Panama: Steel Railway Material Market 2025

Steel Railway Material Market Size in Panama

The Panamanian steel railway material market reached $X in 2022, surging by 12% against the previous year. Over the period under review, consumption, however, recorded a pronounced downturn. Steel railway material consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Steel Railway Material Production in Panama

In value terms, steel railway material production rose to $X in 2022 estimated in export price. Overall, production, however, recorded a abrupt downturn. The pace of growth was the most pronounced in 2019 with an increase of 24% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Steel Railway Material Exports

Exports from Panama

In 2022, approx. X tons of railway material of steel were exported from Panama; increasing by 13% on the previous year. In general, exports saw strong growth. The most prominent rate of growth was recorded in 2014 when exports increased by 393% against the previous year. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, steel railway material exports skyrocketed to $X in 2022. Overall, exports, however, saw a abrupt shrinkage. The growth pace was the most rapid in 2014 when exports increased by 282%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Venezuela (X tons) was the main destination for steel railway material exports from Panama, accounting for a 40% share of total exports. Moreover, steel railway material exports to Venezuela exceeded the volume sent to the second major destination, Guatemala (X tons), twofold. The Dominican Republic (X tons) ranked third in terms of total exports with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Venezuela totaled +27.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (-5.4% per year) and the Dominican Republic (+7.6% per year).

In value terms, the Dominican Republic ($X), Venezuela ($X) and Costa Rica ($X) appeared to be the largest markets for steel railway material exported from Panama worldwide, with a combined 86% share of total exports.

In terms of the main countries of destination, Venezuela, with a CAGR of +0.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average steel railway material export price amounted to $X per ton, picking up by 13% against the previous year. In general, the export price, however, continues to indicate a drastic downturn. The pace of growth appeared the most rapid in 2021 when the average export price increased by 57% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the Dominican Republic ($X per ton), while the average price for exports to Guatemala ($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 Dominican Republic (-13.6%), while the prices for the other major destinations experienced a decline.

Steel Railway Material Imports

Imports into Panama

In 2022, supplies from abroad of railway material of steel increased by 4,392% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports saw significant growth. The most prominent rate of growth was recorded in 2016 with an increase of 12,261% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, steel railway material imports surged to $X in 2022. In general, imports posted significant growth. The growth pace was the most rapid in 2017 when imports increased by 10,932% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the UK (X tons) constituted the largest supplier of steel railway material to Panama, accounting for a 60% share of total imports. Moreover, steel railway material imports from the UK exceeded the figures recorded by the second-largest supplier, Austria (X tons), threefold. Romania (X tons) ranked third in terms of total imports with a 5.1% share.

From 2012 to 2022, the average annual growth rate of volume from the UK stood at +175.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (+1,072.4% per year) and Romania (+50.8% per year).

In value terms, the largest steel railway material suppliers to Panama were the UK ($X), Japan ($X) and Romania ($X), together accounting for 77% of total imports. Austria, China, Luxembourg, South Korea and the United States lagged somewhat behind, together accounting for a further 17%.

Among the main suppliers, Austria, with a CAGR of +469.4%, recorded the highest rates of growth with regard to 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 steel railway material import price stood at $X per ton in 2022, dropping by -32% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 81% against the previous year. The import price peaked at $X per ton in 2021, and then dropped rapidly in the following year.

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 Japan ($X per ton), while the price for Austria ($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 (+16.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform