Panama: Spectacle Glass Lenses Market 2024

Spectacle Glass Lenses Market Size in Panama

The Panamanian spectacle glass lenses market dropped to $X in 2022, which is down by -9.6% against the previous year. Overall, consumption, however, continues to indicate a prominent expansion. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Spectacle Glass Lenses Production in Panama

In value terms, spectacle glass lenses production fell to $X in 2022 estimated in export price. Overall, production, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2014 with an increase of 100% against the previous year. Spectacle glass lenses production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Spectacle Glass Lenses Exports

Exports from Panama

In 2022, after two years of decline, there was significant growth in overseas shipments of spectacle lenses of glass or other materials, when their volume increased by 98% to X units. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 334% against the previous year. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, spectacle glass lenses exports soared to $X in 2022. Over the period under review, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 406% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Ecuador (X units), Colombia (X units) and Venezuela (X units) were the main destinations of spectacle glass lenses exports from Panama, with a combined 62% share of total exports.

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 +17.8%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for spectacle glass lenses exported from Panama were Colombia ($X), Venezuela ($X) and Ecuador ($X), together accounting for 55% of total exports. The Dominican Republic, Chile, Nicaragua and El Salvador lagged somewhat behind, together accounting for a further 25%.

In terms of the main countries of destination, El Salvador, with a CAGR of +18.1%, saw the highest rates of growth with regard to the value of exports, 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 spectacle glass lenses export price amounted to $X per unit, growing by 27% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 an increase of 51% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Venezuela ($X per unit), while the average price for exports to Ecuador ($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 Venezuela (+3.5%), while the prices for the other major destinations experienced more modest paces of growth.

Spectacle Glass Lenses Imports

Imports into Panama

In 2022, overseas purchases of spectacle lenses of glass or other materials were finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, showed a deep reduction. The most prominent rate of growth was recorded in 2017 with an increase of 76% against the previous year. Over the period under review, imports reached the peak figure at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, spectacle glass lenses imports surged to $X in 2022. In general, imports, however, continue to indicate a deep downturn. The pace of growth appeared the most rapid in 2017 when imports increased by 78%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X units) constituted the largest spectacle glass lenses supplier to Panama, with a 57% share of total imports. Moreover, spectacle glass lenses imports from the United States exceeded the figures recorded by the second-largest supplier, the UK (X units), sixfold. The third position in this ranking was held by Free Zones (X units), with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States stood at +13.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+32.9% per year) and Free Zones (+35.1% per year).

In value terms, the United States ($X) constituted the largest supplier of spectacle lenses of glass or other materials to Panama, comprising 58% of total imports. The second position in the ranking was held by the UK ($X), with a 9.5% share of total imports. It was followed by China, with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +12.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+31.2% per year) and China (-21.9% per year).

Import Prices by Country

In 2022, the average spectacle glass lenses import price amounted to $X per unit, falling by -12.4% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 19% against the previous year. As a result, import price attained the peak level of $X per unit. From 2019 to 2022, the average import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from China ($X per unit) and Taiwan (Chinese) ($X per unit), while the price for Germany ($X per unit) and the UK ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform