Panama: Non-Combined Refrigerator-Freezer Market 2024

Non-Combined Refrigerator-Freezer Market Size in Panama

The Panamanian non-combined refrigerator-freezer market declined to $X in 2022, falling by -2.4% against the previous year. Over the period under review, consumption continues to indicate a deep reduction. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Non-Combined Refrigerator-Freezer Production in Panama

In value terms, non-combined refrigerator-freezer production fell significantly to $X in 2022 estimated in export price. Over the period under review, production showed a drastic downturn. The most prominent rate of growth was recorded in 2014 when the production volume increased by 44% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Non-Combined Refrigerator-Freezer Exports

Exports from Panama

After two years of growth, shipments abroad of household refrigerators and freezers (not combined) decreased by -1.2% to X units in 2022. Overall, exports showed a abrupt curtailment. The growth pace was the most rapid in 2020 with an increase of 27% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, non-combined refrigerator-freezer exports fell slightly to $X in 2022. Over the period under review, exports continue to indicate a deep setback. The growth pace was the most rapid in 2020 when exports increased by 34% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cuba (X units) was the main destination for non-combined refrigerator-freezer exports from Panama, with a 50% share of total exports. Moreover, non-combined refrigerator-freezer exports to Cuba exceeded the volume sent to the second major destination, Nicaragua (X units), fourfold. Venezuela (X units) ranked third in terms of total exports with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cuba stood at +6.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (+25.4% per year) and Venezuela (-21.6% per year).

In value terms, Cuba ($X) remains the key foreign market for household refrigerators and freezers (not combined) exports from Panama, comprising 50% of total exports. The second position in the ranking was held by Nicaragua ($X), with a 14% share of total exports. It was followed by Venezuela, with a 6.3% share.

From 2012 to 2022, the average annual growth rate of value to Cuba stood at +8.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (+28.4% per year) and Venezuela (-20.7% per year).

Export Prices by Country

The average non-combined refrigerator-freezer export price stood at $X per unit in 2022, leveling off at the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The growth pace was the most rapid in 2015 when the average export price increased by 10%. The export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Suriname ($X per unit), while the average price for exports to Guyana ($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 Suriname (+7.5%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Combined Refrigerator-Freezer Imports

Imports into Panama

In 2022, the amount of household refrigerators and freezers (not combined) imported into Panama skyrocketed to X units, with an increase of 21% against the year before. Over the period under review, imports, however, recorded a abrupt decline. The pace of growth was the most pronounced in 2017 with an increase of 71%. Imports peaked at X units in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, non-combined refrigerator-freezer imports surged to $X in 2022. In general, imports, however, faced a deep downturn. The most prominent rate of growth was recorded in 2017 when imports increased by 54%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

China (X units), Free Zones (X units) and the United States (X units) were the main suppliers of non-combined refrigerator-freezer imports to Panama, with a combined 78% share of total imports. Guatemala, Mexico, Vietnam, Thailand and South Korea lagged somewhat behind, together accounting for a further 17%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +65.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Free Zones ($X) and the United States ($X) appeared to be the largest non-combined refrigerator-freezer suppliers to Panama, together comprising 77% of total imports. Mexico, Guatemala, Vietnam, Thailand and South Korea lagged somewhat behind, together accounting for a further 17%.

Vietnam, with a CAGR of +71.8%, 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

The average non-combined refrigerator-freezer import price stood at $X per unit in 2022, picking up by 4% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 17%. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat 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 Vietnam ($X per unit), while the price for Guatemala ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform