Panama: Polishes For Coachwork Market 2024

Polishes For Coachwork Market Size in Panama

After two years of growth, the Panamanian polishes for coachwork market decreased by -12.7% to $X in 2022. The market value increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Polishes for coachwork consumption peaked at $X in 2021, and then contracted in the following year.

Polishes For Coachwork Production in Panama

In value terms, polishes for coachwork production skyrocketed to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the production volume increased by 127% against the previous year. Polishes for coachwork production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Polishes For Coachwork Exports

Exports from Panama

In 2022, approx. X tons of polishes for coachwork were exported from Panama; increasing by 117% compared with the previous year's figure. Overall, exports recorded significant growth. The pace of growth was the most pronounced in 2015 with an increase of 1,377%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, polishes for coachwork exports skyrocketed to $X in 2022. In general, exports continue to indicate significant growth. The pace of growth was the most pronounced in 2015 when exports increased by 1,028%. Over the period under review, the exports reached the maximum 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 polishes for coachwork exports from Panama, with a 31% share of total exports. Moreover, polishes for coachwork exports to the United States exceeded the volume sent to the second major destination, Suriname (X tons), twofold. The Dominican Republic (X kg) ranked third in terms of total exports with a 6% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +123.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Suriname (+23.1% per year) and the Dominican Republic (+38.6% per year).

In value terms, the largest markets for polishes for coachwork exported from Panama were the United States ($X), the Dominican Republic ($X) and Venezuela ($X), together comprising 38% of total exports.

Among the main countries of destination, the United States, with a CAGR of +82.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average polishes for coachwork export price amounted to $X per ton, growing by 20% against the previous year. Overall, the export price, however, showed a perceptible decrease. The most prominent rate of growth was recorded in 2017 when the average export price increased by 44% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the 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 Costa Rica ($X per ton), while the average price for exports to Suriname ($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 Free Zones (+128.7%), while the prices for the other major destinations experienced more modest paces of growth.

Polishes For Coachwork Imports

Imports into Panama

In 2022, approx. X tons of polishes for coachwork were imported into Panama; declining by -31.9% compared with the year before. Overall, imports, however, saw a prominent expansion. The growth pace was the most rapid in 2017 when imports increased by 1,276% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, polishes for coachwork imports reduced notably to $X in 2022. Over the period under review, imports, however, saw a strong increase. The growth pace was the most rapid in 2017 with an increase of 1,846% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then dropped significantly in the following year.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of polishes for coachwork to Panama, with a 66% share of total imports. Moreover, polishes for coachwork imports from the United States exceeded the figures recorded by the second-largest supplier, Costa Rica (X tons), fourfold. The third position in this ranking was held by Germany (X tons), with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States amounted to +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (+22.5% per year) and Germany (+21.5% per year).

In value terms, the United States ($X) constituted the largest supplier of polishes for coachwork to Panama, comprising 62% of total imports. The second position in the ranking was held by Costa Rica ($X), with a 22% share of total imports. It was followed by Germany, with a 4.5% share.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to +8.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (+28.6% per year) and Germany (+18.6% per year).

Import Prices by Country

In 2022, the average polishes for coachwork import price amounted to $X per ton, picking up by 9.2% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 41%. Over the period under review, average import prices attained the peak figure in 2022 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 Costa Rica ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform