Panama: Baking Soda Market 2024

Baking Soda Market Size in Panama

The Panamanian baking soda market was estimated at $X in 2022, surging by X% against the previous year. In general, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Baking Soda Production in Panama

In value terms, baking soda production expanded significantly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a pronounced downturn. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. Baking soda production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Baking Soda Exports

Exports from Panama

For the fifth consecutive year, Panama recorded growth in overseas shipments of baking soda, which increased by X% to X tons in 2022. Over the period under review, exports recorded a significant increase. The pace of growth appeared the most rapid in 2016 with an increase of X%. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in the immediate term.

In value terms, baking soda exports rose rapidly to $X in 2022. Overall, exports showed a strong increase. The pace of growth appeared the most rapid in 2016 when exports increased by X%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Venezuela (X tons), the United States (X tons) and Guatemala (X tons) were the main destinations of baking soda exports from Panama, together accounting for X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for baking soda exports from Panama, comprising X% of total exports. The second position in the ranking was held by Venezuela ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (X% per year) and Guatemala (X% per year).

Export Prices by Country

The average baking soda export price stood at $X per ton in 2022, declining by X% against the previous year. Overall, the export price showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2016 an increase of X%. The export price peaked at $X per ton in 2012; however, from 2013 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 the United States ($X per ton), while the average price for exports to Venezuela ($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 the United States (X%), while the prices for the other major destinations experienced a decline.

Baking Soda Imports

Imports into Panama

In 2022, the amount of baking soda imported into Panama declined dramatically to X tons, which is down by X% compared with the previous year's figure. Over the period under review, imports, however, saw a significant increase. The growth pace was the most rapid in 2017 with an increase of X%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, baking soda imports skyrocketed to $X in 2022. In general, imports, however, saw significant growth. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Italy (X tons) constituted the largest baking soda supplier to Panama, accounting for a X% share of total imports. Moreover, baking soda imports from Italy exceeded the figures recorded by the second-largest supplier, China (X tons), sevenfold. Russia (X tons) ranked third in terms of total imports with a X% share.

From 2015 to 2022, the average annual growth rate of volume from Italy amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Russia (X% per year).

In value terms, Italy ($X) constituted the largest supplier of baking soda to Panama, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports. It was followed by the United States, with a X% share.

From 2015 to 2022, the average annual rate of growth in terms of value from Italy totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and the United States (X% per year).

Import Prices by Country

In 2022, the average baking soda import price amounted to $X per ton, increasing by X% against the previous year. Over the period under review, import price indicated a resilient increase from 2015 to 2022: its price increased at an average annual rate of X% over the last seven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, baking soda import price increased by X% against 2018 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2015 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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