Panama: Bracelet Market 2024

Bracelet Market Size in Panama

The Panamanian bracelet market rose slightly to $X in 2022, surging by 3.5% against the previous year. Over the period under review, consumption, however, showed a deep slump. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Bracelet Production in Panama

In value terms, bracelet production surged to $X in 2022 estimated in export price. Over the period under review, production showed a buoyant expansion. The pace of growth appeared the most rapid in 2014 when the production volume increased by 101% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Bracelet Exports

Exports from Panama

In 2022, approx. X units of watch straps, bands and bracelets were exported from Panama; increasing by 224% against the year before. Over the period under review, exports recorded a remarkable increase. The growth pace was the most rapid in 2020 with an increase of 510%. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, bracelet exports skyrocketed to $X in 2022. Overall, exports posted a prominent increase. The pace of growth appeared the most rapid in 2020 when exports increased by 430%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Colombia (X units) was the main destination for bracelet exports from Panama, accounting for a 59% share of total exports. Moreover, bracelet exports to Colombia exceeded the volume sent to the second major destination, Venezuela (X units), fourfold. Costa Rica (X units) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Colombia amounted to +26.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (+13.2% per year) and Costa Rica (+31.1% per year).

In value terms, Colombia ($X), Venezuela ($X) and Costa Rica ($X) constituted the largest markets for bracelet exported from Panama worldwide, together comprising 31% of total exports.

In terms of the main countries of destination, Costa Rica, with a CAGR of +32.0%, 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

The average bracelet export price stood at $X per unit in 2022, reducing by -28% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 60% against the previous year. The export price peaked at $X per unit in 2019; however, from 2020 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 Israel ($X per unit), while the average price for exports to Grenada (less than $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 the Dominican Republic (+24.0%), while the prices for the other major destinations experienced more modest paces of growth.

Bracelet Imports

Imports into Panama

In 2022, approx. X units of watch straps, bands and bracelets were imported into Panama; picking up by 89% on 2021. Overall, imports, however, continue to indicate a precipitous decline. The growth pace was the most rapid in 2015 when imports increased by 279% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, bracelet imports rose slightly to $X in 2022. Over the period under review, imports, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2015 when imports increased by 126%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of bracelet to Panama, with a 65% share of total imports. Moreover, bracelet imports from China exceeded the figures recorded by the second-largest supplier, Free Zones (X units), threefold. The third position in this ranking was held by the United States (X units), with a 5% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at -4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (+64.3% per year) and the United States (-19.4% per year).

In value terms, China ($X), Free Zones ($X) and the United States ($X) appeared to be the largest bracelet suppliers to Panama, together accounting for 91% of total imports.

Among the main suppliers, Free Zones, with a CAGR of +36.6%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average bracelet import price amounted to $X per unit, dropping by -45.1% against the previous year. In general, the import price, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2018 when the average import price increased by 138% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2019; however, from 2020 to 2022, import prices remained at a 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 Switzerland ($X per unit), while the price for Peru ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+240.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform