Panama: Vulcanised Rubber Seal Market 2024

Vulcanised Rubber Seal Market Size in Panama

The Panamanian vulcanised rubber seal market contracted to $X in 2022, which is down by -3.4% against the previous year. Over the period under review, consumption, however, showed a modest expansion. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Vulcanised Rubber Seal Production in Panama

In value terms, vulcanised rubber seal production shrank modestly to $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the production volume increased by 114% against the previous year. Vulcanised rubber seal production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Vulcanised Rubber Seal Exports

Exports from Panama

In 2022, overseas shipments of seals of vulcanised rubber were finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, recorded a abrupt slump. The growth pace was the most rapid in 2017 with an increase of 72% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, vulcanised rubber seal exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a abrupt decrease. The pace of growth was the most pronounced in 2017 when exports increased by 78% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Venezuela (X tons), Jamaica (X tons) and Costa Rica (X tons) were the main destinations of vulcanised rubber seal exports from Panama, together accounting for 59% of total exports. Guatemala, Suriname, Colombia, Guyana, Argentina, Angola, Singapore, Barbados, Ecuador and the Dominican Republic lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the biggest increases were recorded for Suriname (with a CAGR of +74.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Colombia ($X) remains the key foreign market for seals of vulcanised rubber exports from Panama, comprising 31% of total exports. The second position in the ranking was held by Venezuela ($X), with an 11% share of total exports. It was followed by Costa Rica, with a 9.7% share.

From 2012 to 2022, the average annual growth rate of value to Colombia stood at -2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-15.2% per year) and Costa Rica (-5.4% per year).

Export Prices by Country

In 2022, the average vulcanised rubber seal export price amounted to $X per ton, rising by 12% against the previous year. Over the period under review, the export price, however, saw a mild slump. The pace of growth appeared the most rapid in 2021 when the average export price increased by 15% 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 failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Colombia ($X per ton), while the average price for exports to Argentina ($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 Colombia (+19.9%), while the prices for the other major destinations experienced a decline.

Vulcanised Rubber Seal Imports

Imports into Panama

In 2022, approx. X tons of seals of vulcanised rubber were imported into Panama; growing by 20% against the year before. Overall, imports recorded a buoyant expansion. The pace of growth was the most pronounced in 2017 with an increase of 252%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, vulcanised rubber seal imports amounted to $X in 2022. In general, imports enjoyed significant growth. The pace of growth was the most pronounced in 2017 with an increase of 421%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

The United States (X tons), Free Zones (X tons) and China (X tons) were the main suppliers of vulcanised rubber seal imports to Panama, with a combined 48% share of total imports. India, Colombia, South Korea, Costa Rica, Taiwan (Chinese), Turkey, Germany, the United Arab Emirates, Brazil and Sweden lagged somewhat behind, together accounting for a further 38%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +131.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest vulcanised rubber seal suppliers to Panama were the United States ($X), Free Zones ($X) and Germany ($X), with a combined 53% share of total imports. Sweden, Brazil, China, South Korea, Taiwan (Chinese), India, the United Arab Emirates, Colombia, Costa Rica and Turkey lagged somewhat behind, together accounting for a further 28%.

Turkey, with a CAGR of +118.6%, recorded the highest rates of growth with regard to the value of imports, among 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 vulcanised rubber seal import price stood at $X per ton in 2022, waning by -6.3% against the previous year. In general, the import price, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2017 an increase of 48%. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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 Sweden ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+22.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform