Panama: Fromwork Market 2025

Fromwork Market Size in Panama

The Panamanian fromwork market was estimated at $X in 2022, growing by 11% against the previous year. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Fromwork Production in Panama

In value terms, fromwork production expanded significantly to $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 61%. Fromwork production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Fromwork Exports

Exports from Panama

In 2022, shipments abroad of shuttering for concrete constructional work, shingles and shakes, of wood increased by 0.3% to X tons, rising for the third year in a row after four years of decline. Over the period under review, exports showed a buoyant increase. The growth pace was the most rapid in 2020 with an increase of 483%. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, fromwork exports reached $X in 2022. Overall, exports, however, saw a mild curtailment. The growth pace was the most rapid in 2020 when exports increased by 266%. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Costa Rica (X tons) was the main destination for fromwork exports from Panama, with a 59% share of total exports. Moreover, fromwork exports to Costa Rica exceeded the volume sent to the second major destination, Trinidad and Tobago (X tons), fivefold. The third position in this ranking was taken by El Salvador (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Costa Rica amounted to +17.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Trinidad and Tobago (+30.2% per year) and El Salvador (+27.0% per year).

In value terms, Costa Rica ($X) emerged as the key foreign market for shuttering for concrete constructional work, shingles and shakes, of wood exports from Panama, comprising 52% of total exports. The second position in the ranking was held by Trinidad and Tobago ($X), with a 17% share of total exports. It was followed by Grenada, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Costa Rica was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Trinidad and Tobago (+17.9% per year) and Grenada (+13.9% per year).

Export Prices by Country

In 2022, the average fromwork export price amounted to $X per ton, leveling off at the previous year. Over the period under review, the export price, however, continues to indicate a deep slump. The growth pace was the most rapid in 2019 when the average export price increased by 29%. Over the period under review, the average export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Grenada ($X per ton), while the average price for exports to El Salvador ($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 Grenada (-2.6%), while the prices for the other major destinations experienced a decline.

Fromwork Imports

Imports into Panama

Fromwork imports into Panama surged to X tons in 2022, rising by 317% on 2021 figures. Overall, imports, however, saw a abrupt decline. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, fromwork imports surged to $X in 2022. Over the period under review, imports, however, recorded a noticeable downturn. Imports peaked at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

China (X tons), Austria (X tons) and Germany (X tons) were the main suppliers of fromwork imports to Panama, with a combined 59% share of total imports. The United States, Chile, Canada, Peru and Guyana lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the biggest increases were recorded for Chile (with a CAGR of +32.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of shuttering for concrete constructional work, shingles and shakes, of wood to Panama, comprising 46% of total imports. The second position in the ranking was held by the United States ($X), with a 14% share of total imports. It was followed by Austria, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +23.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-11.7% per year) and Austria (-8.6% per year).

Import Prices by Country

In 2022, the average fromwork import price amounted to $X per ton, with an increase of 20% against the previous year. Overall, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, fromwork import price increased by +28.1% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by 37%. The import price peaked in 2022 and is likely to continue growth in the immediate term.

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 China ($X per ton), while the price for Guyana ($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 (+9.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform