Panama: Engine Generator Market 2025

Engine Generator Market Size in Panama

The Panamanian engine generator market stood at $X in 2022, surging by 6.3% against the previous year. In general, consumption, however, recorded a deep downturn. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Engine Generator Production in Panama

In value terms, engine generator production stood at $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a deep contraction. The pace of growth was the most pronounced in 2020 with an increase of 13% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Engine Generator Exports

Exports from Panama

After two years of decline, shipments abroad of generators for internal combustion engines increased by 200% to X units in 2022. In general, exports, however, continue to indicate a abrupt decline. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, engine generator exports surged to $X in 2022. Over the period under review, exports, however, saw a deep reduction. The growth pace was the most rapid in 2014 with an increase of 124% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Venezuela (X units) was the main destination for engine generator exports from Panama, with a 52% share of total exports. Moreover, engine generator exports to Venezuela exceeded the volume sent to the second major destination, Cuba (X units), sevenfold. The third position in this ranking was held by Malaysia (X units), with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Venezuela was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Cuba (+5.6% per year) and Malaysia (+9.1% per year).

In value terms, Venezuela ($X) remains the key foreign market for generators for internal combustion engines exports from Panama, comprising 49% of total exports. The second position in the ranking was held by Cuba ($X), with a 6.7% share of total exports. It was followed by Guatemala, with a 3.5% share.

From 2012 to 2022, the average annual growth rate of value to Venezuela was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Cuba (+6.1% per year) and Guatemala (-13.8% per year).

Export Prices by Country

In 2022, the average engine generator export price amounted to $X per unit, falling by -30.8% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 61% against the previous year. As a result, the export price attained the peak level of $X per unit, and then reduced notably in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Malaysia ($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 United States (+20.4%), while the prices for the other major destinations experienced more modest paces of growth.

Engine Generator Imports

Imports into Panama

In 2022, after four years of decline, there was significant growth in purchases abroad of generators for internal combustion engines, when their volume increased by 60% to X units. Over the period under review, imports saw a prominent increase. The pace of growth was the most pronounced in 2017 when imports increased by 569% against the previous year. 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, engine generator imports soared to $X in 2022. In general, imports saw resilient growth. The pace of growth was the most pronounced in 2017 with an increase of 565% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, the United States (X units) constituted the largest supplier of engine generator to Panama, accounting for a 58% share of total imports. Moreover, engine generator imports from the United States exceeded the figures recorded by the second-largest supplier, China (X units), fourfold. Free Zones (X units) ranked third in terms of total imports with an 8.4% share.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at +66.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+12.0% per year) and Free Zones (+3.8% per year).

In value terms, the United States ($X) constituted the largest supplier of generators for internal combustion engines to Panama, comprising 58% of total imports. The second position in the ranking was held by China ($X), with a 15% share of total imports. It was followed by Free Zones, with an 8.4% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +65.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+14.2% per year) and Free Zones (+4.4% per year).

Import Prices by Country

The average engine generator import price stood at $X per unit in 2022, declining by -4.2% against the previous year. Over the last decade, it increased at an average annual rate of +1.8%. The most prominent rate of growth was recorded in 2018 an increase of 22%. The import price peaked at $X per unit in 2021, and then shrank slightly in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Brazil ($X per unit) and Malaysia ($X per unit), while the price for Mexico ($X per unit) and South Korea ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+7.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform