined 58% share of total exports.

Among the main countries of destination, Cuba, with a CAGR of +54.6%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average knotted carpet export price amounted to $X per square meter, dropping by -3.1% against the previous year. In general, the export price recorded a drastic downturn. The pace of growth was the most pronounced in 2019 when the average export price increased by 71% against the previous year. The export price peaked at $X per square meter in 2013; however, from 2014 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 France ($X per square meter), while the average price for exports to Bahamas ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Guyana (+4.1%), while the prices for the other major destinations experienced mixed trend patterns.

Knotted Carpet Imports

Imports into Panama

In 2022, knotted carpet imports into Panama fell significantly to X square meters, declining by -91.9% on 2021 figures. In general, imports faced a significant decrease. The most prominent rate of growth was recorded in 2017 with an increase of 4,445% against the previous year. As a result, imports reached the peak of X square meters. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, knotted carpet imports declined markedly to $X in 2022. Over the period under review, imports recorded a deep reduction. The pace of growth appeared the most rapid in 2017 with an increase of 3,158%. 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

The United States (X square meters), Free Zones (X square meters) and China (X square meters) were the main suppliers of knotted carpet imports to Panama, with a combined 84% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Free Zones (with a CAGR of +81.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest knotted carpet suppliers to Panama were Free Zones ($X), India ($X) and Spain ($X), together accounting for 79% of total imports.

Free Zones, with a CAGR of +87.9%, saw 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 more modest paces of growth.

Import Prices by Country

In 2022, the average knotted carpet import price amounted to $X per square meter, dropping by -45.1% against the previous year. In general, the import price, however, enjoyed a strong expansion. The pace of growth appeared the most rapid in 2021 when the average import price increased by 67%. As a result, import price attained the peak level of $X per square meter, and then dropped remarkably in the following year.

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 Spain ($X per square meter), while the price for the United States ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+13.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform