Panama: Wooden Kitchen Furniture Market 2024

Wooden Kitchen Furniture Market Size in Panama

The Panamanian wooden kitchen furniture market rose remarkably to $X in 2022, picking up by 8.4% against the previous year. Overall, consumption, however, recorded a noticeable downturn. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Wooden Kitchen Furniture Production in Panama

In value terms, wooden kitchen furniture production rose sharply to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a pronounced decline. The pace of growth was the most pronounced in 2016 with an increase of 30%. Wooden kitchen furniture production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Wooden Kitchen Furniture Exports

Exports from Panama

In 2022, after two years of growth, there was significant decline in shipments abroad of wooden furniture for kitchens, when their volume decreased by -30.6% to X units. In general, exports showed a deep setback. The pace of growth was the most pronounced in 2015 when exports increased by 143%. As a result, the exports attained the peak of X units. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, wooden kitchen furniture exports declined sharply to $X in 2022. Over the period under review, exports showed a significant curtailment. The growth pace was the most rapid in 2015 with an increase of 113%. 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

The United States (X units) was the main destination for wooden kitchen furniture exports from Panama, with a approx. 3.4% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled -24.1%.

In value terms, the United States ($X) emerged as the key foreign market for wooden furniture for kitchens exports from Panama.

From 2012 to 2022, the average annual growth rate of value to the United States totaled -19.9%.

Export Prices by Country

The average wooden kitchen furniture export price stood at $X per unit in 2022, declining by -92.3% against the previous year. Over the period under review, the export price recorded a sharp decline. The pace of growth was the most pronounced in 2014 an increase of 24%. As a result, the export price reached the peak level of $X per unit. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for the United States.

From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to +5.5% per year.

Wooden Kitchen Furniture Imports

Imports into Panama

In 2022, purchases abroad of wooden furniture for kitchens increased by 24% to X units, rising for the second consecutive year after two years of decline. In general, imports saw a significant expansion. The pace of growth was the most pronounced in 2017 when imports increased by 628% against the previous year. Imports peaked at X units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, wooden kitchen furniture imports surged to $X in 2022. Over the period under review, imports recorded a significant increase. The most prominent rate of growth was recorded in 2017 when imports increased by 655% against the previous year. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Italy (X units) constituted the largest wooden kitchen furniture supplier to Panama, accounting for a 64% share of total imports. Moreover, wooden kitchen furniture imports from Italy exceeded the figures recorded by the second-largest supplier, China (X units), sixfold. Brazil (X units) ranked third in terms of total imports with a 7.1% share.

From 2012 to 2022, the average annual growth rate of volume from Italy amounted to +87.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+49.7% per year) and Brazil (+35.7% per year).

In value terms, Italy ($X) constituted the largest supplier of wooden furniture for kitchens to Panama, comprising 64% of total imports. The second position in the ranking was held by China ($X), with a 10% share of total imports. It was followed by Brazil, with a 7.1% share.

From 2012 to 2022, the average annual growth rate of value from Italy amounted to +94.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+53.0% per year) and Brazil (+55.5% per year).

Import Prices by Country

The average wooden kitchen furniture import price stood at $X per unit in 2022, surging by 9.2% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average import price increased by 10% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+14.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform