Panama: Ethylene Polymer Bag Market 2024

Ethylene Polymer Bag Market Size in Panama

In 2022, after three years of growth, there was decline in the Panamanian ethylene polymer bag market, when its value decreased by -3.3% to $X. Over the period under review, consumption showed a noticeable shrinkage. Ethylene polymer bag consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Ethylene Polymer Bag Production in Panama

In value terms, ethylene polymer bag production reached $X in 2022 estimated in export price. Overall, production, however, faced a abrupt decline. The most prominent rate of growth was recorded in 2019 when the production volume increased by 93% against the previous year. Ethylene polymer bag production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Ethylene Polymer Bag Exports

Exports from Panama

In 2022, overseas shipments of sacks and bags of polymers of ethylene were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 75%. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, ethylene polymer bag exports fell to $X in 2022. Over the period under review, exports, however, saw a pronounced shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of 71%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Canada (X tons), the United States (X tons) and Costa Rica (X tons) were the main destinations of ethylene polymer bag exports from Panama, with a combined 85% share of total exports. Free Zones and Curacao lagged somewhat behind, together comprising a further 15%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Free Zones (with a CAGR of +35.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for ethylene polymer bag exported from Panama were Canada ($X), the United States ($X) and Free Zones ($X), together accounting for 85% of total exports. Costa Rica and Curacao lagged somewhat behind, together comprising a further 15%.

Curacao, with a CAGR of +32.6%, recorded 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

In 2022, the average ethylene polymer bag export price amounted to $X per ton, with a decrease of -9.7% against the previous year. Overall, the export price saw a pronounced downturn. The pace of growth was the most pronounced in 2021 an increase of 9.9% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 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 Free Zones ($X per ton), while the average price for exports to Costa Rica ($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 Venezuela (+0.7%), while the prices for the other major destinations experienced a decline.

Ethylene Polymer Bag Imports

Imports into Panama

In 2022, the amount of sacks and bags of polymers of ethylene imported into Panama declined rapidly to X tons, falling by -17% on 2021 figures. Over the period under review, imports, however, showed significant growth. The pace of growth was the most pronounced in 2017 when imports increased by 2,360% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, ethylene polymer bag imports dropped to $X in 2022. In general, imports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 1,574%. Imports peaked at $X in 2021, and then fell in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of ethylene polymer bag to Panama, with a 54% share of total imports. Moreover, ethylene polymer bag imports from China exceeded the figures recorded by the second-largest supplier, Costa Rica (X tons), threefold. The United States (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +36.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (+108.3% per year) and the United States (+36.1% per year).

In value terms, Costa Rica ($X), China ($X) and the United States ($X) constituted the largest ethylene polymer bag suppliers to Panama, with a combined 68% share of total imports. Guatemala, Colombia, Free Zones and Vietnam lagged somewhat behind, together accounting for a further 17%.

Free Zones, with a CAGR of +156.3%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average ethylene polymer bag import price stood at $X per ton in 2022, growing by 6.3% against the previous year. Over the period under review, the import price, however, recorded a perceptible decrease. The most prominent rate of growth was recorded in 2020 when the average import price increased by 16% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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 Guatemala ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+18.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform