Panama: Unvulcanized Rubber Market 2024

Unvulcanized Rubber Market Size in Panama

In 2022, the Panamanian unvulcanized rubber market increased by 2.1% to $X, rising for the second year in a row after two years of decline. In general, consumption, however, posted a notable increase. Unvulcanized rubber consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Unvulcanized Rubber Exports

Exports from Panama

In 2022, overseas shipments of unvulcanized rubber and articles thereof increased by 167% to X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, recorded a deep contraction. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, unvulcanized rubber exports surged to $X in 2022. Over the period under review, exports, however, saw a deep slump. The growth pace was the most rapid in 2015 when exports increased by 145%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Colombia (X tons), Cuba (X tons) and Nicaragua (X tons) were the main destinations of unvulcanized rubber exports from Panama, with a combined 40% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Cuba (with a CAGR of +21.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Colombia ($X), Nicaragua ($X) and Cuba ($X) were the largest markets for unvulcanized rubber exported from Panama worldwide, with a combined 31% share of total exports. Chile, the Dominican Republic, Venezuela, Honduras, Costa Rica, El Salvador, Haiti, Trinidad and Tobago, Guyana and the United States lagged somewhat behind, together comprising a further 37%.

In terms of the main countries of destination, Chile, with a CAGR of +24.8%, recorded the highest growth rate of 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 unvulcanized rubber export price amounted to $X per ton, falling by -9.7% against the previous year. Overall, export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, unvulcanized rubber export price increased by +41.6% against 2019 indices. The growth pace was the most rapid in 2021 an increase of 51%. As a result, the export price reached the peak level of $X per ton, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to Cuba ($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 Nicaragua (+10.6%), while the prices for the other major destinations experienced more modest paces of growth.

Unvulcanized Rubber Imports

Imports into Panama

After four years of decline, supplies from abroad of unvulcanized rubber and articles thereof increased by 15% to X tons in 2022. Overall, imports, however, saw a noticeable descent. The pace of growth appeared the most rapid in 2017 with an increase of 111% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, unvulcanized rubber imports surged to $X in 2022. In general, imports, however, recorded a pronounced setback. The growth pace was the most rapid in 2017 with an increase of 178% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Peru (X tons) constituted the largest unvulcanized rubber supplier to Panama, accounting for a 57% share of total imports. Moreover, unvulcanized rubber imports from Peru exceeded the figures recorded by the second-largest supplier, Free Zones (X tons), fourfold. The United States (X tons) ranked third in terms of total imports with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Peru totaled +33.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (+62.9% per year) and the United States (-9.1% per year).

In value terms, Peru ($X) constituted the largest supplier of unvulcanized rubber and articles thereof to Panama, comprising 37% of total imports. The second position in the ranking was taken by Free Zones ($X), with a 17% share of total imports. It was followed by the United States, with a 17% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Peru totaled +29.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (+76.4% per year) and the United States (-3.9% per year).

Import Prices by Country

In 2022, the average unvulcanized rubber import price amounted to $X per ton, with an increase of 5.2% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 32% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Thailand ($X per ton), while the price for Peru ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+16.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform