Panama: Paint And Varnish Market 2024

Paint And Varnish Market Size in Panama

The Panamanian paint and varnish market reached $X in 2022, remaining stable against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, continues to indicate a significant expansion. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Paint And Varnish Exports

Exports from Panama

In 2022, overseas shipments of paints and varnishes decreased by -38.3% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports, however, saw a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of 90% against the previous year. The exports peaked at X tons in 2021, and then contracted rapidly in the following year.

In value terms, paint and varnish exports reduced dramatically to $X in 2022. Over the period under review, exports recorded a perceptible slump. The pace of growth was the most pronounced in 2020 with an increase of 23% against the previous year. The exports peaked at $X in 2021, and then fell sharply in the following year.

Exports by Country

Mexico (X tons) was the main destination for paint and varnish exports from Panama, with a 40% share of total exports. Moreover, paint and varnish exports to Mexico exceeded the volume sent to the second major destination, Guatemala (X tons), twofold. El Salvador (X tons) ranked third in terms of total exports with a 16% share.

From 2012 to 2022, the average annual growth rate of volume to Mexico stood at +53.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (+31.8% per year) and El Salvador (+70.2% per year).

In value terms, Mexico ($X) emerged as the key foreign market for paints and varnishes exports from Panama, comprising 51% of total exports. The second position in the ranking was taken by Guatemala ($X), with a 12% share of total exports. It was followed by El Salvador, with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Mexico totaled +30.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (+24.0% per year) and El Salvador (+55.2% per year).

Export Prices by Country

In 2022, the average paint and varnish export price amounted to $X per ton, shrinking by -10.6% against the previous year. Over the period under review, the export price saw a abrupt downturn. The growth pace was the most rapid in 2013 when the average export price increased by 2.2%. Over the period under review, the average export prices attained the maximum at $X per ton in 2014; however, from 2015 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 Venezuela ($X per ton), while the average price for exports to El Salvador ($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 Honduras (-2.4%), while the prices for the other major destinations experienced a decline.

Paint And Varnish Imports

Imports into Panama

In 2022, approx. X tons of paints and varnishes were imported into Panama; falling by -8% on the year before. Over the period under review, imports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2017 when imports increased by 2,471% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, paint and varnish imports rose modestly to $X in 2022. In general, imports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 1,006%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Costa Rica (X tons), Guatemala (X tons) and El Salvador (X tons) were the main suppliers of paint and varnish imports to Panama, with a combined 65% share of total imports. Colombia, the United States, Nicaragua, Free Zones, Mexico, China and the UK lagged somewhat behind, together comprising a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Nicaragua (with a CAGR of +512.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Costa Rica ($X) constituted the largest supplier of paints and varnishes to Panama, comprising 35% of total imports. The second position in the ranking was taken by the United States ($X), with a 15% share of total imports. It was followed by El Salvador, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from Costa Rica totaled +165.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+42.2% per year) and El Salvador (+369.0% per year).

Import Prices by Country

In 2022, the average paint and varnish import price amounted to $X per ton, rising by 13% against the previous year. Overall, the import price, however, continues to indicate a abrupt downturn. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Free Zones ($X per ton), while the price for Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guatemala (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform