Panama: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Panama

The Panamanian steel and iron articles market amounted to $X in 2022, approximately reflecting the previous year. Overall, the total consumption indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.7% against 2019 indices. Steel and iron articles consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Production of Articles Of Iron Or Steel in Panama

In value terms, steel and iron articles production fell to $X in 2022 estimated in export price. In general, the total production indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.2% 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 -1.8% against 2019 indices. The pace of growth appeared the most rapid in 2016 when the production volume increased by 41% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Exports of Articles Of Iron Or Steel

Exports from Panama

In 2022, after three years of decline, there was significant growth in overseas shipments of articles of iron or steel, when their volume increased by 132% to X tons. In general, exports, however, continue to indicate a sharp decline. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, steel and iron articles exports surged to $X in 2022. Overall, exports, however, saw a sharp descent. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

British Indian Ocean Territory (X tons), El Salvador (X tons) and the United States (X tons) were the main destinations of steel and iron articles exports from Panama, with a combined 82% share of total exports.

From 2012 to 2022, the biggest increases were recorded for British Indian Ocean Territory (with a CAGR of +56.8%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for steel and iron articles exported from Panama were British Indian Ocean Territory ($X), El Salvador ($X) and the United States ($X), with a combined 78% share of total exports.

Among the main countries of destination, British Indian Ocean Territory, with a CAGR of +44.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average steel and iron articles export price stood at $X per ton in 2022, declining by -13.1% against the previous year. Over the period under review, the export price saw a pronounced downturn. The most prominent rate of growth was recorded in 2017 an increase of 24%. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the 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 Honduras ($X per ton), while the average price for exports to Free Zones ($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 Trinidad and Tobago (+8.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports into Panama

In 2022, the amount of articles of iron or steel imported into Panama expanded remarkably to X tons, picking up by 12% against 2021. In general, imports posted a strong increase. The growth pace was the most rapid in 2017 with an increase of 620%. As a result, imports reached the peak of X tons. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, steel and iron articles imports surged to $X in 2022. Over the period under review, imports enjoyed buoyant growth. The pace of growth was the most pronounced in 2017 when imports increased by 841%. 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

In 2022, China (X tons) constituted the largest supplier of steel and iron articles to Panama, with a 37% share of total imports. Moreover, steel and iron articles imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), twofold. The third position in this ranking was taken by Colombia (X tons), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +8.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+22.0% per year) and Colombia (+27.2% per year).

In value terms, China ($X), the United States ($X) and Free Zones ($X) constituted the largest steel and iron articles suppliers to Panama, together comprising 66% of total imports. Spain, Colombia, Brazil, India and South Africa lagged somewhat behind, together comprising a further 20%.

India, with a CAGR of +143.1%, saw 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 steel and iron articles import price stood at $X per ton in 2022, surging by 5.1% against the previous year. Overall, import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, steel and iron articles import price decreased by -0.4% against 2018 indices. The growth pace was the most rapid in 2017 when the average import price increased by 31% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2018; afterwards, it flattened through to 2022.

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 the United States ($X per ton), while the price for Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+10.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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