Panama: Market for Diesel Engines (Other Than For Motor Vehicles And Aircraft) 2024

Market Size for Diesel Engines (Other Than For Motor Vehicles And Aircraft) in Panama

The Panamanian market for diesel engines (other than for motor vehicles and aircraft) contracted to $X in 2022, waning by -11.7% against the previous year. Over the period under review, consumption, however, continues to indicate a buoyant expansion. Consumption of peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Production of Diesel Engines (Other Than For Motor Vehicles And Aircraft) in Panama

In value terms, production of diesel engines (other than for motor vehicles and aircraft) contracted to $X in 2022 estimated in export price. Overall, production, however, continues to indicate strong growth. The pace of growth was the most pronounced in 2015 when the production volume increased by 60% against the previous year. Over the period under review, production of attained the maximum level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Exports of Diesel Engines (Other Than For Motor Vehicles And Aircraft)

Exports from Panama

Exports of diesel engines (other than for motor vehicles and aircraft) from Panama skyrocketed to X units in 2022, with an increase of 23% against the previous year. Over the period under review, exports, however, continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2013 with an increase of 103%. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports of failed to regain momentum.

In value terms, exports of diesel engines (other than for motor vehicles and aircraft) skyrocketed to $X in 2022. Overall, exports, however, continue to indicate a deep contraction. The pace of growth was the most pronounced in 2013 when exports increased by 115% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports of remained at a lower figure.

Exports by Country

Colombia (X units), Brazil (X units) and Ecuador (X units) were the main destinations of exports of diesel engines (other than for motor vehicles and aircraft) from Panama, with a combined 20% share of total exports. Guyana, Spain, Honduras, Peru, El Salvador, Cuba, Mexico, Bolivia, Costa Rica and the Dominican Republic lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +7.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Colombia ($X), Brazil ($X) and Ecuador ($X) appeared to be the largest markets for diesel engines (other than for motor vehicles and aircraft) exported from Panama worldwide, with a combined 39% share of total exports. El Salvador, Mexico, Guyana, Honduras, Peru, Cuba, Spain, Costa Rica, the Dominican Republic and Bolivia lagged somewhat behind, together comprising a further 44%.

Mexico, with a CAGR of +20.3%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average export price for diesel engines (other than for motor vehicles and aircraft) stood at $X per unit in 2022, picking up by 62% against the previous year. Overall, the export price, however, recorded a abrupt descent. Over the period under review, the average export prices attained the maximum at $X per unit 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 Mexico ($X per unit), while the average price for exports to Bolivia ($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 Mexico (+12.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Diesel Engines (Other Than For Motor Vehicles And Aircraft)

Imports into Panama

In 2022, approx. X units of diesel engines (other than for motor vehicles and aircraft) were imported into Panama; which is down by -28.7% against the previous year. Over the period under review, imports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2017 when imports increased by 417%. Over the period under review, imports of reached the peak figure at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, imports of diesel engines (other than for motor vehicles and aircraft) soared to $X in 2022. In general, imports, however, continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2017 with an increase of 404% against the previous year. Over the period under review, imports of reached the maximum at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

Free Zones (X units), the United States (X units) and India (X units) were the main suppliers of imports of diesel engines (other than for motor vehicles and aircraft) to Panama, with a combined 77% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Free Zones (with a CAGR of +54.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of diesel engines (other than for motor vehicles and aircraft) to Panama, comprising 61% of total imports. The second position in the ranking was taken by Free Zones ($X), with a 26% share of total imports. It was followed by China, with a 3.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +60.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (+50.9% per year) and China (+4.1% per year).

Import Prices by Country

In 2022, the average import price for diesel engines (other than for motor vehicles and aircraft) amounted to $X per unit, surging by 87% against the previous year. In general, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 the United States ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+8.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform