Panama: Non-Rolled Bitumen Products Market 2024

Non-Rolled Bitumen Products Market Size in Panama

The Panamanian non-rolled bitumen products market surged to $X in 2022, picking up by 15% against the previous year. In general, consumption, however, saw a pronounced setback. Non-rolled bitumen products consumption peaked at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Non-Rolled Bitumen Products Production in Panama

In value terms, non-rolled bitumen products production surged to $X in 2022 estimated in export price. Overall, production, however, showed a perceptible decline. The most prominent rate of growth was recorded in 2020 when the production volume increased by 89% against the previous year. Non-rolled bitumen products production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Non-Rolled Bitumen Products Exports

Exports from Panama

In 2022, after two years of decline, there was significant growth in overseas shipments of non-rolled bitumen products, when their volume increased by 75% to X tons. In general, exports, however, continue to indicate a perceptible contraction. The most prominent rate of growth was recorded in 2017 with an increase of 908% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, non-rolled bitumen products exports skyrocketed to $X in 2022. Over the period under review, exports, however, continue to indicate a perceptible shrinkage. The most prominent rate of growth was recorded in 2017 when exports increased by 1,186% against the previous year. Over the period under review, the exports attained the maximum at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

The Dominican Republic (X tons), Guatemala (X tons) and Costa Rica (X tons) were the main destinations of non-rolled bitumen products exports from Panama, together comprising 91% of total exports.

From 2012 to 2022, the biggest increases were recorded for the Dominican Republic (with a CAGR of +57.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Dominican Republic ($X), Guatemala ($X) and Costa Rica ($X) were the largest markets for non-rolled bitumen products exported from Panama worldwide, with a combined 93% share of total exports.

In terms of the main countries of destination, the Dominican Republic, with a CAGR of +50.2%, 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 non-rolled bitumen products export price amounted to $X per ton, reducing by -17.2% against the previous year. In general, the export price continues to indicate a mild setback. The most prominent rate of growth was recorded in 2013 an increase of 115% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 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 Costa Rica ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Aruba (+180.1%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Rolled Bitumen Products Imports

Imports into Panama

In 2022, the amount of non-rolled bitumen products imported into Panama rose sharply to X tons, increasing by 12% on the previous year. Over the period under review, imports saw significant growth. The most prominent rate of growth was recorded in 2017 when imports increased by 8,170%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, non-rolled bitumen products imports expanded rapidly to $X in 2022. In general, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2017 when imports increased by 5,736% against the previous year. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Canada (X tons) constituted the largest supplier of non-rolled bitumen products to Panama, accounting for a 82% share of total imports. Moreover, non-rolled bitumen products imports from Canada exceeded the figures recorded by the second-largest supplier, the United States (X tons), eightfold. Ecuador (X tons) ranked third in terms of total imports with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Canada amounted to +37.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+35.8% per year) and Ecuador (+66.6% per year).

In value terms, Canada ($X) constituted the largest supplier of non-rolled bitumen products to Panama, comprising 68% of total imports. The second position in the ranking was taken by the United States ($X), with a 16% share of total imports. It was followed by Colombia, with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Canada amounted to +37.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+42.9% per year) and Colombia (+65.1% per year).

Import Prices by Country

In 2022, the average non-rolled bitumen products import price amounted to $X per ton, waning by -3.9% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average import price increased by 99% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Colombia ($X per ton), while the price for Canada ($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 United States (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform