Panama: Particle Board Market 2024

Particle Board Market Size in Panama

The Panamanian particle board market dropped to $X in 2022, with a decrease of -4.9% against the previous year. Over the period under review, consumption, however, recorded a buoyant expansion. Over the period under review, the market hit record highs at $X in 2021, and then dropped slightly in the following year.

Particle Board Production in Panama

In value terms, particle board production stood at $X in 2022 estimated in export price. In general, production recorded a significant contraction. The growth pace was the most rapid in 2016 with an increase of 171% against the previous year. Particle board production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Particle Board Exports

Exports from Panama

In 2022, overseas shipments of particle board decreased by -50.6% to X cubic meters, falling for the fourth year in a row after three years of growth. Overall, exports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2017 with an increase of 283% against the previous year. Over the period under review, the exports reached the maximum at X cubic meters in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, particle board exports reduced remarkably to $X in 2022. In general, exports saw a drastic downturn. The pace of growth appeared the most rapid in 2017 with an increase of 578% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Colombia (X cubic meters) was the main destination for particle board exports from Panama, accounting for a 29% share of total exports. Moreover, particle board exports to Colombia exceeded the volume sent to the second major destination, Nicaragua (X cubic meters), twofold. The third position in this ranking was held by Costa Rica (X cubic meters), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Colombia stood at -22.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (+17.5% per year) and Costa Rica (-5.7% per year).

In value terms, Colombia ($X) emerged as the key foreign market for particle board exports from Panama, comprising 49% of total exports. The second position in the ranking was held by Honduras ($X), with a 15% share of total exports. It was followed by Free Zones, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to Colombia stood at -19.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (-36.6% per year) and Free Zones (+95.6% per year).

Export Prices by Country

In 2022, the average particle board export price amounted to $X per cubic meter, growing by 11% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 77% against the previous year. As a result, the export price attained the peak level of $X per cubic meter. From 2018 to 2022, the average export prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+6,450.0%), while the prices for the other major destinations experienced more modest paces of growth.

Particle Board Imports

Imports into Panama

In 2022, particle board imports into Panama dropped to X cubic meters, which is down by -11.4% against the previous year. 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 16,579% against the previous year. Over the period under review, imports reached the maximum at X cubic meters in 2021, and then shrank in the following year.

In value terms, particle board imports expanded remarkably to $X in 2022. Overall, imports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 15,130% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in years to come.

Imports by Country

Ecuador (X cubic meters), Brazil (X cubic meters) and Spain (X cubic meters) were the main suppliers of particle board imports to Panama, together comprising 80% of total imports.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +109.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Ecuador ($X), Brazil ($X) and Spain ($X) were the largest particle board suppliers to Panama, together comprising 80% of total imports.

Brazil, with a CAGR of +113.6%, recorded 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

The average particle board import price stood at $X per cubic meter in 2022, surging by 25% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average import price increased by 279%. The import price peaked at $X per cubic meter in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Colombia ($X per cubic meter) and Brazil ($X per cubic meter), while the price for Guatemala ($X per cubic meter) and Mexico ($X per cubic meter) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+11.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform