Panama: Plastic Closure Market 2024

Plastic Closure Market Size in Panama

The Panamanian plastic closure market declined to $X in 2022, which is down by -7.9% against the previous year. Over the period under review, the total consumption indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +10.8% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Plastic Closure Production in Panama

In value terms, plastic closure production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the production volume increased by 57% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Plastic Closure Exports

Exports from Panama

For the third consecutive year, Panama recorded decline in overseas shipments of plastic stoppers, caps and closures, which decreased by -40.5% to X tons in 2022. Overall, exports saw a abrupt decrease. The pace of growth was the most pronounced in 2016 with an increase of 74% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, plastic closure exports contracted rapidly to $X in 2022. Over the period under review, exports saw a precipitous slump. The most prominent rate of growth was recorded in 2016 with an increase of 48% against the previous year. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Ecuador (X tons), the Dominican Republic (X tons) and Costa Rica (X tons) were the main destinations of plastic closure exports from Panama, with a combined 98% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Ecuador (with a CAGR of +8.0%), while the other leaders experienced more modest paces of growth.

In value terms, Ecuador ($X) remains the key foreign market for plastic stoppers, caps and closures exports from Panama, comprising 57% of total exports. The second position in the ranking was held by the Dominican Republic ($X), with a 28% share of total exports. It was followed by Costa Rica, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to Ecuador amounted to +1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (-1.0% per year) and Costa Rica (-4.2% per year).

Export Prices by Country

The average plastic closure export price stood at $X per ton in 2022, falling by -14.3% against the previous year. In general, the export price continues to indicate a noticeable decline. The growth pace was the most rapid in 2017 an increase of 36% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Ecuador ($X per ton), while the average price for exports to Costa Rica ($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 the United States (+3.5%), while the prices for the other major destinations experienced mixed trend patterns.

Plastic Closure Imports

Imports into Panama

In 2022, the amount of plastic stoppers, caps and closures imported into Panama reduced to X tons, with a decrease of -6.2% on the year before. Overall, imports, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2017 when imports increased by 4,023% against the previous year. Over the period under review, imports attained the maximum at X tons in 2021, and then contracted in the following year.

In value terms, plastic closure imports stood at $X in 2022. In general, imports, however, posted a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 2,585%. Imports peaked in 2022 and are likely to see steady growth in the near future.

Imports by Country

Mexico (X tons), China (X tons) and Guatemala (X tons) were the main suppliers of plastic closure imports to Panama, with a combined 52% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Guatemala (with a CAGR of +232.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest plastic closure suppliers to Panama were Mexico ($X), Guatemala ($X) and China ($X), with a combined 50% share of total imports.

In terms of the main suppliers, Guatemala, with a CAGR of +232.7%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average plastic closure import price stood at $X per ton in 2022, picking up by 9.6% against the previous year. In general, the import price, however, continues to indicate a pronounced decline. The pace of growth was the most pronounced in 2014 when the average import price increased by 14%. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 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 the United States ($X per ton), while the price for Ecuador ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+13.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform