Panama: Upright Piano Market 2025

Upright Piano Market Size in Panama

The Panamanian upright piano market declined dramatically to $X in 2022, which is down by -17.7% against the previous year. Overall, consumption showed a pronounced descent. Upright piano consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Upright Piano Production in Panama

In value terms, upright piano production declined to $X in 2022 estimated in export price. In general, production recorded a deep downturn. The most prominent rate of growth was recorded in 2015 with an increase of 62%. Upright piano production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Upright Piano Exports

Exports from Panama

In 2022, the amount of acoustic new upright pianos exported from Panama skyrocketed to X units, jumping by 336% compared with the previous year. Over the period under review, exports, however, showed a abrupt decrease. The pace of growth appeared the most rapid in 2020 when exports increased by 378%. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, upright piano exports soared to $X in 2022. Overall, exports, however, continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 375% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Chile (X units) was the main destination for upright piano exports from Panama, accounting for a 65% share of total exports. Moreover, upright piano exports to Chile exceeded the volume sent to the second major destination, France (X units), fourfold.

From 2012 to 2022, the average annual growth rate of volume to Chile totaled +26.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-15.3% per year) and Guatemala (-12.9% per year).

In value terms, Chile ($X), France ($X) and Guatemala ($X) were the largest markets for upright piano exported from Panama worldwide, with a combined 68% share of total exports.

Chile, with a CAGR of +25.3%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average upright piano export price stood at $X per unit in 2022, declining by -44.4% against the previous year. Overall, the export price recorded a noticeable decline. The pace of growth appeared the most rapid in 2014 an increase of 69% against the previous year. The export price peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per unit), while the average price for exports to Chile ($X 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 Ecuador (+68.0%), while the prices for the other major destinations experienced mixed trend patterns.

Upright Piano Imports

Imports into Panama

In 2022, purchases abroad of acoustic new upright pianos decreased by -3.8% to X units, falling for the second year in a row after two years of growth. In general, imports, however, continue to indicate a significant increase. The pace of growth was the most pronounced in 2017 when imports increased by 3,000%. Imports peaked at X units in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, upright piano imports dropped to $X in 2022. Over the period under review, imports, however, recorded a significant expansion. The growth pace was the most rapid in 2017 when imports increased by 18,778%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Free Zones (X units) was the main supplier of upright piano to Panama, accounting for a 92% share of total imports. Moreover, upright piano imports from Free Zones exceeded the figures recorded by the second-largest supplier, Colombia (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Free Zones totaled +26.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (0.0% per year) and the United States (-6.7% per year).

In value terms, Free Zones ($X) constituted the largest supplier of acoustic new upright pianos to Panama, comprising 94% of total imports. The second position in the ranking was taken by Colombia ($X), with a 4.8% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Free Zones amounted to +31.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (0.0% per year) and the United States (-15.2% per year).

Import Prices by Country

The average upright piano import price stood at $X per unit in 2022, declining by -6.3% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 509%. The import price peaked at $X per unit in 2021, and then reduced in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Colombia ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform