Panama: Market for Welded And Cold-Formed Sections Of Steel 2025

Market Size for Welded And Cold-Formed Sections Of Steel in Panama

The Panamanian market for welded and cold-formed sections of steel expanded to $X in 2022, with an increase of 4.5% against the previous year. Overall, the total consumption indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +10.0% against 2019 indices. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Production of Welded And Cold-Formed Sections Of Steel in Panama

In value terms, welded and cold-formed steel sections production rose slightly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +14.1% against 2019 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 42%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Exports of Welded And Cold-Formed Sections Of Steel

Exports from Panama

After four years of decline, overseas shipments of welded and cold-formed sections of steel increased by 9% to X kg in 2022. In general, exports, however, faced a precipitous decline. The most prominent rate of growth was recorded in 2016 with an increase of 906% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, welded and cold-formed steel sections exports expanded significantly to $X in 2022. Over the period under review, exports, however, showed a dramatic setback. The most prominent rate of growth was recorded in 2016 when exports increased by 1,307%. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cuba (X kg) was the main destination for welded and cold-formed steel sections exports from Panama, with a 93% share of total exports. It was followed by Jamaica (X kg), with a 2.5% share of total exports. The third position in this ranking was taken by Honduras (X kg), with a 1.5% share.

From 2012 to 2022, the average annual growth rate of volume to Cuba totaled -16.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Jamaica (+16.2% per year) and Honduras (-40.8% per year).

In value terms, Cuba ($X) remains the key foreign market for welded and cold-formed sections of steel exports from Panama, comprising 86% of total exports. The second position in the ranking was held by Colombia ($X), with a 4.1% share of total exports. It was followed by Honduras, with a 3% share.

From 2012 to 2022, the average annual growth rate of value to Cuba amounted to -18.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-30.8% per year) and Honduras (-33.8% per year).

Export Prices by Country

In 2022, the average export price for welded and cold-formed sections of steel amounted to $X per ton, stabilizing at the previous year. In general, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 114% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Colombia ($X per ton), while the average price for exports to Cuba ($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 Colombia (+33.8%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Welded And Cold-Formed Sections Of Steel

Imports into Panama

In 2022, imports of welded and cold-formed sections of steel into Panama declined modestly to X tons, remaining relatively unchanged against the year before. Over the period under review, imports saw a abrupt downturn. The pace of growth was the most pronounced in 2017 when imports increased by 1,236%. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, welded and cold-formed steel sections imports skyrocketed to $X in 2022. Overall, imports recorded a deep downturn. The pace of growth was the most pronounced in 2017 when imports increased by 1,065% against the previous year. 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

China (X tons), the United States (X tons) and Colombia (X tons) were the main suppliers of welded and cold-formed steel sections imports to Panama, with a combined 82% share of total imports. Germany, Turkey, Free Zones and Spain lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +79.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Colombia ($X) constituted the largest welded and cold-formed steel sections suppliers to Panama, with a combined 78% share of total imports. Germany, Turkey, Free Zones and Spain lagged somewhat behind, together accounting for a further 22%.

Germany, with a CAGR of +70.4%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for welded and cold-formed sections of steel stood at $X per ton in 2022, increasing by 17% against the previous year. In general, import price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when the average import price increased by 74% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform