Panama: Refrigerator Or Freezer Market 2024

Refrigerator Or Freezer Market Size in Panama

In 2022, the Panamanian refrigerator or freezer market increased by 50% to $X, rising for the second consecutive year after three years of decline. In general, consumption recorded a significant expansion. Refrigerator or freezer consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Refrigerator Or Freezer Exports

Exports from Panama

In 2022, shipments abroad of furniture designed to receive refrigerating or freezing equipment decreased by -11.7% to X units, falling for the third year in a row after three years of growth. In general, exports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2019 with an increase of 428%. As a result, the exports reached the peak of X units. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, refrigerator or freezer exports shrank to $X in 2022. Over the period under review, exports, however, recorded a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of 424%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Honduras (X units), the Dominican Republic (X units) and Ecuador (X units) were the main destinations of refrigerator or freezer exports from Panama, with a combined 65% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Honduras (with a CAGR of +88.9%), while the other leaders experienced more modest paces of growth.

In value terms, Venezuela ($X) remains the key foreign market for furniture designed to receive refrigerating or freezing equipment exports from Panama, comprising 72% of total exports. The second position in the ranking was held by Honduras ($X), with a 7.9% share of total exports. It was followed by Ecuador, with a 7.8% share.

From 2012 to 2022, the average annual growth rate of value to Venezuela totaled +29.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (+27.1% per year) and Ecuador (+111.7% per year).

Export Prices by Country

The average refrigerator or freezer export price stood at $X per unit in 2022, picking up by 11% against the previous year. Overall, export price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refrigerator or freezer export price increased by +66.3% against 2019 indices. The pace of growth was the most pronounced in 2017 an increase of 52% against the previous year. As a result, the export price reached the peak level of $X per unit; afterwards, it flattened through to 2022.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Venezuela ($X per unit), while the average price for exports to the Dominican Republic ($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 Ecuador (+13.7%), while the prices for the other major destinations experienced a decline.

Refrigerator Or Freezer Imports

Imports into Panama

In 2022, the amount of furniture designed to receive refrigerating or freezing equipment imported into Panama surged to X units, picking up by 23% compared with the previous year. Over the period under review, imports recorded a significant expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 20,846%. 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, refrigerator or freezer imports surged to $X in 2022. In general, imports saw a significant increase. The most prominent rate of growth was recorded in 2017 when imports increased by 19,416% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Taiwan (Chinese) (X units) constituted the largest refrigerator or freezer supplier to Panama, accounting for a 56% share of total imports. Moreover, refrigerator or freezer imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, Costa Rica (X units), threefold. The United States (X units) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Taiwan (Chinese) amounted to +67.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (+178.9% per year) and the United States (+48.3% per year).

In value terms, the largest refrigerator or freezer suppliers to Panama were the United States ($X), Taiwan (Chinese) ($X) and Costa Rica ($X), with a combined 90% share of total imports.

In terms of the main suppliers, Costa Rica, with a CAGR of +174.6%, 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

In 2022, the average refrigerator or freezer import price amounted to $X per unit, rising by 26% against the previous year. Over the last decade, it increased at an average annual rate of +4.7%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China ($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 (+18.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform