Panama: Market for Vacuum Pumps and Air or Gas Compressors 2024

Market Size for Vacuum Pumps and Air or Gas Compressors in Panama

After four years of decline, the Panamanian market for vacuum pumps and air or gas compressors increased by 25% to $X in 2022. Over the period under review, consumption recorded mild growth. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a somewhat lower figure.

Exports of Vacuum Pumps and Air or Gas Compressors

Exports from Panama

In 2022, the amount of vacuum pumps and air or gas compressors exported from Panama soared to X units, increasing by 43% compared with 2021 figures. In general, exports, however, saw a deep setback. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, exports of vacuum pumps and air or gas compressors amounted to $X in 2022. Over the period under review, exports, however, showed a abrupt decline. The most prominent rate of growth was recorded in 2019 with an increase of 6.3% against the previous year. Over the period under review, the exports of hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Colombia (X units) was the main destination for exports of vacuum pumps and air or gas compressors from Panama, with a 49% share of total exports. Moreover, exports of vacuum pumps and air or gas compressors to Colombia exceeded the volume sent to the second major destination, Venezuela (X units), fivefold. The third position in this ranking was taken by Ecuador (X units), with a 5.6% share.

From 2012 to 2022, the average annual growth rate of volume to Colombia stood at +15.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-15.6% per year) and Ecuador (-10.8% per year).

In value terms, Venezuela ($X), Cuba ($X) and Colombia ($X) were the largest markets for vacuum pump and air or gas compressor exported from Panama worldwide, together comprising 41% of total exports. Ecuador, Costa Rica, the United States, Guyana, Chile, Trinidad and Tobago, Belize, Peru, Jamaica and El Salvador lagged somewhat behind, together comprising a further 26%.

Belize, with a CAGR of +8.4%, recorded the highest rates of growth with regard to 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

The average export price for vacuum pumps and air or gas compressors stood at $X per unit in 2022, which is down by -27.7% against the previous year. In general, the export price recorded a deep reduction. The most prominent rate of growth was recorded in 2021 an increase of 124% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Cuba ($X per unit), while the average price for exports to Colombia ($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 El Salvador (+23.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Vacuum Pumps and Air or Gas Compressors

Imports into Panama

In 2022, supplies from abroad of vacuum pumps and air or gas compressors was finally on the rise to reach X units for the first time since 2017, thus ending a four-year declining trend. Overall, imports, however, showed a pronounced reduction. The pace of growth appeared the most rapid in 2017 with an increase of 207% against the previous year. As a result, imports attained the peak of X units. From 2018 to 2022, the growth of imports of failed to regain momentum.

In value terms, imports of vacuum pumps and air or gas compressors surged to $X in 2022. Over the period under review, imports continue to indicate a tangible expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 342% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports of failed to regain momentum.

Imports by Country

China (X units), the United States (X units) and Free Zones (X units) were the main suppliers of imports of vacuum pumps and air or gas compressors to Panama, together accounting for 88% of total imports.

From 2012 to 2022, the biggest increases were recorded for Free Zones (with a CAGR of +52.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Free Zones ($X) and China ($X) appeared to be the largest vacuum pump and air or gas compressor suppliers to Panama, with a combined 72% share of total imports.

Free Zones, with a CAGR of +19.5%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for vacuum pumps and air or gas compressors amounted to $X per unit, falling by -14.3% against the previous year. Over the period under review, the import price, however, showed a prominent increase. The pace of growth was the most pronounced in 2013 when the average import price increased by 89% against the previous year. The import price peaked at $X per unit in 2017; however, from 2018 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Hong Kong SAR ($X per unit), while the price for China ($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 (+30.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform