Panama: Bearing Market 2024

Bearing Market Size in Panama

In 2022, the Panamanian bearing market increased by X% to $X for the first time since 2017, thus ending a four-year declining trend. In general, consumption, however, saw a abrupt descent. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Bearing Production in Panama

In value terms, bearing production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of X%. Bearing production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Bearing Exports

Exports from Panama

In 2022, overseas shipments of ball or roller bearings were finally on the rise to reach X tons for the first time since 2016, thus ending a five-year declining trend. In general, exports, however, showed a perceptible curtailment. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, bearing exports reached $X in 2022. Overall, exports, however, showed a noticeable contraction. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Colombia (X tons), Ecuador (X tons) and Chile (X tons) were the main destinations of bearing exports from Panama, together accounting for X% of total exports. Peru, Brazil, Argentina, Guatemala, Mexico, Honduras, Uruguay, El Salvador, Nicaragua and Costa Rica lagged somewhat behind, together comprising a further X%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Argentina (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for bearing exported from Panama were Colombia ($X), Ecuador ($X) and Chile ($X), together accounting for X% of total exports. Peru, Brazil, Argentina, Guatemala, Mexico, Honduras, Uruguay, El Salvador, Nicaragua and Costa Rica lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Argentina, with a CAGR of X%, saw the highest growth rate of 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 bearing export price stood at $X per ton in 2021, growing by X% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 when the average export price increased by X% against the previous year. The export price peaked in 2021 and is expected to retain growth in years to come.

Average prices varied somewhat for the major foreign markets. In 2021, amid the top suppliers, the countries with the highest prices were Honduras ($X per ton) and Brazil ($X per ton), while the average price for exports to Guatemala ($X per ton) and Costa Rica ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (X%), while the prices for the other major destinations experienced more modest paces of growth.

Bearing Imports

Imports into Panama

In 2022, after two years of decline, there was significant growth in overseas purchases of ball or roller bearings, when their volume increased by X% to X tons. In general, imports, however, saw a significant curtailment. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, bearing imports surged to $X in 2022. Over the period under review, imports, however, recorded a abrupt descent. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

China (X tons), Free Zones (X tons) and the United Arab Emirates (X tons) were the main suppliers of bearing imports to Panama.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest bearing suppliers to Panama were Free Zones ($X), the United States ($X) and the United Arab Emirates ($X).

Among the main suppliers, France, with a CAGR of X%, recorded 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 2021, the average bearing import price amounted to $X per ton, falling by X% against the previous year. Overall, the import price, however, recorded a tangible expansion. The most prominent rate of growth was recorded in 2017 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2020, and then reduced dramatically in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform