Panama: Stone Polishing Machine Market 2024

Stone Polishing Machine Market Size in Panama

In 2022, the Panamanian stone polishing machine market increased by 389% to $X for the first time since 2018, thus ending a three-year declining trend. Over the period under review, consumption, however, faced a deep reduction. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Stone Polishing Machine Production in Panama

In value terms, stone polishing machine production stood at $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the production volume increased by 29,304,800%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Stone Polishing Machine Exports

Exports from Panama

In 2022, overseas shipments of grinding or polishing machines for working stone, ceramics and concrete decreased by 0% to X units, falling for the third year in a row after two years of growth. Over the period under review, exports showed a slight slump. The pace of growth appeared the most rapid in 2019 with an increase of 128% against the previous year. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, stone polishing machine exports rose significantly to $X in 2022. Overall, exports continue to indicate a deep setback. The pace of growth was the most pronounced in 2014 when exports increased by 929% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cuba (X units), Guatemala (X units) and Jamaica (X units) were the main destinations of stone polishing machine exports from Panama, together comprising 19% of total exports.

From 2012 to 2022, the biggest increases were recorded for Cuba (with a CAGR of 0.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Cuba ($X) remains the key foreign market for grinding or polishing machines for working stone, ceramics and concrete exports from Panama, comprising 30% of total exports. The second position in the ranking was held by Honduras ($X), with a 13% share of total exports. It was followed by Colombia, with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Cuba totaled -1.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (+50.1% per year) and Colombia (-36.8% per year).

Export Prices by Country

In 2022, the average stone polishing machine export price amounted to $X per unit, increasing by 11% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2014 an increase of 661% against the previous year. The export price peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Cuba ($X per unit), while the average price for exports to Ecuador ($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 Honduras (+50.1%), while the prices for the other major destinations experienced more modest paces of growth.

Stone Polishing Machine Imports

Imports into Panama

In 2022, overseas purchases of grinding or polishing machines for working stone, ceramics and concrete were finally on the rise to reach X units after two years of decline. In general, imports, however, saw a deep contraction. The most prominent rate of growth was recorded in 2015 when imports increased by 273% against the previous year. Over the period under review, imports reached the maximum at X units in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, stone polishing machine imports soared to $X in 2022. Overall, imports, however, saw a perceptible decrease. The pace of growth was the most pronounced in 2015 with an increase of 479% against the previous year. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of stone polishing machine to Panama, with a 46% share of total imports. Moreover, stone polishing machine imports from China exceeded the figures recorded by the second-largest supplier, Spain (X units), threefold. The third position in this ranking was held by Free Zones (X units), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-20.2% per year) and Free Zones (+14.9% per year).

In value terms, the largest stone polishing machine suppliers to Panama were China ($X), Free Zones ($X) and Colombia ($X), together accounting for 78% of total imports.

Free Zones, with a CAGR of +38.6%, recorded the highest rates of growth with regard to 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

In 2022, the average stone polishing machine import price amounted to $X per unit, picking up by 41% against the previous year. In general, the import price posted resilient growth. The pace of growth appeared the most rapid in 2017 an increase of 92%. Over the period under review, average import prices attained the maximum in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Colombia ($X per unit), while the price for Taiwan (Chinese) ($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 Czech Republic (+44.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform