Panama: Ceramic Electrical Insulator Market 2024

Ceramic Electrical Insulator Market Size in Panama

The Panamanian ceramic electrical insulator market contracted remarkably to $X in 2022, with a decrease of -23.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, showed a strong expansion. Ceramic electrical insulator consumption peaked at $X in 2021, and then contracted rapidly in the following year.

Ceramic Electrical Insulator Exports

Exports from Panama

After ten years of growth, overseas shipments of electrical insulators of ceramics decreased by -25% to X units in 2022. In general, exports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 100%. As a result, the exports attained the peak of X units, and then contracted sharply in the following year.

In value terms, ceramic electrical insulator exports shrank dramatically to $X in 2022. Overall, exports recorded a deep setback. The pace of growth was the most pronounced in 2018 with an increase of 347%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The Dominican Republic (X units) was the main destination for ceramic electrical insulator exports from Panama, with a 478% share of total exports. Moreover, ceramic electrical insulator exports to the Dominican Republic exceeded the volume sent to the second major destination, Venezuela (X units), threefold. The third position in this ranking was taken by Costa Rica (X units), with a 64% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Dominican Republic stood at +75.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (+4.0% per year) and Costa Rica (+5.7% per year).

In value terms, the Dominican Republic ($X) remains the key foreign market for electrical insulators of ceramics exports from Panama, comprising 50% of total exports. The second position in the ranking was held by Venezuela ($X), with a 6.1% share of total exports. It was followed by the United States, with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Dominican Republic stood at +92.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-3.7% per year) and the United States (-11.7% per year).

Export Prices by Country

In 2022, the average ceramic electrical insulator export price amounted to $X per unit, surging by 3.8% against the previous year. Over the period under review, the export price, however, continues to indicate a noticeable slump. The export price peaked at $X per unit in 2020; however, from 2021 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 the United States ($X per unit), while the average price for exports to Venezuela ($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 the Dominican Republic (+10.3%), while the prices for the other major destinations experienced more modest paces of growth.

Ceramic Electrical Insulator Imports

Imports into Panama

Ceramic electrical insulator imports into Panama declined significantly to X units in 2022, shrinking by -24.8% against 2021 figures. Over the period under review, imports, however, saw resilient growth. The pace of growth was the most pronounced in 2018 when imports increased by 579% against the previous year. Imports peaked at X units in 2021, and then declined rapidly in the following year.

In value terms, ceramic electrical insulator imports reached $X in 2022. In general, imports, however, saw a notable increase. The pace of growth was the most pronounced in 2017 when imports increased by 573%. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

Colombia (X units), China (X units) and Free Zones (X units) were the main suppliers of ceramic electrical insulator imports to Panama.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +38.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Colombia ($X), South Korea ($X) and the United States ($X) appeared to be the largest ceramic electrical insulator suppliers to Panama, with a combined 69% share of total imports.

Among the main suppliers, South Korea, with a CAGR of +57.8%, 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 ceramic electrical insulator import price amounted to $X per unit, rising by 40% against the previous year. Overall, the import price, however, saw a abrupt downturn. The most prominent rate of growth was recorded in 2017 an increase of 500%. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+24.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform