Panama: Ignition Coil Market 2024

Ignition Coil Market Size in Panama

The Panamanian ignition coil market reduced modestly to $X in 2022, remaining constant against the previous year. Over the period under review, consumption recorded a strong expansion. Ignition coil consumption peaked at $X in 2021, and then contracted modestly in the following year.

Ignition Coil Production in Panama

In value terms, ignition coil production stood at $X in 2022 estimated in export price. Overall, the total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2018 indices. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Ignition coil production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Ignition Coil Exports

Exports from Panama

In 2022, overseas shipments of distributors and ignition coils were finally on the rise to reach X units after two years of decline. In general, exports, however, showed a noticeable decline. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. As a result, the exports attained the peak of X units. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, ignition coil exports skyrocketed to $X in 2022. Over the period under review, exports, however, saw a noticeable decrease. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Venezuela (X units) was the main destination for ignition coil exports from Panama, with a X% share of total exports. Moreover, ignition coil exports to Venezuela exceeded the volume sent to the second major destination, Colombia (X units), threefold. The third position in this ranking was held by Trinidad and Tobago (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Venezuela totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (X% per year) and Trinidad and Tobago (X% per year).

In value terms, Venezuela ($X) remains the key foreign market for distributors and ignition coils exports from Panama, comprising X% of total exports. The second position in the ranking was held by Trinidad and Tobago ($X), with a X% share of total exports. It was followed by Colombia, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Venezuela amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Trinidad and Tobago (X% per year) and Colombia (X% per year).

Export Prices by Country

In 2022, the average ignition coil export price amounted to $X per unit, reducing by X% against the previous year. In general, the export price saw a mild shrinkage. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Chile ($X per unit), while the average price for exports to Colombia ($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 Chile (X%), while the prices for the other major destinations experienced a decline.

Ignition Coil Imports

Imports into Panama

Ignition coil imports into Panama expanded notably to X units in 2022, growing by X% against the year before. Overall, imports showed a prominent expansion. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, ignition coil imports reached $X in 2022. In general, imports saw a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Free Zones (X units), China (X units) and the United States (X units) were the main suppliers of ignition coil imports to Panama, together comprising X% of total imports.

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

In value terms, Free Zones ($X), China ($X) and the United States ($X) were the largest ignition coil suppliers to Panama, with a combined X% share of total imports. South Korea, Mexico, Japan and Germany lagged somewhat behind, together comprising a further X%.

Among the main suppliers, South Korea, with a CAGR of X%, 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 ignition coil import price stood at $X per unit in 2022, which is down by X% against the previous year. In general, the import price showed a noticeable descent. The most prominent rate of growth was recorded in 2021 when the average import price increased by X%. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Japan ($X per unit) and Mexico ($X per unit), while the price for South Korea ($X per unit) and Germany ($X per unit) were amongst the lowest.

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

Source: IndexBox Platform