Panama: Wooden Furniture Treatments Market 2024

Wooden Furniture Treatments Market Size in Panama

For the third consecutive year, the Panamanian wooden furniture treatments market recorded decline in sales value, which decreased by -9.6% to $X in 2022. Overall, consumption, however, saw significant growth. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Wooden Furniture Treatments Exports

Exports from Panama

After two years of growth, shipments abroad of polishes and creams for wooden furniture and floors decreased by -23.7% to X kg in 2022. Overall, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2021 with an increase of 213% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, wooden furniture treatments exports reduced rapidly to $X in 2022. Over the period under review, exports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2021 when exports increased by 138%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Colombia (X kg) was the main destination for wooden furniture treatments exports from Panama, with a 90% share of total exports. It was followed by Venezuela (X kg), with a 1.9% share of total exports. The third position in this ranking was held by Grenada (X kg), with a 1.6% share.

From 2012 to 2022, the average annual growth rate of volume to Colombia totaled -10.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-14.9% per year) and Grenada (-5.9% per year).

In value terms, Venezuela ($X) remains the key foreign market for polishes and creams for wooden furniture and floors exports from Panama, comprising 54% of total exports. The second position in the ranking was held by Colombia ($X), with a 19% share of total exports. It was followed by Grenada, with a 2.3% share.

From 2012 to 2022, the average annual growth rate of value to Venezuela was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-21.1% per year) and Grenada (+15.6% per year).

Export Prices by Country

In 2022, the average wooden furniture treatments export price amounted to $X per ton, which is down by -6.9% against the previous year. In general, the export price recorded a pronounced slump. The growth pace was the most rapid in 2019 when the average export price increased by 57% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

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 Venezuela ($X per ton), while the average price for exports to Colombia ($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 Grenada (+22.8%), while the prices for the other major destinations experienced more modest paces of growth.

Wooden Furniture Treatments Imports

Imports into Panama

In 2022, the amount of polishes and creams for wooden furniture and floors imported into Panama contracted to X tons, shrinking by -13.3% against the previous year's figure. In general, imports, however, showed significant growth. The pace of growth appeared the most rapid in 2017 with an increase of 2,087% 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, wooden furniture treatments imports declined to $X in 2022. Overall, imports, however, posted significant growth. The pace of growth appeared the most rapid in 2017 with an increase of 2,430%. 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

In 2022, Mexico (X tons) constituted the largest wooden furniture treatments supplier to Panama, with a 76% share of total imports. Moreover, wooden furniture treatments imports from Mexico exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold.

From 2012 to 2022, the average annual growth rate of volume from Mexico amounted to +29.2%.

In value terms, Mexico ($X) constituted the largest supplier of polishes and creams for wooden furniture and floors to Panama, comprising 75% of total imports. The second position in the ranking was taken by the United States ($X), with a 21% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Mexico stood at +31.4%.

Import Prices by Country

The average wooden furniture treatments import price stood at $X per ton in 2022, picking up by 5.2% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 27% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see gradual growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Mexico ($X per ton), while the price for the United States stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+1.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform