Panama: Silver Market 2024

Silver Market Size in Panama

The Panamanian silver market declined slightly to $X in 2023, remaining constant against the previous year. Overall, consumption, however, continues to indicate a modest increase. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2023, consumption failed to regain momentum.

Silver Production in Panama

In value terms, silver production contracted slightly to $X in 2023 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the production volume increased by X%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2023, production remained at a lower figure.

Silver Exports

Exports from Panama

In 2023, exports of silver including silver plated with gold or platinum from Panama reduced dramatically to X tons, waning by X% on the previous year's figure. In general, exports saw a deep setback. The pace of growth appeared the most rapid in 2022 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons, and then dropped sharply in the following year.

In value terms, silver exports contracted remarkably to $X in 2023. Over the period under review, exports showed a abrupt descent. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

Exports by Country

Turkey (X tons) was the main destination for silver exports from Panama, accounting for a X% share of total exports. Moreover, silver exports to Turkey exceeded the volume sent to the second major destination, Switzerland (X kg), twofold.

From 2012 to 2023, the average annual rate of growth in terms of volume to Turkey stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (X% per year) and the United States (X% per year).

In value terms, Turkey ($X) emerged as the key foreign market for silver including silver plated with gold or platinum exports from Panama, comprising X% of total exports. The second position in the ranking was taken by Switzerland ($X), with a X% share of total exports.

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

Export Prices by Country

In 2023, the average silver export price amounted to $X per ton, rising by X% against the previous year. In general, the export price, however, continues to indicate a slight descent. The growth pace was the most rapid in 2017 when the average export price increased by X%. The export price peaked at $X per ton in 2012; however, from 2013 to 2023, 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 the United States ($X,000 per ton), while the average price for exports to Turkey ($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 Turkey (X%), while the prices for the other major destinations experienced more modest paces of growth.

Silver Imports

Imports into Panama

In 2023, overseas purchases of silver including silver plated with gold or platinum decreased by X% to X tons for the first time since 2019, thus ending a three-year rising trend. In general, imports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2013 when imports increased by X%. Imports peaked at X tons in 2017; however, from 2018 to 2023, imports stood at a somewhat lower figure.

In value terms, silver imports fell dramatically to $X in 2023. Over the period under review, imports, however, saw a significant increase. The pace of growth was the most pronounced in 2013 with an increase of X%. Imports peaked at $X in 2022, and then fell markedly in the following year.

Imports by Country

In 2023, the United States (X tons) constituted the largest supplier of silver to Panama, with a X% share of total imports. Moreover, silver imports from the United States exceeded the figures recorded by the second-largest supplier, South Korea (X kg), more than tenfold.

From 2012 to 2023, the average annual growth rate of volume from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (X% per year) and Free Zones (X% per year).

In value terms, the United States ($X) constituted the largest supplier of silver including silver plated with gold or platinum to Panama, comprising X% of total imports. The second position in the ranking was taken by Free Zones ($X), with a X% share of total imports.

From 2012 to 2023, the average annual growth rate of value from the United States amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (X% per year) and South Korea (X% per year).

Import Prices by Country

In 2023, the average silver import price amounted to $X per ton, which is down by X% against the previous year. In general, the import price, however, saw significant growth. The most prominent rate of growth was recorded in 2013 an increase of X%. The import price peaked at $X per ton in 2022, and then fell dramatically in the following year.

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 the United States ($X per ton), while the price for South Korea ($X per ton) was amongst the lowest.

From 2012 to 2023, 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