Panama: Escalator Market 2024

Escalator Market Size in Panama

In 2022, after six years of decline, there was significant growth in the Panamanian escalator market, when its value increased by 6.9% to $X. Overall, consumption, however, continues to indicate a perceptible downturn. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Escalator Production in Panama

In value terms, escalator production soared to $X in 2022 estimated in export price. Overall, production, however, recorded a noticeable downturn. The pace of growth was the most pronounced in 2020 when the production volume increased by 114%. Escalator production peaked at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Escalator Exports

Exports from Panama

In 2022, approx. X units of escalators and moving WalkWays were exported from Panama; surging by 2.7% against the previous year's figure. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when exports increased by 18% against the previous year. As a result, the exports attained the peak of X units. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, escalator exports surged to $X in 2022. Overall, exports recorded a resilient increase. The pace of growth was the most pronounced in 2020 with an increase of 267% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Cuba (X units), Bolivia (X units) and the Dominican Republic (X units) were the main destinations of escalator exports from Panama, with a combined 11% share of total exports. Moreover, escalator exports in Cuba exceeded the figures recorded by the second-largest exporter, Bolivia, twofold.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cuba (with a CAGR of +7.2%), while the other leaders experienced more modest paces of growth.

In value terms, Cuba ($X) remains the key foreign market for escalators and moving WalkWays exports from Panama, comprising 49% of total exports. The second position in the ranking was held by Colombia ($X), with a 2.8% share of total exports. It was followed by Costa Rica, with a 2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Cuba amounted to +91.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-15.0% per year) and Costa Rica (+2.6% per year).

Export Prices by Country

In 2022, the average escalator export price amounted to $X per unit, with an increase of 46% against the previous year. Overall, the export price recorded a strong expansion. The most prominent rate of growth was recorded in 2020 an increase of 231% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2015; however, from 2016 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 Cuba ($X per unit), while the average price for exports to Antigua and Barbuda ($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 Cuba (+79.0%), while the prices for the other major destinations experienced more modest paces of growth.

Escalator Imports

Imports into Panama

In 2022, the amount of escalators and moving WalkWays imported into Panama fell remarkably to X units, with a decrease of -27.6% on the year before. In general, imports, however, saw a perceptible increase. The most prominent rate of growth was recorded in 2017 when imports increased by 1,458%. As a result, imports reached the peak of X units. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, escalator imports stood at $X in 2022. Over the period under review, imports, however, recorded a prominent expansion. The growth pace was the most rapid in 2017 with an increase of 9,890%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest escalator supplier to Panama, with a 86% share of total imports. Moreover, escalator imports from China exceeded the figures recorded by the second-largest supplier, Free Zones (X units), ninefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +33.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (-4.0% per year) and the United States (0.0% per year).

In value terms, China ($X) constituted the largest supplier of escalators and moving WalkWays to Panama, comprising 89% of total imports. The second position in the ranking was taken by Free Zones ($X), with an 8.7% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China amounted to +32.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (-3.0% per year) and the United States (+17.0% per year).

Import Prices by Country

In 2022, the average escalator import price amounted to $X per unit, rising by 51% against the previous year. Over the period under review, the import price continues to indicate buoyant growth. The growth pace was the most rapid in 2017 when the average import price increased by 541%. Over the period under review, average import prices hit record highs at $X per unit in 2018; however, from 2019 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 China ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+60.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform