Panama: Combined Refrigerator-Freezer Market 2024

Combined Refrigerator-Freezer Market Size in Panama

In 2022, after two years of growth, there was significant decline in the Panamanian combined refrigerator-freezer market, when its value decreased by X% to $X. Overall, the total consumption indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2019 indices. As a result, consumption attained the peak level of $X, and then fell in the following year.

Combined Refrigerator-Freezer Production in Panama

In value terms, combined refrigerator-freezer production soared to $X in 2022 estimated in export price. Overall, production, however, showed a deep reduction. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Combined Refrigerator-Freezer Exports

Exports from Panama

For the third year in a row, Panama recorded decline in overseas shipments of combined refrigerators-freezers, which decreased by X% to X units in 2022. Overall, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X units in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, combined refrigerator-freezer exports totaled $X in 2022. In general, exports saw a abrupt decrease. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The Dominican Republic (X units), Venezuela (X units) and Honduras (X units) were the main destinations of combined refrigerator-freezer exports from Panama, with a combined X% share of total exports. Cuba, Guyana, Belize, Aruba, Nicaragua, Barbados, Grenada, Jamaica, Colombia and Saint Lucia lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Saint Lucia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for combined refrigerator-freezer exported from Panama were the Dominican Republic ($X), Venezuela ($X) and Honduras ($X), with a combined X% share of total exports. Cuba, Guyana, Belize, Aruba, Nicaragua, Barbados, Grenada, Jamaica, Colombia and Saint Lucia lagged somewhat behind, together accounting for a further X%.

Saint Lucia, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average combined refrigerator-freezer export price amounted to $X per unit, stabilizing at the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of X%. The export price peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Saint Lucia ($X per unit) and Grenada ($X per unit), while the average price for exports to Guyana ($X per unit) and Cuba ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Saint Lucia (X%), while the prices for the other major destinations experienced a decline.

Combined Refrigerator-Freezer Imports

Imports into Panama

In 2022, approx. X units of combined refrigerators-freezers were imported into Panama; dropping by X% against 2021. In general, imports, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at X units in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, combined refrigerator-freezer imports contracted dramatically to $X in 2022. Overall, imports, however, showed a buoyant increase. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Mexico (X units) constituted the largest supplier of combined refrigerator-freezer to Panama, accounting for a X% share of total imports. Moreover, combined refrigerator-freezer imports from Mexico exceeded the figures recorded by the second-largest supplier, Free Zones (X units), threefold. China (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from Mexico stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (X% per year) and China (X% per year).

In value terms, Mexico ($X) constituted the largest supplier of combined refrigerators-freezers to Panama, comprising X% of total imports. The second position in the ranking was held by Free Zones ($X), with a X% share of total imports. It was followed by China, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Mexico stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (X% per year) and China (X% per year).

Import Prices by Country

The average combined refrigerator-freezer import price stood at $X per unit in 2022, surging by X% against the previous year. Overall, the import price showed a mild expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from South Korea ($X per unit) and Colombia ($X per unit), while the price for the United States ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Free Zones (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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