Panama: Wool Grease Market 2024

Wool Grease Market Size in Panama

In 2022, after two years of growth, there was significant decline in the Panamanian wool grease market, when its value decreased by X% to $X. In general, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a somewhat lower figure.

Wool Grease Production in Panama

In value terms, wool grease production amounted to $X in 2022 estimated in export price. Overall, production showed a significant contraction. The most prominent rate of growth was recorded in 2019 with a decrease of X%. Wool grease production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Wool Grease Exports

Exports from Panama

In 2022, overseas shipments of wool grease and fatty substances decreased by X% to X kg, falling for the third year in a row after five years of decline. Over the period under review, exports recorded a dramatic decrease. The pace of growth appeared the most rapid in 2013 when exports increased by X% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, wool grease exports totaled $X in 2022. Overall, exports continue to indicate a sharp slump. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Venezuela (X kg) was the main destination for wool grease exports from Panama, accounting for a X% share of total exports. Moreover, wool grease exports to Venezuela exceeded the volume sent to the second major destination, Costa Rica (X kg), threefold.

From 2012 to 2022, the average annual growth rate of volume to Venezuela totaled 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, Venezuela ($X), Costa Rica ($X) and El Salvador ($X) constituted the largest markets for wool grease exported from Panama worldwide.

Among the main countries of destination, Costa Rica, 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 wool grease export price amounted to $X per ton, standing approx. at the previous year. Overall, the export price continues to indicate a pronounced slump. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while the average price for exports to Venezuela ($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 El Salvador (X%), while the prices for the other major destinations experienced mixed trend patterns.

Wool Grease Imports

Imports into Panama

In 2022, after two years of growth, there was significant decline in overseas purchases of wool grease and fatty substances, when their volume decreased by X% to X tons. In general, imports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, wool grease imports expanded slightly to $X in 2022. Over the period under review, imports saw a deep slump. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

The United States (X tons), Free Zones (X tons) and China (X tons) were the main suppliers of wool grease imports to Panama, with a combined X% share of total imports.

From 2013 to 2022, the biggest increases were recorded for the United States (with a CAGR of X%), while purchases for the other leaders experienced a decline.

In value terms, the United States ($X), China ($X) and Free Zones ($X) were the largest wool grease suppliers to Panama, with a combined X% share of total imports.

The United States, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average wool grease import price stood at $X per ton in 2022, increasing by X% against the previous year. In general, import price indicated a temperate increase from 2013 to 2022: its price increased at an average annual rate of X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wool grease import price increased by X% against 2017 indices. The growth pace was the most rapid in 2018 when the average import price increased by X%. The import price peaked in 2022 and is likely to continue growth in years to come.

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 Uruguay ($X per ton), while the price for Free Zones ($X per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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