Panama: Market for Silk Shawls And Scarves 2025

Market Size for Silk Shawls And Scarves in Panama

The Panamanian silk shawl and scarf market contracted to $X in 2022, which is down by -11.4% against the previous year. Over the period under review, consumption recorded a strong expansion. Silk shawl and scarf consumption peaked at $X in 2021, and then dropped in the following year.

Production of Silk Shawls And Scarves in Panama

In value terms, silk shawl and scarf production declined significantly to $X in 2022 estimated in export price. Over the period under review, production recorded buoyant growth. The pace of growth appeared the most rapid in 2014 with an increase of 132%. Silk shawl and scarf production peaked at $X in 2021, and then reduced remarkably in the following year.

Exports of Silk Shawls And Scarves

Exports from Panama

In 2022, overseas shipments of silk shawls and scarves decreased by 0% to X units, falling for the seventh consecutive year after four years of growth. Over the period under review, exports continue to indicate a sharp setback. The pace of growth was the most pronounced in 2015 with an increase of 17%. As a result, the exports reached the peak of X units. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, silk shawl and scarf exports amounted to $X in 2022. In general, exports faced a sharp decrease. The smallest decline of -1.7% was in 2014. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The Dominican Republic (X units), Costa Rica (X units) and Colombia (X units) were the main destinations of silk shawl and scarf exports from Panama, with a combined 41% share of total exports. France, El Salvador, Guatemala, Trinidad and Tobago, Italy, Saint Lucia, Aruba, Chile, Ecuador and Honduras lagged somewhat behind, together comprising a further 41%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Ecuador (with a CAGR of +15.8%), while the other leaders experienced more modest paces of growth.

It was followed by El Salvador, with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Dominican Republic totaled -19.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-24.1% per year) and El Salvador (-14.6% per year).

Export Prices by Country

In 2022, the average silk shawl and scarf export price amounted to $X per unit, leveling off at the previous year. Over the period under review, the export price recorded buoyant growth. The pace of growth was the most pronounced in 2018 when the average export price increased by 64%. Over the period under review, the average export prices hit record highs at $X per unit in 2020; however, from 2021 to 2022, the export prices remained at a 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 Honduras ($X per unit), while the average price for exports to Guatemala ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Saint Lucia (+38.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Silk Shawls And Scarves

Imports into Panama

In 2022, purchases abroad of silk shawls and scarves increased by 57% to X units for the first time since 2018, thus ending a three-year declining trend. Overall, imports, however, recorded a abrupt curtailment. The pace of growth appeared the most rapid in 2017 with an increase of 373%. Imports peaked at X units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, silk shawl and scarf imports soared to $X in 2022. Over the period under review, imports, however, recorded a noticeable curtailment. The pace of growth appeared the most rapid in 2017 when imports increased by 261%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, France (X units) constituted the largest silk shawl and scarf supplier to Panama, with a 83% share of total imports. Moreover, silk shawl and scarf imports from France exceeded the figures recorded by the second-largest supplier, Italy (X units), more than tenfold. The United States (X units) ranked third in terms of total imports with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from France stood at +55.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+50.5% per year) and the United States (+4.1% per year).

In value terms, the largest silk shawl and scarf suppliers to Panama were France ($X), Italy ($X) and the United States ($X), with a combined 94% share of total imports.

Italy, with a CAGR of +75.0%, 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

In 2022, the average silk shawl and scarf import price amounted to $X per unit, reducing by -15.8% against the previous year. Over the period under review, import price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, silk shawl and scarf import price increased by +4.4% against 2019 indices. The pace of growth was the most pronounced in 2016 when the average import price increased by 70% against the previous year. As a result, import price reached the peak level of $X per unit. From 2017 to 2022, the average import prices remained at a somewhat 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 Italy ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+20.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform