Panama: Machinery Electrical Parts Market 2024

Machinery Electrical Parts Market Size in Panama

The Panamanian machinery electrical parts market fell to $X in 2022, dropping by X% against the previous year. Over the period under review, the total consumption indicated notable growth 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 2020 indices. Machinery electrical parts consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Machinery Electrical Parts Production in Panama

In value terms, machinery electrical parts production declined to $X in 2022 estimated in export price. Overall, the total production indicated a measured 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, production increased by X% against 2020 indices. The pace of growth was the most pronounced in 2013 with an increase of X%. Machinery electrical parts production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Machinery Electrical Parts Exports

Exports from Panama

In 2017, machinery electrical parts exports from Panama contracted significantly to X kg, with a decrease of X% on 2016. In general, exports continue to indicate a significant curtailment. The pace of growth was the most pronounced in 2013 when exports increased by X% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2017, the growth of the exports remained at a somewhat lower figure.

In value terms, machinery electrical parts exports reduced dramatically to $X in 2017. Overall, exports faced a dramatic downturn. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2017, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X kg) was the main destination for machinery electrical parts exports from Panama, with a X% share of total exports. Moreover, machinery electrical parts exports to the United States exceeded the volume sent to the second major destination, Guatemala (X kg), threefold. Mexico (X kg) ranked third in terms of total exports with a X% share.

From 2012 to 2017, the average annual rate of growth in terms of volume to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (X% per year) and Mexico (X% per year).

In value terms, the United States ($X) emerged as the key foreign market for electrical parts of machinery or apparatus exports from Panama, comprising X% of total exports. The second position in the ranking was taken by the Dominican Republic ($X), with a X% share of total exports. It was followed by Sweden, with an X% share.

From 2012 to 2017, the average annual rate of growth in terms of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (X% per year) and Sweden (X% per year).

Export Prices by Country

In 2017, the average machinery electrical parts export price amounted to $X per ton, dropping by X% against the previous year. Overall, the export price recorded a abrupt setback. The growth pace was the most rapid in 2014 when the average export price increased by X%. The export price peaked at $X per ton in 2016, and then reduced rapidly in the following year.

There were significant differences in the average prices for the major export markets. In 2017, amid the top suppliers, the country with the highest price was the Dominican Republic ($X per ton), while the average price for exports to Chile ($X per ton) was amongst the lowest.

From 2012 to 2017, the most notable rate of growth in terms of prices was recorded for supplies to the Dominican Republic (X%), while the prices for the other major destinations experienced more modest paces of growth.

Machinery Electrical Parts Imports

Imports into Panama

In 2022, the amount of electrical parts of machinery or apparatus imported into Panama surged to X tons, with an increase of X% on the previous year. Over the period under review, imports, however, recorded a significant decline. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, machinery electrical parts imports surged to $X in 2022. Overall, imports, however, saw a sharp decrease. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Colombia (X kg), China (X kg) and Chile (X kg) were the main suppliers of machinery electrical parts imports to Panama, with a combined X% share of total imports.

From 2012 to 2022, 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 a decline.

In value terms, China ($X), Colombia ($X) and Chile ($X) were the largest machinery electrical parts suppliers to Panama, together accounting for X% of total imports.

China, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average machinery electrical parts import price amounted to $X per ton, surging by X% against the previous year. Over the period under review, the import price saw notable growth. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Peru ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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