Panama: Circuit Breaker Market 2024

Circuit Breaker Market Size in Panama

The Panamanian circuit breaker market amounted to $X in 2022, surging by 7.5% against the previous year. In general, consumption enjoyed a strong increase. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the immediate term.

Circuit Breaker Production in Panama

In value terms, circuit breaker production surged to $X in 2022 estimated in export price. In general, production enjoyed resilient growth. The growth pace was the most rapid in 2020 with an increase of 143% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Circuit Breaker Exports

Exports from Panama

After two years of decline, shipments abroad of automatic circuit breakers increased by 29% to X units in 2022. In general, exports, however, recorded a abrupt downturn. The pace of growth appeared the most rapid in 2015 when exports increased by 92% against the previous year. As a result, the exports reached the peak of X units. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, circuit breaker exports surged to $X in 2022. Overall, exports, however, continue to indicate a drastic downturn. The pace of growth was the most pronounced in 2019 with an increase of 62%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Costa Rica (X units), Jamaica (X units) and the United States (X units) were the main destinations of circuit breaker exports from Panama, with a combined 54% share of total exports. Germany, Suriname, Aruba, the Dominican Republic, Mexico, Venezuela, Colombia, Guatemala, Barbados and Canada lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of +43.7%), while the other leaders experienced more modest paces of growth.

In value terms, Costa Rica ($X), the United States ($X) and the Dominican Republic ($X) appeared to be the largest markets for circuit breaker exported from Panama worldwide, with a combined 50% share of total exports. Germany, Suriname, Venezuela, Jamaica, Barbados, Mexico, Guatemala, Canada, Aruba and Colombia lagged somewhat behind, together accounting for a further 33%.

Among the main countries of destination, Mexico, with a CAGR of +57.0%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average circuit breaker export price stood at $X per unit in 2022, growing by 17% against the previous year. Over the period under review, the export price showed strong growth. The pace of growth appeared the most rapid in 2017 an increase of 95% against the previous year. The export price peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Dominican Republic ($X per unit), while the average price for exports to Jamaica ($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 Suriname (+20.0%), while the prices for the other major destinations experienced more modest paces of growth.

Circuit Breaker Imports

Imports into Panama

Circuit breaker imports into Panama fell dramatically to X units in 2022, reducing by -16.1% against 2021. In general, imports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2017 when imports increased by 2,217% against the previous year. As a result, imports attained the peak of X units. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, circuit breaker imports expanded sharply to $X in 2022. Overall, imports, however, showed significant growth. The most prominent rate of growth was recorded in 2017 when imports increased by 1,427%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Free Zones (X units), the Dominican Republic (X units) and the United States (X units) were the main suppliers of circuit breaker imports to Panama, together comprising 74% of total imports. Mexico, Brazil and China lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +110.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest circuit breaker suppliers to Panama were Free Zones ($X), the United States ($X) and the Dominican Republic ($X), with a combined 70% share of total imports.

In terms of the main suppliers, Free Zones, with a CAGR of +120.2%, saw the highest rates of growth with regard to the value of imports, 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 circuit breaker import price amounted to $X per unit, surging by 30% against the previous year. In general, the import price posted a remarkable increase. The most prominent rate of growth was recorded in 2014 when the average import price increased by 108% against the previous year. The import price peaked at $X per unit in 2016; however, from 2017 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 Brazil ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Free Zones (+10.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform