Panama: Cranks And Crankshafts Market 2024

Cranks And Crankshafts Market Size in Panama

The Panamanian cranks and crankshafts market contracted slightly to $X in 2022, remaining constant against the previous year. The market value increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Cranks And Crankshafts Production in Panama

In value terms, cranks and crankshafts production fell modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 15% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Cranks And Crankshafts Exports

Exports from Panama

In 2022, approx. X tons of cranks and crankshafts were exported from Panama; increasing by 9.6% compared with the previous year's figure. Over the period under review, exports, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 177% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, cranks and crankshafts exports declined remarkably to $X in 2022. Overall, exports, however, continue to indicate a abrupt setback. The growth pace was the most rapid in 2021 with an increase of 125%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Nigeria (X tons) was the main destination for cranks and crankshafts exports from Panama, accounting for a 69% share of total exports. Moreover, cranks and crankshafts exports to Nigeria exceeded the volume sent to the second major destination, Venezuela (X tons), more than tenfold. Curacao (X tons) ranked third in terms of total exports with a 3% share.

From 2012 to 2022, the average annual growth rate of volume to Nigeria stood at +59.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-24.5% per year) and Curacao (+50.0% per year).

In value terms, Nigeria ($X) remains the key foreign market for cranks and crankshafts exports from Panama, comprising 29% of total exports. The second position in the ranking was held by Curacao ($X), with an 11% share of total exports. It was followed by Venezuela, with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Nigeria totaled +30.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Curacao (+47.6% per year) and Venezuela (-20.0% per year).

Export Prices by Country

The average cranks and crankshafts export price stood at $X per ton in 2022, waning by -34% against the previous year. Over the period under review, the export price continues to indicate a pronounced slump. The pace of growth appeared the most rapid in 2018 when the average export price increased by 38%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat 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 Curacao ($X per ton), while the average price for exports to Greece ($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 Guatemala (+7.2%), while the prices for the other major destinations experienced more modest paces of growth.

Cranks And Crankshafts Imports

Imports into Panama

Cranks and crankshafts imports into Panama declined remarkably to X tons in 2022, which is down by -56.9% on the year before. In general, imports saw a noticeable decrease. The most prominent rate of growth was recorded in 2017 when imports increased by 155%. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, cranks and crankshafts imports fell remarkably to $X in 2022. Over the period under review, imports, however, continue to indicate a buoyant increase. The pace of growth was the most pronounced in 2017 with an increase of 443%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

The United States (X tons), Free Zones (X tons) and China (X tons) were the main suppliers of cranks and crankshafts imports to Panama, together accounting for 65% of total imports. South Korea, Brazil, Mexico, Germany, Turkey, Ecuador, India and Japan lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +53.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cranks and crankshafts suppliers to Panama were the United States ($X), Free Zones ($X) and Germany ($X), with a combined 67% share of total imports.

In terms of the main suppliers, Germany, with a CAGR of +65.3%, saw the highest growth rate of 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

In 2022, the average cranks and crankshafts import price amounted to $X per ton, growing by 13% against the previous year. Over the period under review, the import price posted a buoyant increase. The most prominent rate of growth was recorded in 2017 when the average import price increased by 113% against the previous year. The import price peaked at $X per ton in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+22.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform