Panama: Jewelry Market 2024

Jewelry Market Size in Panama

After two years of growth, the Panamanian jewelry market decreased by X% to $X in 2022. Over the period under review, consumption saw a drastic downturn. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Jewelry Production in Panama

In value terms, jewelry production expanded modestly to $X in 2022 estimated in export price. Over the period under review, production showed a significant increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Jewelry Exports

Exports from Panama

In 2022, the amount of jewelry exported from Panama surged to X tons, picking up by X% on 2021. Overall, exports, however, showed a deep setback. The most prominent rate of growth was recorded in 2017 with an increase of X%. The exports peaked at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, jewelry exports fell to $X in 2022. Over the period under review, exports, however, saw a abrupt setback. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Guatemala (X tons) was the main destination for jewelry exports from Panama, accounting for a X% share of total exports. Moreover, jewelry exports to Guatemala exceeded the volume sent to the second major destination, Costa Rica (X tons), fourfold. El Salvador (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Guatemala stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (X% per year) and El Salvador (X% per year).

In value terms, Colombia ($X) remains the key foreign market for jewelry exports from Panama, comprising X% of total exports. The second position in the ranking was taken by Guatemala ($X), with a X% share of total exports. It was followed by Chile, with an X% share.

From 2012 to 2022, the average annual growth rate of value to Colombia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (X% per year) and Chile (X% per year).

Export Prices by Country

In 2022, the average jewelry export price amounted to $X per kg, falling by X% against the previous year. Overall, the export price continues to indicate a mild setback. The most prominent rate of growth was recorded in 2018 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per kg in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Venezuela ($X per kg), while the average price for exports to Brazil ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Venezuela (X%), while the prices for the other major destinations experienced more modest paces of growth.

Jewelry Imports

Imports into Panama

In 2022, imports of jewelry into Panama shrank to X tons, falling by X% on the previous year's figure. In general, imports faced a sharp decline. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, jewelry imports skyrocketed to $X in 2022. Overall, imports faced a precipitous decrease. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

The United States (X kg), China (X kg) and Italy (X kg) were the main suppliers of jewelry imports to Panama, together comprising X% of total imports. Spain, Thailand, Free Zones, France, Brazil, Turkey and Hong Kong SAR lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Free Zones (with a CAGR of X%), while purchases for the other leaders experienced a decline.

In value terms, the largest jewelry suppliers to Panama were Italy ($X), the United States ($X) and Thailand ($X), together accounting for X% of total imports. Spain, China, Free Zones, France, Turkey, Brazil and Hong Kong SAR lagged somewhat behind, together comprising a further X%.

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

Import Prices by Country

In 2022, the average jewelry import price amounted to $X per kg, increasing by X% against the previous year. Over the period under review, the import price recorded strong growth. The most prominent rate of growth was recorded in 2021 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

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

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :