Panama: Non-Knitted Men Apparel Market 2025

Non-Knitted Men Apparel Market Size in Panama

In 2022, the Panamanian non-knitted men apparel market increased by 3.8% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, recorded a abrupt slump. Non-knitted men apparel consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Non-Knitted Men Apparel Production in Panama

In value terms, non-knitted men apparel production soared to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a deep slump. The pace of growth was the most pronounced in 2020 with an increase of 2,332%. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Non-Knitted Men Apparel Exports

Exports from Panama

In 2022, exports of men's or boys' clothing (not knitted or crocheted) from Panama dropped sharply to X units, waning by -84.3% against 2021. Over the period under review, exports continue to indicate a sharp descent. The pace of growth was the most pronounced in 2019 with an increase of 14%. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, non-knitted men apparel exports contracted dramatically to $X in 2022. Overall, exports faced a sharp decrease. The pace of growth appeared the most rapid in 2019 when exports increased by 2.7%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Free Zones (X units) was the main destination for non-knitted men apparel exports from Panama, with a 87% share of total exports. Moreover, non-knitted men apparel exports to Free Zones exceeded the volume sent to the second major destination, Venezuela (X units), more than tenfold. The third position in this ranking was held by the United States (X units), with a 3.9% share.

From 2012 to 2022, the average annual growth rate of volume to Free Zones amounted to -12.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-57.5% per year) and the United States (-37.0% per year).

In value terms, Free Zones ($X) remains the key foreign market for men's or boys' clothing (not knitted or crocheted) exports from Panama, comprising 81% of total exports. The second position in the ranking was held by the United States ($X), with an 11% share of total exports. It was followed by Venezuela, with a 5.3% share.

From 2012 to 2022, the average annual growth rate of value to Free Zones totaled +8.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-32.7% per year) and Venezuela (-60.6% per year).

Export Prices by Country

The average non-knitted men apparel export price stood at $X per unit in 2022, picking up by 64% against the previous year. Overall, the export price, however, showed a pronounced decline. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Colombia ($X per unit), while the average price for exports to Venezuela ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Curacao (+37.4%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Knitted Men Apparel Imports

Imports into Panama

For the third year in a row, Panama recorded decline in supplies from abroad of men's or boys' clothing (not knitted or crocheted), which decreased by -22.1% to X units in 2022. In general, imports faced a sharp descent. The most prominent rate of growth was recorded in 2017 when imports increased by 27% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, non-knitted men apparel imports contracted markedly to $X in 2022. Overall, imports faced a abrupt decline. The pace of growth was the most pronounced in 2017 when imports increased by 29% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Free Zones (X units) constituted the largest supplier of non-knitted men apparel to Panama, with a 67% share of total imports. Moreover, non-knitted men apparel imports from Free Zones exceeded the figures recorded by the second-largest supplier, China (X units), fivefold. The third position in this ranking was held by the United States (X units), with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Free Zones totaled +11.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-33.5% per year) and the United States (-13.6% per year).

In value terms, Free Zones ($X) constituted the largest supplier of men's or boys' clothing (not knitted or crocheted) to Panama, comprising 66% of total imports. The second position in the ranking was held by China ($X), with a 13% share of total imports. It was followed by the United States, with a 6.6% share.

From 2012 to 2022, the average annual growth rate of value from Free Zones totaled +43.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-31.1% per year) and the United States (-7.2% per year).

Import Prices by Country

The average non-knitted men apparel import price stood at $X per unit in 2022, rising by 2.7% against the previous year. Over the last decade, it increased at an average annual rate of +4.9%. The pace of growth was the most pronounced in 2015 when the average import price increased by 22% against the previous year. The import price peaked in 2022 and is expected to retain 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 Hong Kong SAR ($X per unit), while the price for Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+35.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform