Panama: Market for Grinding And Sharpening Metal Finishing Machines 2024

Market Size for Grinding And Sharpening Metal Finishing Machines in Panama

The Panamanian grinding and sharpening machine market surged to $X in 2022, growing by 21% against the previous year. Overall, consumption recorded a prominent increase. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Production of Grinding And Sharpening Metal Finishing Machines in Panama

In value terms, grinding and sharpening machine production skyrocketed to $X in 2022 estimated in export price. In general, production posted a strong expansion. The most prominent rate of growth was recorded in 2020 when the production volume increased by 158% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Exports of Grinding And Sharpening Metal Finishing Machines

Exports from Panama

Grinding and sharpening machine exports from Panama dropped slightly to X units in 2022, with a decrease of -3.8% compared with 2021. In general, exports showed a significant curtailment. The pace of growth appeared the most rapid in 2014 when exports increased by 393%. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, grinding and sharpening machine exports reached $X in 2022. Over the period under review, exports saw a sharp setback. The most prominent rate of growth was recorded in 2014 when exports increased by 98%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Colombia (X units), Guatemala (X units) and Jamaica (X units) were the main destinations of grinding and sharpening machine exports from Panama, together accounting for 20% of total exports. Venezuela, Costa Rica, El Salvador, Cuba, Guyana, Haiti, Barbados, the Dominican Republic, Chile and Ecuador lagged somewhat behind, together accounting for a further 46%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Barbados (with a CAGR of 0.0%), while the other leaders experienced a decline.

In value terms, El Salvador ($X) remains the key foreign market for grinding and sharpening metal finishing machines exports from Panama, comprising 29% of total exports. The second position in the ranking was taken by Costa Rica ($X), with a 14% share of total exports. It was followed by Chile, with an 8.3% share.

From 2012 to 2022, the average annual growth rate of value to El Salvador totaled -15.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (+2.6% per year) and Chile (-25.3% per year).

Export Prices by Country

In 2022, the average grinding and sharpening machine export price amounted to $X per unit, rising by 5.5% against the previous year. In general, the export price showed moderate growth. The pace of growth was the most pronounced in 2019 when the average export price increased by 92%. The export price peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was El Salvador ($X per unit), while the average price for exports to Cuba ($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 Chile (+16.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Grinding And Sharpening Metal Finishing Machines

Imports into Panama

In 2022, imports of grinding and sharpening metal finishing machines into Panama reduced slightly to X units, waning by -3.7% compared with 2021 figures. Over the period under review, imports, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of 1,214% against the previous year. As a result, imports attained the peak of X units. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, grinding and sharpening machine imports declined markedly to $X in 2022. Overall, imports, however, posted a resilient increase. The most prominent rate of growth was recorded in 2017 when imports increased by 518% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Free Zones (X units) constituted the largest grinding and sharpening machine supplier to Panama, accounting for a 45% share of total imports. Moreover, grinding and sharpening machine imports from Free Zones exceeded the figures recorded by the second-largest supplier, the United States (X units), twofold. Italy (X units) ranked third in terms of total imports with a 9.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Free Zones amounted to +42.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+21.9% per year) and Italy (+22.3% per year).

In value terms, the United States ($X), Italy ($X) and China ($X) were the largest grinding and sharpening machine suppliers to Panama, with a combined 68% share of total imports. Free Zones, Spain, Costa Rica and Germany lagged somewhat behind, together accounting for a further 30%.

Free Zones, with a CAGR of +61.6%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average grinding and sharpening machine import price stood at $X per unit in 2022, with a decrease of -53.3% against the previous year. In general, the import price showed a abrupt decrease. The pace of growth was the most pronounced in 2018 when the average import price increased by 464% against the previous year. As a result, import price reached the peak level of $X per unit. From 2019 to 2022, the average 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 China ($X per unit), while the price for Germany ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+22.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform