Panama: Leather Footwear Market 2024

Leather Footwear Market Size in Panama

In 2022, the Panamanian leather footwear market decreased by X% to $X, falling for the second consecutive year after three years of growth. Overall, consumption showed a mild decrease. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Leather Footwear Production in Panama

In value terms, leather footwear production rose rapidly to $X in 2022 estimated in export price. Overall, production, however, showed a pronounced decline. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Leather Footwear Exports

Exports from Panama

In 2022, approx. X pairs of leather footwear were exported from Panama; approximately equating the year before. In general, exports recorded a sharp shrinkage. The smallest decline of X% was in 2019. Over the period under review, the exports attained the peak figure at X pairs in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, leather footwear exports stood at $X in 2022. Overall, exports continue to indicate a significant contraction. The smallest decline of X% was in 2019. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Colombia (X pairs), Chile (X pairs) and Venezuela (X pairs) were the main destinations of leather footwear exports from Panama, together accounting for X% of total exports. Guatemala, Ecuador, Peru, the Dominican Republic, Honduras, Costa Rica, Free Zones, El Salvador, Nicaragua and Trinidad and Tobago lagged somewhat behind, together comprising a further X%.

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

In value terms, the largest markets for leather footwear exported from Panama were Chile ($X), Colombia ($X) and Venezuela ($X), with a combined X% share of total exports. Guatemala, Ecuador, Peru, Costa Rica, the Dominican Republic, Honduras, Free Zones, El Salvador, Nicaragua and Trinidad and Tobago lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Free Zones, with a CAGR of X%, 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

In 2022, the average leather footwear export price amounted to $X per pair, leveling off at the previous year. Overall, the export price recorded a notable increase. The most prominent rate of growth was recorded in 2017 when the average export price increased by X% against the previous year. The export price peaked at $X per pair in 2020; afterwards, it flattened through to 2022.

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

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

Leather Footwear Imports

Imports into Panama

In 2022, purchases abroad of leather footwear was finally on the rise to reach X pairs for the first time since 2015, thus ending a six-year declining trend. Overall, imports, however, faced a deep reduction. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. As a result, imports reached the peak of X pairs. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, leather footwear imports surged to $X in 2022. Over the period under review, imports, however, faced a abrupt descent. Imports peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Free Zones (X pairs) constituted the largest leather footwear supplier to Panama, with a X% share of total imports. Moreover, leather footwear imports from Free Zones exceeded the figures recorded by the second-largest supplier, Italy (X pairs), threefold. The United States (X pairs) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Free Zones totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and the United States (X% per year).

In value terms, Free Zones ($X) constituted the largest supplier of leather footwear to Panama, comprising X% of total imports. The second position in the ranking was held by Italy ($X), with a X% share of total imports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Free Zones amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and the United States (X% per year).

Import Prices by Country

In 2022, the average leather footwear import price amounted to $X per pair, increasing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. The import price peaked in 2022 and is likely to see gradual 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 Colombia ($X per pair), while the price for Vietnam ($X per pair) was amongst the lowest.

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

Source: IndexBox Platform

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