Panama: Phosphoric Acid Market 2024

Phosphoric Acid Market Size in Panama

The Panamanian phosphoric acid market totaled $X in 2022, almost unchanged from the previous year. In general, the total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +3.3% 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 -24.5% against 2018 indices. Phosphoric acid consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Phosphoric Acid Production in Panama

In value terms, phosphoric acid production totaled $X in 2022 estimated in export price. Over the period under review, the total production indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +3.4% 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 -30.8% against 2018 indices. The most prominent rate of growth was recorded in 2014 with an increase of 62%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Phosphoric Acid Exports

Exports from Panama

In 2022, the amount of phosphoric acid and polyphosphoric acids exported from Panama soared to X tons, picking up by 19% compared with the year before. In general, exports, however, showed a deep setback. The most prominent rate of growth was recorded in 2013 when exports increased by 139% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, phosphoric acid exports soared to $X in 2022. Over the period under review, exports, however, showed a deep slump. The most prominent rate of growth was recorded in 2020 when exports increased by 120%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for phosphoric acid exports from Panama, with a 90% share of total exports. Moreover, phosphoric acid exports to the United States exceeded the volume sent to the second major destination, Belize (X tons), ninefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +1.3%.

In value terms, the United States ($X) remains the key foreign market for phosphoric acid and polyphosphoric acids exports from Panama, comprising 69% of total exports. The second position in the ranking was held by Belize ($X), with a 31% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +27.8%.

Export Prices by Country

The average phosphoric acid export price stood at $X per ton in 2022, standing approx. at the previous year. Overall, the export price, however, continues to indicate modest growth. The most prominent rate of growth was recorded in 2018 an increase of 155% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belize ($X per ton), while the average price for exports to the United States totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Belize (+56.9%), while the prices for the other major destinations experienced more modest paces of growth.

Phosphoric Acid Imports

Imports into Panama

Phosphoric acid imports into Panama shrank rapidly to X tons in 2022, with a decrease of -47.3% on the previous year's figure. Overall, imports showed a pronounced setback. The most prominent rate of growth was recorded in 2015 when imports increased by 54% against the previous year. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, phosphoric acid imports amounted to $X in 2022. In general, total imports indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +18.1% against 2019 indices. The growth pace was the most rapid in 2018 with an increase of 41%. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of phosphoric acid to Panama, accounting for a 90% share of total imports. Moreover, phosphoric acid imports from China exceeded the figures recorded by the second-largest supplier, Brazil (X tons), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from China totaled +5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (-16.7% per year) and Guatemala (-27.2% per year).

In value terms, China ($X) constituted the largest supplier of phosphoric acid and polyphosphoric acids to Panama, comprising 87% of total imports. The second position in the ranking was taken by Brazil ($X), with an 8.3% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +13.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (-9.7% per year) and Guatemala (-13.6% per year).

Import Prices by Country

The average phosphoric acid import price stood at $X per ton in 2022, increasing by 98% against the previous year. Over the period under review, import price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, phosphoric acid import price increased by +99.5% against 2019 indices. As a result, import price reached the peak level and is likely to continue 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 Guatemala ($X per ton), while the price for China ($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 (+18.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform