Panama: Natural Stone Sett Market 2024

Natural Stone Sett Market Size in Panama

The Panamanian natural stone sett market rose to $X in 2022, picking up by 3.4% against the previous year. Overall, the total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.8% against 2020 indices. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market failed to regain momentum.

Natural Stone Sett Production in Panama

In value terms, natural stone sett production rose modestly to $X in 2022 estimated in export price. In general, the total production indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.5% against 2020 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 61% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Natural Stone Sett Exports

Exports from Panama

Natural stone sett exports from Panama reduced to X tons in 2022, which is down by -11.1% against the year before. Overall, exports recorded a sharp slump. The pace of growth appeared the most rapid in 2017 when exports increased by 80% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, natural stone sett exports declined rapidly to $X in 2022. Over the period under review, exports recorded a precipitous curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 171%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Colombia (X tons) was the main destination for natural stone sett exports from Panama, accounting for a 7% share of total exports. Moreover, natural stone sett exports to Colombia exceeded the volume sent to the second major destination, Costa Rica (X kg), threefold. Venezuela (X kg) ranked third in terms of total exports with a 0.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Colombia stood at +2.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (-6.2% per year) and Venezuela (-32.0% per year).

In value terms, Venezuela ($X) remains the key foreign market for natural stone setts, kerbstones and flagstones exports from Panama, comprising 24% of total exports. The second position in the ranking was taken by Guyana ($X), with a 9.2% share of total exports. It was followed by Colombia, with a 5.2% share.

From 2012 to 2022, the average annual growth rate of value to Venezuela stood at -26.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guyana (-16.9% per year) and Colombia (-6.2% per year).

Export Prices by Country

The average natural stone sett export price stood at $X per ton in 2022, waning by -23% against the previous year. Over the period under review, the export price continues to indicate a abrupt setback. The pace of growth appeared the most rapid in 2021 when the average export price increased by 102%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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 ($X per ton), while the average price for exports to Costa Rica ($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 Guyana (+25.6%), while the prices for the other major destinations experienced mixed trend patterns.

Natural Stone Sett Imports

Imports into Panama

In 2022, natural stone sett imports into Panama declined dramatically to X tons, waning by -39.3% against 2021. In general, imports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2017 when imports increased by 488% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, natural stone sett imports dropped significantly to $X in 2022. Over the period under review, imports showed a deep slump. The growth pace was the most rapid in 2017 when imports increased by 343% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Vietnam (X tons), Indonesia (X tons) and the United States (X tons) were the main suppliers of natural stone sett imports to Panama, together accounting for 79% of total imports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +59.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Indonesia ($X) and the Dominican Republic ($X) appeared to be the largest natural stone sett suppliers to Panama, with a combined 82% share of total imports.

Indonesia, with a CAGR of +72.3%, 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 natural stone sett import price amounted to $X per ton, rising by 13% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The pace of growth appeared the most rapid in 2020 when the average import price increased by 23%. Over the period under review, average import prices attained the maximum in 2022 and is likely to see steady growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+15.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform