Report Update: May 1, 2024

Panama - Tractors - Market Analysis, Forecast, Size, Trends and Insights

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Tractor Price in Panama - 2023

Tractor Price in Panama (CIF) - 2023

In July 2023, the average tractor import price amounted to $31,762 per unit, growing by 68% against the previous month. Overall, the import price showed a relatively flat trend pattern. The import price peaked at $56,574 per unit in October 2022; however, from November 2022 to July 2023, import prices failed to regain momentum.

Prices varied noticeably by the country of origin: the country with the highest price was Turkey ($63,713 per unit), while the price for China ($21,302 per unit) was amongst the lowest.

From July 2022 to July 2023, the most notable rate of growth in terms of prices was attained by the United States (+14.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Tractor Price in Panama (FOB) - 2022

In 2022, the average tractor export price amounted to $30,314 per unit, growing by 108% against the previous year. Overall, the export price saw a notable expansion. The most prominent rate of growth was recorded in 2018 when the average export price increased by 210% against the previous year. The export price peaked at $56,638 per unit in 2019; however, from 2020 to 2022, 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 Guyana ($65,947 per unit), while the average price for exports to Chile ($298 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+73.2%), while the prices for the other major destinations experienced more modest paces of growth.

Tractor Imports in Panama

Tractor imports into Panama amounted to 513 units in 2022, picking up by 15% against the year before. Overall, total imports indicated a resilient expansion from 2019 to 2022: its volume increased at an average annual rate of +6.0% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +78.1% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 56%. Over the period under review, imports reached the maximum in 2022 and are likely to continue growth in the near future.

In value terms, tractor imports stood at $21M in 2022. In general, imports, however, continue to indicate a mild decline. The pace of growth appeared the most rapid in 2021 when imports increased by 52%. Over the period under review, imports attained the maximum at $22M in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Import of Tractor in Panama (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Mexico	5.0	2.0	4.4	7.1	12.4%
China	3.0	1.4	5.1	4.4	13.6%
Brazil	4.5	2.6	2.8	3.7	-6.3%
United States	6.0	2.7	3.6	3.0	-20.6%
India	0.4	0.6	0.6	1.5	55.4%
Turkey	0.1	0.3	0.4	0.5	71.0%
Japan	1.8	0.8	1.4	0.4	-39.4%
Others	1.5	2.4	1.2	0.6	-26.3%
Total	22.3	12.8	19.5	21.2	-1.7%

Top Suppliers of Tractor to Panama in 2022:

Mexico (147.0 units)
China (109.0 units)
India (96.0 units)
United States (80.0 units)
Brazil (55.0 units)
Turkey (14.0 units)
Japan (2.0 units)

Tractor Exports in Panama

In 2022, exports of tractors from Panama surged to 16 units, picking up by 220% against 2021. Overall, exports showed a significant expansion. The exports peaked at 17 units in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, tractor exports surged to $485K in 2022. In general, exports, however, continue to indicate a mild curtailment. The exports peaked at $510K in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Export of Tractor in Panama (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Guyana	0.3	1.6	N/A	198	770.7%
Costa Rica	9.2	N/A	N/A	90.3	114.1%
Nigeria	N/A	N/A	N/A	82.2	0%
Spain	N/A	32.1	34.0	48.1	22.4%
Senegal	N/A	N/A	N/A	16.7	0%
Dominican Republic	0.7	3.5	N/A	1.4	26.0%
Chile	N/A	N/A	N/A	0.3	0%
Palestine	9.6	N/A	N/A	N/A	0%
Germany	N/A	18.5	N/A	N/A	0%
Zimbabwe	N/A	90.8	N/A	N/A	0%
Guatemala	70.2	N/A	N/A	N/A	0%
France	46.4	N/A	N/A	N/A	0%
Denmark	163	N/A	N/A	N/A	0%
Others	210	50.6	39.0	48.2	-38.8%
Total	510	197	73.0	485	-1.7%

Top Export Markets for Tractor from Panama in 2022:

Costa Rica (4.0 units)
Guyana (3.0 units)
Nigeria (2.0 units)
Spain (2.0 units)
Senegal (1.0 units)
Chile (1.0 units)
Dominican Republic (1.0 units)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the tractor market in Panama. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 28301000 - Pedestrian-controlled tractors
Prodcom 28302100 - New agricultural and forestry tractors, wheeled, of an engine power . .37 kW
Prodcom 28302200 - New agricultural and forestry tractors, wheeled, of an engine power > .37 kW but . .59 kW (excluding pedestrian-controlled tractors)
Prodcom 28302330 - New agricultural and forestry tractors, wheeled, of an engine power > .59 kW but . .75 kW (excluding pedestrian-controlled tractors)
Prodcom 28302350 - New agricultural and forestry tractors, wheeled, of an engine power > .75 kW but . .90 kW (excluding pedestrian-controlled tractors)
Prodcom 28302370 - New agricultural and forestry tractors, wheeled, of an engine power > .90 kW (excluding pedestrian-controlled tractors)
Prodcom 28302390 - New tractors excluding agricultural/forestry tractors, wheeled, p edestrian-controlled tractors - road tractors for semi-trailers, t rack-laying tractors -tractors used on railway platforms
Prodcom 28925000 - (Crawler tractors) Track-laying tractors
Prodcom 29104300 - Road tractors for semi-trailers

Country coverage:

Panama

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Panama
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023