Panama: Smart Card Market 2025

Smart Card Market Size in Panama

The Panamanian smart card market stood at $X in 2022, surging by 2.4% against the previous year. In general, consumption saw a prominent expansion. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Smart Card Production in Panama

In value terms, smart card production rose to $X in 2022 estimated in export price. Overall, production enjoyed resilient growth. The most prominent rate of growth was recorded in 2019 with an increase of 50% against the previous year. Smart card production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Smart Card Exports

Exports from Panama

In 2022, after two years of growth, there was significant decline in overseas shipments of cards incorporating an electronic integrated circuit (smart card), when their volume decreased by -9.7% to X units. Over the period under review, exports continue to indicate a precipitous decrease. The growth pace was the most rapid in 2015 with an increase of 619% against the previous year. Over the period under review, the exports attained the maximum at X units in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, smart card exports contracted modestly to $X in 2022. In general, exports faced a abrupt setback. The pace of growth was the most pronounced in 2015 when exports increased by 319%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The Dominican Republic (X units), Costa Rica (X units) and Jamaica (X units) were the main destinations of smart card exports from Panama, with a combined 81% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Jamaica (with a CAGR of +102.3%), while the other leaders experienced more modest paces of growth.

In value terms, Costa Rica ($X), Jamaica ($X) and Honduras ($X) appeared to be the largest markets for smart card exported from Panama worldwide, with a combined 82% share of total exports.

Among the main countries of destination, Jamaica, with a CAGR of +123.9%, 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 smart card export price stood at $X per unit in 2022, growing by 8.7% against the previous year. Overall, the export price recorded a resilient increase. The pace of growth appeared the most rapid in 2017 an increase of 578% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2018 to 2022, the average export prices remained at a somewhat 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 Honduras ($X per unit), while the average price for exports to the Dominican Republic ($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 Jamaica (+10.7%), while the prices for the other major destinations experienced more modest paces of growth.

Smart Card Imports

Imports into Panama

In 2022, the amount of cards incorporating an electronic integrated circuit (smart card) imported into Panama dropped to X units, falling by -3.4% compared with the previous year's figure. Over the period under review, imports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 2,536% against the previous year. Over the period under review, imports hit record highs at X units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, smart card imports fell dramatically to $X in 2022. Overall, imports, however, saw strong growth. The most prominent rate of growth was recorded in 2017 when imports increased by 1,856%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of smart card to Panama, with a 59% share of total imports. Moreover, smart card imports from China exceeded the figures recorded by the second-largest supplier, Mexico (X units), threefold. Hong Kong SAR (X units) ranked third in terms of total imports with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +78.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+26.1% per year) and Hong Kong SAR (+119.9% per year).

In value terms, the largest smart card suppliers to Panama were Mexico ($X), Spain ($X) and China ($X), together comprising 75% of total imports.

Spain, with a CAGR of +133.4%, saw the highest rates of growth with regard to 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 smart card import price amounted to $X per unit, shrinking by -42.7% against the previous year. Overall, the import price saw a deep slump. The pace of growth appeared the most rapid in 2019 when the average import price increased by 24% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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 Spain ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+21.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform