Panama: Market for Spindles And Spindle Flyers, Spinning Ring And Ring Travellers 2024

Market Size for Spindles And Spindle Flyers, Spinning Ring And Ring Travellers in Panama

The Panamanian spindles and spindle flyer market rose slightly to $X in 2022, with an increase of 2.4% against the previous year. In general, consumption, however, showed perceptible growth. Spindles and spindle flyer consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Spindles And Spindle Flyers, Spinning Ring And Ring Travellers in Panama

In value terms, spindles and spindle flyer production expanded slightly to $X in 2022 estimated in export price. Overall, the total production indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.2% against 2020 indices. The growth pace was the most rapid in 2020 with an increase of 15%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Exports of Spindles And Spindle Flyers, Spinning Ring And Ring Travellers

Exports from Panama

In 2022, after seven years of decline, there was significant growth in shipments abroad of spindles and spindle flyers, spinning ring and ring travellers, when their volume increased by 50% to X kg. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 3,411%. Over the period under review, the exports reached the maximum at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, spindles and spindle flyer exports skyrocketed to $X in 2022. Overall, exports showed a strong expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 9,084%. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

The Dominican Republic (X kg) was the main destination for spindles and spindle flyer exports from Panama, accounting for a 77% share of total exports. Moreover, spindles and spindle flyer exports to the Dominican Republic exceeded the volume sent to the second major destination, Venezuela (X kg), fourfold.

From 2012 to 2022, the average annual growth rate of volume to the Dominican Republic amounted to +17.5%.

In value terms, the Dominican Republic ($X) remains the key foreign market for spindles and spindle flyers, spinning ring and ring travellers exports from Panama, comprising 82% of total exports. The second position in the ranking was taken by Venezuela ($X), with a 15% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the Dominican Republic amounted to +50.9%.

Export Prices by Country

The average spindles and spindle flyer export price stood at $X per ton in 2022, remaining constant against the previous year. Overall, the export price, however, recorded a resilient increase. The growth pace was the most rapid in 2013 when the average export price increased by 162%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average 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 the Dominican Republic ($X per ton), while the average price for exports to Venezuela amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Dominican Republic (+28.4%).

Imports of Spindles And Spindle Flyers, Spinning Ring And Ring Travellers

Imports into Panama

After two years of growth, purchases abroad of spindles and spindle flyers, spinning ring and ring travellers decreased by -74.6% to X kg in 2022. In general, imports showed a abrupt contraction. The pace of growth appeared the most rapid in 2013 with an increase of 443% against the previous year. As a result, imports reached the peak of X kg. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, spindles and spindle flyer imports declined remarkably to $X in 2022. Overall, imports showed a deep contraction. The growth pace was the most rapid in 2013 when imports increased by 644%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Free Zones (X kg) was the main spindles and spindle flyer supplier to Panama, with a approx. 100% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Free Zones stood at +152.0%.

In value terms, Free Zones ($X) constituted the largest supplier of spindles and spindle flyers, spinning ring and ring travellers to Panama.

From 2012 to 2022, the average annual rate of growth in terms of value from Free Zones amounted to +307.2%.

Import Prices by Country

The average spindles and spindle flyer import price stood at $X per ton in 2022, declining by -9.1% against the previous year. Over the period under review, the import price continues to indicate a abrupt decline. The pace of growth was the most pronounced in 2013 when the average import price increased by 37% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Free Zones.

From 2012 to 2022, the rate of growth in terms of prices for Free Zones amounted to +61.6% per year.

Source: IndexBox Platform