Panama: Market for Gearboxes and Speed Changers 2024

Market Size for Gearboxes and Speed Changers in Panama

The Panamanian gearboxes and speed changers market amounted to $X in 2022, with an increase of X% against the previous year. Overall, consumption showed resilient growth. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Gearboxes and Speed Changers in Panama

In value terms, gearboxes and speed changers production expanded significantly to $X in 2022 estimated in export price. In general, production posted a resilient expansion. The pace of growth appeared the most rapid in 2020 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Exports of Gearboxes and Speed Changers

Exports from Panama

After two years of decline, shipments abroad of gearboxes and speed changers increased by X% to X tons in 2022. In general, exports, however, recorded a abrupt slump. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, gearboxes and speed changers exports soared to $X in 2022. Over the period under review, exports, however, saw a deep slump. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Canada (X tons), Cuba (X tons) and Venezuela (X tons) were the main destinations of gearboxes and speed changers exports from Panama, with a combined X% share of total exports. France, Honduras, Indonesia, Costa Rica, El Salvador, Mexico, the Dominican Republic, Belgium, Guatemala and Nicaragua lagged somewhat behind, together accounting for a further X%.

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

In value terms, Canada ($X) remains the key foreign market for gearboxes and speed changers exports from Panama, comprising X% of total exports. The second position in the ranking was held by Venezuela ($X), with a X% share of total exports. It was followed by El Salvador, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Canada totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (X% per year) and El Salvador (X% per year).

Export Prices by Country

In 2022, the average gearboxes and speed changers export price amounted to $X per ton, surging by X% against the previous year. Over the period under review, the export price enjoyed a strong expansion. The most prominent rate of growth was recorded in 2017 when the average export price increased by X%. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was El Salvador ($X per ton), while the average price for exports to Cuba ($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 Nicaragua (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Gearboxes and Speed Changers

Imports into Panama

In 2022, after three years of decline, there was significant growth in purchases abroad of gearboxes and speed changers, when their volume increased by X% to X tons. Overall, imports recorded resilient growth. The pace of growth was the most pronounced in 2017 with an increase of X%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, gearboxes and speed changers imports surged to $X in 2022. In general, imports saw a significant expansion. The pace of growth was the most pronounced in 2017 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

Australia (X tons), the United States (X tons) and Germany (X tons) were the main suppliers of gearboxes and speed changers imports to Panama, with a combined X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest gearboxes and speed changers suppliers to Panama were Germany ($X), the United States ($X) and Australia ($X), with a combined X% share of total imports.

Germany, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main suppliers 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 gearboxes and speed changers import price amounted to $X per ton, rising by X% against the previous year. In general, the import price saw strong growth. The most prominent rate of growth was recorded in 2017 an increase of X%. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform