Panama: Transportation Vehicle Body Market 2024

Transportation Vehicle Body Market Size in Panama

The Panamanian transportation vehicle body market reduced to $X in 2022, falling by -5.1% against the previous year. Overall, consumption, however, continues to indicate a strong increase. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Transportation Vehicle Body Production in Panama

In value terms, transportation vehicle body production declined to $X in 2022 estimated in export price. In general, production, however, enjoyed buoyant growth. The pace of growth appeared the most rapid in 2013 with an increase of 86% against the previous year. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Transportation Vehicle Body Exports

Exports from Panama

In 2022, overseas shipments of bodies for motor vehicles for the transporting people decreased by 0% to X units for the first time since 2015, thus ending a six-year declining trend. In general, exports showed a precipitous curtailment. The growth pace was the most rapid in 2015 with an increase of 142% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, transportation vehicle body exports expanded significantly to $X in 2022. Overall, exports showed a precipitous contraction. The most prominent rate of growth was recorded in 2015 when exports increased by 134% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Venezuela (X units) was the main destination for transportation vehicle body exports from Panama, with a 33% share of total exports. Moreover, transportation vehicle body exports to Venezuela exceeded the volume sent to the second major destination, Cuba (X units), fourfold. Ukraine (X units) ranked third in terms of total exports with an 8.3% share.

From 2012 to 2022, the average annual growth rate of volume to Venezuela amounted to -21.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cuba (-16.4% per year) and Ukraine (-44.0% per year).

In value terms, Venezuela ($X) remains the key foreign market for bodies for motor vehicles for the transporting people exports from Panama, comprising 94% of total exports. The second position in the ranking was held by Ukraine ($X), with a 3.5% share of total exports. It was followed by the Dominican Republic, with a 0.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Venezuela totaled -22.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (-53.7% per year) and the Dominican Republic (-29.7% per year).

Export Prices by Country

The average transportation vehicle body export price stood at $X per unit in 2022, rising by 7.8% against the previous year. In general, the export price, however, continues to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2013 when the average export price increased by 60%. As a result, the export price reached the peak level of $X per unit. From 2014 to 2022, the average 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 Venezuela ($X per unit), while the average price for exports to Nicaragua ($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 Venezuela (-1.6%), while the prices for the other major destinations experienced a decline.

Transportation Vehicle Body Imports

Imports into Panama

In 2022, overseas purchases of bodies for motor vehicles for the transporting people were finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Overall, imports enjoyed buoyant growth. The pace of growth was the most pronounced in 2019 with an increase of 317%. As a result, imports reached the peak of X units. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, transportation vehicle body imports dropped dramatically to $X in 2022. Over the period under review, imports showed perceptible growth. The pace of growth appeared the most rapid in 2017 with an increase of 432% against the previous year. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Mexico (X units), the United States (X units) and Japan (X units) were the main suppliers of transportation vehicle body imports to Panama.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +45.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest transportation vehicle body suppliers to Panama were Mexico ($X), the United States ($X) and Japan ($X), together accounting for 99.9% of total imports.

Among the main suppliers, Mexico, with a CAGR of +47.5%, 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 mixed trend patterns.

Import Prices by Country

In 2022, the average transportation vehicle body import price amounted to $X per unit, falling by -84% against the previous year. In general, the import price continues to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2016 an increase of 227% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2021, and then contracted notably in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Mexico ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+15.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform