Panama: Brakes And Servo-Brakes Market 2025

Brakes And Servo-Brakes Market Size in Panama

The Panamanian brakes and servo-brakes market expanded markedly to $X in 2022, picking up by 5% against the previous year. Over the period under review, the total consumption indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -4.3% against 2020 indices. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Brakes And Servo-Brakes Production in Panama

In value terms, brakes and servo-brakes production amounted to $X in 2022 estimated in export price. Over the period under review, the total production indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -6.5% against 2020 indices. The growth pace was the most rapid in 2016 with an increase of 42% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Brakes And Servo-Brakes Exports

Exports from Panama

In 2022, after two years of decline, there was significant growth in overseas shipments of brakes and servo-brakes, when their volume increased by 280% to X tons. Overall, exports, however, recorded a slight decrease. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, brakes and servo-brakes exports skyrocketed to $X in 2022. In general, exports, however, showed a noticeable downturn. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons), Ecuador (X tons) and Guatemala (X tons) were the main destinations of brakes and servo-brakes exports from Panama, with a combined 30% share of total exports. Costa Rica, Colombia, Venezuela, Chile, Honduras, Peru, El Salvador, Uruguay, Jamaica and Bolivia lagged somewhat behind, together accounting for a further 51%.

From 2012 to 2022, the biggest increases were recorded for Peru (with a CAGR of +40.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for brakes and servo-brakes exported from Panama were Ecuador ($X), Costa Rica ($X) and the United States ($X), together comprising 29% of total exports. Venezuela, Guatemala, Colombia, Honduras, Peru, El Salvador, Chile, Uruguay, Bolivia and Jamaica lagged somewhat behind, together comprising a further 51%.

Among the main countries of destination, Peru, with a CAGR of +37.8%, recorded 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 brakes and servo-brakes export price stood at $X per ton in 2022, surging by 26% against the previous year. In general, the export price, however, saw a slight decrease. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 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 El Salvador ($X per ton), while the average price for exports to Jamaica ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (+5.1%), while the prices for the other major destinations experienced more modest paces of growth.

Brakes And Servo-Brakes Imports

Imports into Panama

In 2022, after two years of decline, there was significant growth in supplies from abroad of brakes and servo-brakes, when their volume increased by 29% to X tons. Over the period under review, imports saw mild growth. The most prominent rate of growth was recorded in 2017 with an increase of 96%. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, brakes and servo-brakes imports soared to $X in 2022. Overall, imports recorded a moderate expansion. The growth pace was the most rapid in 2017 with an increase of 156% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest brakes and servo-brakes supplier to Panama, with a 49% share of total imports. Moreover, brakes and servo-brakes imports from China exceeded the figures recorded by the second-largest supplier, the United States (X tons), fourfold. Free Zones (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+20.9% per year) and Free Zones (+41.4% per year).

In value terms, China ($X), the United States ($X) and Free Zones ($X) were the largest brakes and servo-brakes suppliers to Panama, with a combined 65% share of total imports.

In terms of the main suppliers, Free Zones, with a CAGR of +52.8%, 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

The average brakes and servo-brakes import price stood at $X per ton in 2022, which is down by -3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2017 when the average import price increased by 31%. Over the period under review, average import prices reached the peak figure at $X per ton in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

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 Japan ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Free Zones (+8.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform