Panama: Natural Quartz Crystal Market 2024

Natural Quartz Crystal Market Size in Panama

The Panamanian natural quartz crystal market shrank notably to $X in 2022, which is down by -29.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, showed modest growth. Natural quartz crystal consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Natural Quartz Crystal Exports

Exports from Panama

In 2022, approx. X tons of quartz crystal (natural) were exported from Panama; growing by 50% on 2021 figures. Overall, exports saw a slight expansion. The pace of growth was the most pronounced in 2017 when exports increased by 315%. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, natural quartz crystal exports reached $X in 2022. In general, exports, however, showed a noticeable slump. The pace of growth was the most pronounced in 2017 with an increase of 627%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

The Dominican Republic (X tons) was the main destination for natural quartz crystal exports from Panama, accounting for a 77% share of total exports. Moreover, natural quartz crystal exports to the Dominican Republic exceeded the volume sent to the second major destination, Venezuela (X kg), sevenfold. The third position in this ranking was held by Guatemala (X kg), with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Dominican Republic was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (+11.0% per year) and Guatemala (-18.3% per year).

In value terms, the Dominican Republic ($X) emerged as the key foreign market for quartz crystal (natural) exports from Panama, comprising 72% of total exports. The second position in the ranking was held by Venezuela ($X), with a 13% share of total exports. It was followed by Guatemala, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to the Dominican Republic was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-2.0% per year) and Guatemala (-18.9% per year).

Export Prices by Country

In 2022, the average natural quartz crystal export price amounted to $X per ton, reducing by -28.6% against the previous year. Over the period under review, the export price recorded a noticeable setback. The most prominent rate of growth was recorded in 2017 an increase of 75% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a lower figure.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Guatemala ($X per ton) and Venezuela ($X per ton), while the average price for exports to the Dominican Republic ($X per ton) and Costa Rica ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (+8.4%), while the prices for the other major destinations experienced a decline.

Natural Quartz Crystal Imports

Imports into Panama

Natural quartz crystal imports into Panama contracted sharply to X tons in 2022, reducing by -16.5% against the year before. In general, imports, however, continue to indicate a noticeable expansion. The most prominent rate of growth was recorded in 2016 with an increase of 727% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, natural quartz crystal imports shrank markedly to $X in 2022. Overall, imports continue to indicate a slight decline. The most prominent rate of growth was recorded in 2016 when imports increased by 555% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X tons) constituted the largest natural quartz crystal supplier to Panama, with a 81% share of total imports. Moreover, natural quartz crystal imports from the United States exceeded the figures recorded by the second-largest supplier, Brazil (X tons), sixfold. China (X kg) ranked third in terms of total imports with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +30.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+46.8% per year) and China (-19.3% per year).

In value terms, the United States ($X) constituted the largest supplier of quartz crystal (natural) to Panama, comprising 88% of total imports. The second position in the ranking was held by Brazil ($X), with a 7.2% share of total imports. It was followed by China, with a 2.6% share.

From 2012 to 2022, the average annual growth rate of value from the United States totaled +18.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (+17.9% per year) and China (-20.1% per year).

Import Prices by Country

In 2022, the average natural quartz crystal import price amounted to $X per ton, reducing by -29.7% against the previous year. Overall, the import price continues to indicate a abrupt contraction. The growth pace was the most rapid in 2015 when the average import price increased by 138%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform