Panama: Sewing Machine Furniture Market 2024

Sewing Machine Furniture Market Size in Panama

The Panamanian sewing machine furniture market fell to $X in 2022, reducing by -2.1% against the previous year. Overall, consumption, however, recorded significant growth. Sewing machine furniture consumption peaked at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Sewing Machine Furniture Production in Panama

In value terms, sewing machine furniture production amounted to $X in 2022 estimated in export price. In general, production, however, recorded a significant increase. The growth pace was the most rapid in 2014 with an increase of 525% against the previous year. Sewing machine furniture production peaked at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Sewing Machine Furniture Exports

Exports from Panama

In 2022, shipments abroad of furniture, bases and covers for sewing machines decreased by -44.1% to X tons for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports faced a precipitous descent. The pace of growth was the most pronounced in 2018 with an increase of 428%. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, sewing machine furniture exports fell markedly to $X in 2022. In general, exports recorded a deep contraction. The pace of growth was the most pronounced in 2020 when exports increased by 253% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Guatemala (X tons) was the main destination for sewing machine furniture exports from Panama, accounting for a 89% share of total exports. Moreover, sewing machine furniture exports to Guatemala exceeded the volume sent to the second major destination, the Dominican Republic (X kg), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Guatemala totaled -15.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+67.5% per year) and El Salvador (0.0% per year).

In value terms, Guatemala ($X) emerged as the key foreign market for furniture, bases and covers for sewing machines exports from Panama, comprising 94% of total exports. The second position in the ranking was held by the Dominican Republic ($X), with a 3.4% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Guatemala stood at -11.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+32.6% per year) and El Salvador (0.0% per year).

Export Prices by Country

In 2022, the average sewing machine furniture export price amounted to $X per ton, growing by 42% against the previous year. Over the period under review, the export price enjoyed prominent growth. The growth pace was the most rapid in 2017 an increase of 107%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the average 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 Guatemala ($X per ton), while the average price for exports to the Dominican Republic ($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 Guyana (+89.7%), while the prices for the other major destinations experienced more modest paces of growth.

Sewing Machine Furniture Imports

Imports into Panama

In 2022, after two years of growth, there was significant decline in supplies from abroad of furniture, bases and covers for sewing machines, when their volume decreased by -31.2% to X tons. In general, imports recorded a deep contraction. The most prominent rate of growth was recorded in 2016 with an increase of 567% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, sewing machine furniture imports fell to $X in 2022. Over the period under review, imports showed a pronounced decrease. The pace of growth was the most pronounced in 2017 when imports increased by 342%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X tons) constituted the largest sewing machine furniture supplier to Panama, with a 65% share of total imports. Moreover, sewing machine furniture imports from the United States exceeded the figures recorded by the second-largest supplier, China (X tons), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +81.4%.

In value terms, the United States ($X) constituted the largest supplier of furniture, bases and covers for sewing machines to Panama, comprising 74% of total imports. The second position in the ranking was taken by China ($X), with a 20% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States amounted to +71.6%.

Import Prices by Country

In 2022, the average sewing machine furniture import price amounted to $X per ton, jumping by 36% against the previous year. Overall, the import price saw a resilient expansion. The most prominent rate of growth was recorded in 2015 when the average import price increased by 255%. The import price peaked at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a 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 the United States ($X per ton), while the price for China amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+0.9%).

Source: IndexBox Platform