Panama: Market for Gym and Fitness Equipment 2024

Market Size for Gym and Fitness Equipment in Panama

The Panamanian gym and fitness equipment market declined dramatically to $X in 2022, with a decrease of -74.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a mild setback. Gym and fitness equipment consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Exports of Gym and Fitness Equipment

Exports from Panama

In 2022, the amount of gym and fitness equipment exported from Panama skyrocketed to X tons, increasing by 112% against the previous year. Over the period under review, exports, however, continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2020 with an increase of 1,059%. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, gym and fitness equipment exports skyrocketed to $X in 2022. Overall, exports, however, saw a noticeable descent. The pace of growth appeared the most rapid in 2020 with an increase of 1,154% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Jamaica (X tons), Guyana (X tons) and Belize (X tons) were the main destinations of gym and fitness equipment exports from Panama, with a combined 62% share of total exports. Bermuda, Barbados, Singapore, El Salvador, Guatemala and Chile lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2022, the biggest increases were recorded for El Salvador (with a CAGR of +55.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Jamaica ($X), Guyana ($X) and Belize ($X) were the largest markets for gym and fitness equipment exported from Panama worldwide, with a combined 57% share of total exports.

In terms of the main countries of destination, Guyana, with a CAGR of +65.5%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average gym and fitness equipment export price stood at $X per ton in 2022, picking up by 25% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.4%. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Chile ($X per ton), while the average price for exports to Belize ($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 Chile (+17.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Gym and Fitness Equipment

Imports into Panama

In 2022, overseas purchases of gym and fitness equipment decreased by -50.3% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports showed a abrupt curtailment. The pace of growth was the most pronounced in 2020 when imports increased by 18% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, gym and fitness equipment imports dropped notably to $X in 2022. Overall, imports saw a noticeable curtailment. The pace of growth appeared the most rapid in 2017 with an increase of 96%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of gym and fitness equipment to Panama, accounting for a 56% share of total imports. Moreover, gym and fitness equipment imports from China exceeded the figures recorded by the second-largest supplier, Free Zones (X tons), twofold. The third position in this ranking was taken by the United States (X tons), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to -9.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (+83.1% per year) and the United States (+2.7% per year).

In value terms, the largest gym and fitness equipment suppliers to Panama were China ($X), Free Zones ($X) and the United States ($X), together accounting for 86% of total imports.

In terms of the main suppliers, Free Zones, with a CAGR of +89.4%, saw the highest growth rate of 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 gym and fitness equipment import price amounted to $X per ton, with an increase of 43% against the previous year. In general, import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 an increase of 68%. As a result, import price reached the peak level of $X per ton. From 2018 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 Italy ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+9.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform