U.S. Paint and Varnish Export Price in March 2023
In March 2023, the paint and varnish price amounted to $25,386 per ton (FOB, US), picking up by 2.6% against the previous month. Over the period from March 2022 to March 2023, it increased at an average monthly rate of +1.0%. The pace of growth appeared the most rapid in December 2022 when the average export price increased by 8% month-to-month. Over the period under review, the average export prices hit record highs in March 2023.
There were significant differences in the average prices for the major overseas markets. In March 2023, the country with the highest price was China ($40,517 per ton), while the average price for exports to Panama ($10,569 per ton) was amongst the lowest.
From March 2022 to March 2023, the most notable rate of growth in terms of prices was recorded for supplies to Jamaica (+11.7%), while the prices for the other major destinations experienced more modest paces of growth.
U.S. Paint and Varnish Exports
In March 2023, paint and varnish exports from the United States soared to 11K tons, jumping by 17% compared with the previous month’s figure. Overall, exports, however, showed a relatively flat trend pattern.
In value terms, paint and varnish exports skyrocketed to $276M (IndexBox estimates) in March 2023. Over the period under review, exports continue to indicate a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
U.S. Paint and Varnish Exports by Country
Canada (5.2K tons), Mexico (3.1K tons) and China (250 tons) were the main destinations of paint and varnish exports from the United States, with a combined 79% share of total exports. Panama and Jamaica lagged somewhat behind, together accounting for a further 2.2%.
From March 2022 to March 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Panama (with a CAGR of +10.6%), while the other leaders experienced a decline.
In value terms, the largest markets for paint and varnish exported from the United States were Canada ($126M), Mexico ($75M) and China ($10M), together comprising 76% of total exports. These countries were followed by Panama and Jamaica, which together accounted for a further 1%.
Among the main countries of destination, Panama, with a CAGR of +5.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.
