Panama: Shaft Coupling Market 2024

Shaft Coupling Market Size in Panama

In 2022, the Panamanian shaft coupling market increased by 1.1% to $X, rising for the second consecutive year after two years of decline. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Shaft Coupling Production in Panama

In value terms, shaft coupling production fell to $X in 2022 estimated in export price. In general, production showed a slight downturn. The growth pace was the most rapid in 2018 with an increase of 86% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Shaft Coupling Exports

Exports from Panama

After three years of growth, shipments abroad of clutches and shaft couplings decreased by -8.3% to X tons in 2022. Over the period under review, exports showed a deep contraction. The most prominent rate of growth was recorded in 2019 with an increase of 137% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, shaft coupling exports soared to $X in 2022. Overall, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2019 when exports increased by 106%. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The Dominican Republic (X tons), Colombia (X tons) and Paraguay (X tons) were the main destinations of shaft coupling exports from Panama, together comprising 30% of total exports. Costa Rica, Indonesia, Trinidad and Tobago, Venezuela, Jamaica, Guatemala, Ghana, Guyana and the Netherlands lagged somewhat behind, together accounting for a further 38%.

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 +36.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for shaft coupling exported from Panama were Indonesia ($X), the Dominican Republic ($X) and Paraguay ($X), with a combined 28% share of total exports.

Among the main countries of destination, Paraguay, with a CAGR of +46.1%, recorded 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

In 2022, the average shaft coupling export price amounted to $X per ton, surging by 28% against the previous year. Overall, the export price enjoyed a noticeable increase. The most prominent rate of growth was recorded in 2016 an increase of 45% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Guyana ($X per ton), while the average price for exports to Trinidad and Tobago ($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 Guyana (+12.8%), while the prices for the other major destinations experienced more modest paces of growth.

Shaft Coupling Imports

Imports into Panama

In 2022, purchases abroad of clutches and shaft couplings increased by 134% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports posted a significant expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 1,028% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, shaft coupling imports skyrocketed to $X in 2022. Overall, imports continue to indicate a significant increase. The pace of growth was the most pronounced in 2017 with an increase of 2,060% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Australia (X tons), the United States (X tons) and Free Zones (X tons) were the main suppliers of shaft coupling imports to Panama, together comprising 73% of total imports.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +93.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), the United States ($X) and Free Zones ($X) were the largest shaft coupling suppliers to Panama, together accounting for 80% of total imports.

In terms of the main suppliers, Australia, with a CAGR of +100.7%, 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 shaft coupling import price stood at $X per ton in 2022, surging by 31% against the previous year. In general, the import price saw prominent growth. The most prominent rate of growth was recorded in 2017 an increase of 92%. Over the period under review, average import prices reached the peak figure in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Free Zones ($X per ton), while the price for Colombia ($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 (+13.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform