Panama: Combine Harvester Market 2024

Combine Harvester Market Size in Panama

The Panamanian combine harvester market expanded rapidly to $X in 2022, growing by 7.6% against the previous year. Overall, the total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +2.8% 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 -9.8% against 2020 indices. Combine harvester consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Combine Harvester Production in Panama

In value terms, combine harvester production rose significantly to $X in 2022 estimated in export price. In general, the total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.0% 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 -6.3% against 2020 indices. The growth pace was the most rapid in 2017 with an increase of 55%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Combine Harvester Exports

Exports from Panama

In 2022, after three years of growth, there was significant decline in shipments abroad of combine harvester-threshers, when their volume decreased by -38.2% to X units. In general, exports, however, posted buoyant growth. The growth pace was the most rapid in 2021 when exports increased by 278% against the previous year. As a result, the exports reached the peak of X units, and then dropped markedly in the following year.

In value terms, combine harvester exports shrank remarkably to $X in 2022. Overall, exports, however, showed significant growth. The pace of growth appeared the most rapid in 2021 with an increase of 13,608%. As a result, the exports reached the peak of $X, and then reduced rapidly in the following year.

Exports by Country

Guyana (X units) was the main destination for combine harvester exports from Panama, with a 52% share of total exports. Moreover, combine harvester exports to Guyana exceeded the volume sent to the second major destination, Suriname (X units), sixfold. Cuba (X units) ranked third in terms of total exports with a 4.8% share.

From 2012 to 2022, the average annual growth rate of volume to Guyana totaled +27.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Suriname (+7.2% per year) and Cuba (0.0% per year).

In value terms, Guyana ($X) remains the key foreign market for combine harvester-threshers exports from Panama, comprising 66% of total exports. The second position in the ranking was taken by Guatemala ($X), with a 21% share of total exports. It was followed by the UK, with an 8.7% share.

From 2012 to 2022, the average annual growth rate of value to Guyana amounted to +147.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (+16.9% per year) and the UK (0.0% per year).

Export Prices by Country

In 2022, the average combine harvester export price amounted to $X per unit, shrinking by -18.5% against the previous year. Overall, the export price, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2021 when the average export price increased by 3,529% against the previous year. As a result, the export price reached the peak level of $X per unit, and then dropped markedly in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Guatemala ($X per unit), while the average price for exports to Cuba ($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 Guyana (+94.4%), while the prices for the other major destinations experienced more modest paces of growth.

Combine Harvester Imports

Imports into Panama

After two years of growth, supplies from abroad of combine harvester-threshers decreased by -35.3% to X units in 2022. Overall, imports, however, posted a noticeable increase. The most prominent rate of growth was recorded in 2017 when imports increased by 393%. As a result, imports reached the peak of X units. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, combine harvester imports fell sharply to $X in 2022. In general, imports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2017 when imports increased by 112,122%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Brazil (X units) constituted the largest supplier of combine harvester to Panama, accounting for a 82% share of total imports. Moreover, combine harvester imports from Brazil exceeded the figures recorded by the second-largest supplier, the United States (X units), ninefold. Colombia (X units) ranked third in terms of total imports with a 4.5% share.

From 2012 to 2022, the average annual growth rate of volume from Brazil totaled +33.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+7.2% per year) and Colombia (0.0% per year).

In value terms, Brazil ($X) constituted the largest supplier of combine harvester-threshers to Panama, comprising 91% of total imports. The second position in the ranking was held by the United States ($X), with an 8.5% share of total imports. It was followed by Colombia, with less than 0.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Brazil amounted to +31.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+38.0% per year) and Colombia (+13.5% per year).

Import Prices by Country

The average combine harvester import price stood at $X per unit in 2022, growing by 4.7% against the previous year. In general, the import price saw a significant increase. The pace of growth was the most pronounced in 2017 when the average import price increased by 22,648%. The import price peaked in 2022 and is expected to retain growth in years to come.

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 Brazil ($X per unit), while the price for Free Zones ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+52.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform