Panama: Phenols Market 2024

Phenols Market Size in Panama

The Panamanian phenols market contracted to $X in 2023, shrinking by X% against the previous year. Overall, consumption, however, showed a noticeable descent. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Phenols Production in Panama

In value terms, phenols production fell to $X in 2023 estimated in export price. Overall, production, however, recorded a slight descent. The pace of growth was the most pronounced in 2020 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2023, production growth failed to regain momentum.

Phenols Exports

Exports from Panama

After three years of decline, shipments abroad of phenols increased by X% to X tons in 2023. Overall, exports, however, saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

In value terms, phenols exports soared to $X in 2023. In general, exports saw a pronounced increase. The growth pace was the most rapid in 2018 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

Exports by Country

Ecuador (X tons), Guatemala (X tons) and Venezuela (X kg) were the main destinations of phenols exports from Panama, together comprising X% of total exports.

From 2012 to 2023, the biggest increases were recorded for Guatemala (with a CAGR of X%), while shipments for the other leaders experienced a decline.

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

From 2012 to 2023, the average annual growth rate of value to Ecuador totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (X% per year) and Venezuela (X% per year).

Export Prices by Country

The average phenols export price stood at $X per ton in 2023, with a decrease of X% against the previous year. Over the period under review, the export price, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2017 when the average export price increased by X%. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was Ecuador ($X per ton), while the average price for exports to Venezuela ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (X%), while the prices for the other major destinations experienced mixed trend patterns.

Phenols Imports

Imports into Panama

In 2023, overseas purchases of phenols increased by X% to X tons, rising for the second year in a row after two years of decline. In general, imports, however, continue to indicate a slight decline. The most prominent rate of growth was recorded in 2022 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2015; however, from 2016 to 2023, imports remained at a lower figure.

In value terms, phenols imports surged to $X in 2023. Overall, imports, however, showed a slight decrease. The pace of growth appeared the most rapid in 2019 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2023, imports failed to regain momentum.

Imports by Country

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

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Free Zones ($X) constituted the largest phenols suppliers to Panama, with a combined X% share of total imports. Mexico, Costa Rica, the Netherlands, India and Spain lagged somewhat behind, together comprising a further X%.

Among the main suppliers, India, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average phenols import price amounted to $X per ton, dropping by X% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X%. As a result, import price reached the peak level of $X per ton. From 2022 to 2023, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Spain ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Spain (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform