Panama: Metal-Reinforced Rubber Hose Market 2024

Metal-Reinforced Rubber Hose Market Size in Panama

For the third year in a row, the Panamanian metal-reinforced rubber hose market recorded growth in sales value, which increased by 8.5% to $X in 2022. Overall, consumption, however, saw a relatively flat trend pattern. Metal-reinforced rubber hose consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Metal-Reinforced Rubber Hose Production in Panama

In value terms, metal-reinforced rubber hose production declined slightly to $X in 2022 estimated in export price. Over the period under review, production showed a perceptible downturn. The most prominent rate of growth was recorded in 2018 with an increase of 17%. Metal-reinforced rubber hose production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Metal-Reinforced Rubber Hose Exports

Exports from Panama

In 2022, overseas shipments of rubber hose reinforced with metal increased by 343% to X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports, however, faced a abrupt setback. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, metal-reinforced rubber hose exports soared to $X in 2022. In general, exports, however, faced a deep slump. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Guatemala (X tons), the Dominican Republic (X tons) and Jamaica (X tons) were the main destinations of metal-reinforced rubber hose exports from Panama, together comprising 97% of total exports. These countries were followed by Chile, which accounted for a further 1.7%.

From 2012 to 2022, the biggest increases were recorded for Chile (with a CAGR of +35.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Dominican Republic ($X), Jamaica ($X) and Guatemala ($X) were the largest markets for metal-reinforced rubber hose exported from Panama worldwide, together comprising 98% of total exports.

The Dominican Republic, with a CAGR of +31.8%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average metal-reinforced rubber hose export price stood at $X per ton in 2022, remaining stable against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 38% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the Dominican Republic ($X per ton), while the average price for exports to Chile ($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 (+5.7%), while the prices for the other major destinations experienced a decline.

Metal-Reinforced Rubber Hose Imports

Imports into Panama

In 2022, after two years of decline, there was significant growth in purchases abroad of rubber hose reinforced with metal, when their volume increased by 137% to X tons. Overall, imports enjoyed a significant increase. The most prominent rate of growth was recorded in 2016 when imports increased by 2,105% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, metal-reinforced rubber hose imports surged to $X in 2022. Over the period under review, imports showed a significant increase. The growth pace was the most rapid in 2016 with an increase of 1,241% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of metal-reinforced rubber hose to Panama, with a 65% share of total imports. Moreover, metal-reinforced rubber hose imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. The third position in this ranking was held by Free Zones (X tons), with a 7.6% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +34.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+12.9% per year) and Free Zones (+29.9% per year).

In value terms, the United States ($X), China ($X) and Free Zones ($X) constituted the largest metal-reinforced rubber hose suppliers to Panama, with a combined 85% share of total imports.

Among the main suppliers, China, with a CAGR of +30.3%, 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 metal-reinforced rubber hose import price stood at $X per ton in 2022, dropping by -32.8% against the previous year. Over the period under review, import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 an increase of 72% against the previous year. The import price peaked at $X per ton in 2021, and then declined 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 Belgium ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+19.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform