Panama: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in Panama

For the third year in a row, the Panamanian market for petroleum lubricating oil and grease recorded growth in sales value, which increased by X% to $X in 2022. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Petroleum lubricating oil and grease consumption peaked in 2022 and is likely to see gradual growth in the near future.

Production of Petroleum Lubricating Oil And Grease in Panama

In value terms, petroleum lubricating oil and grease production expanded slightly to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Exports of Petroleum Lubricating Oil And Grease

Exports from Panama

After three years of growth, overseas shipments of petroleum lubricating oil and grease decreased by X% to X tons in 2022. Over the period under review, exports, however, recorded significant growth. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2021, and then dropped sharply in the following year.

In value terms, petroleum lubricating oil and grease exports expanded rapidly to $X in 2022. Overall, exports, however, enjoyed a significant increase. The growth pace was the most rapid in 2017 with an increase of X%. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Costa Rica (X tons), Ecuador (X tons) and Aruba (X tons) were the main destinations of petroleum lubricating oil and grease exports from Panama, with a combined X% share of total exports. Bahamas, the Netherlands, Nicaragua and Guatemala lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Ecuador ($X) emerged as the key foreign market for petroleum lubricating oil and grease exports from Panama, comprising X% of total exports. The second position in the ranking was taken by Costa Rica ($X), with a X% share of total exports. It was followed by Bahamas, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Ecuador amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (X% per year) and Bahamas (X% per year).

Export Prices by Country

In 2022, the average export price for petroleum lubricating oil and grease amounted to $X per ton, with an increase of X% against the previous year. Overall, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 an increase of X%. The export price peaked at $X per ton in 2016; however, from 2017 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Ecuador ($X per ton), while the average price for exports to Nicaragua ($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 Ecuador (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Petroleum Lubricating Oil And Grease

Imports into Panama

In 2022, overseas purchases of petroleum lubricating oil and grease increased by X% to X tons, rising for the second year in a row after two years of decline. Overall, imports enjoyed significant growth. The pace of growth was the most pronounced in 2017 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, petroleum lubricating oil and grease imports surged to $X in 2022. In general, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, the United States (X tons) constituted the largest petroleum lubricating oil and grease supplier to Panama, accounting for a X% share of total imports. Moreover, petroleum lubricating oil and grease imports from the United States exceeded the figures recorded by the second-largest supplier, France (X tons), threefold. The third position in this ranking was held by Free Zones (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: France (X% per year) and Free Zones (X% per year).

In value terms, the United States ($X) constituted the largest supplier of petroleum lubricating oil and grease to Panama, comprising X% of total imports. The second position in the ranking was held by France ($X), with a X% share of total imports. It was followed by Free Zones, with a X% share.

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

Import Prices by Country

In 2022, the average import price for petroleum lubricating oil and grease amounted to $X per ton, picking up by X% against the previous year. Over the period under review, the import price, however, continues to indicate a slight curtailment. The pace of growth was the most pronounced in 2014 an increase of X%. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform