Panama: Market for Industrial Automatic Sewing Machines 2024

Market Size for Industrial Automatic Sewing Machines in Panama

In 2022, the Panamanian industrial automatic sewing machine market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Over the period under review, consumption saw prominent growth. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Industrial Automatic Sewing Machines in Panama

In value terms, industrial automatic sewing machine production totaled $X in 2022 estimated in export price. In general, production showed a precipitous curtailment. The most prominent rate of growth was recorded in 2020 when the production volume decreased by 99.9% against the previous year. Industrial automatic sewing machine production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Exports of Industrial Automatic Sewing Machines

Exports from Panama

In 2022, overseas shipments of industrial automatic sewing machines decreased by 0% to X units, falling for the second year in a row after two years of growth. Overall, exports recorded measured growth. The pace of growth was the most pronounced in 2013 when exports increased by 224%. The exports peaked at X units in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, industrial automatic sewing machine exports skyrocketed to $X in 2022. In general, exports saw a buoyant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 630%. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

El Salvador (X units) was the main destination for industrial automatic sewing machine exports from Panama, accounting for a 24% share of total exports. Moreover, industrial automatic sewing machine exports to El Salvador exceeded the volume sent to the second major destination, Trinidad and Tobago (X units), threefold. The third position in this ranking was held by Nicaragua (X units), with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to El Salvador stood at +19.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Trinidad and Tobago (+7.2% per year) and Nicaragua (+7.2% per year).

In value terms, El Salvador ($X) remains the key foreign market for industrial automatic sewing machines exports from Panama, comprising 32% of total exports. The second position in the ranking was taken by Nicaragua ($X), with an 11% share of total exports. It was followed by the Dominican Republic, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to El Salvador amounted to +20.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nicaragua (+12.5% per year) and the Dominican Republic (+12.4% per year).

Export Prices by Country

The average industrial automatic sewing machine export price stood at $X per unit in 2022, with an increase of 21% against the previous year. In general, the export price recorded a strong increase. The most prominent rate of growth was recorded in 2020 when the average export price increased by 414% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Colombia ($X per unit), while the average price for exports to Chile ($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 Cuba (+37.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Industrial Automatic Sewing Machines

Imports into Panama

In 2022, purchases abroad of industrial automatic sewing machines increased by 116% to X units for the first time since 2018, thus ending a three-year declining trend. In general, imports enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2017 when imports increased by 945%. Over the period under review, imports reached the peak figure at X units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, industrial automatic sewing machine imports declined markedly to $X in 2022. Over the period under review, imports posted perceptible growth. The pace of growth was the most pronounced in 2014 when imports increased by 191% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) was the main supplier of industrial automatic sewing machine to Panama, with a approx. 99% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China totaled +11.6%.

In value terms, China ($X) constituted the largest supplier of industrial automatic sewing machines to Panama.

From 2012 to 2022, the average annual growth rate of value from China totaled +15.4%.

Import Prices by Country

The average industrial automatic sewing machine import price stood at $X per unit in 2022, reducing by -65.8% against the previous year. Overall, the import price showed a perceptible curtailment. The pace of growth was the most pronounced in 2016 when the average import price increased by 253% against the previous year. As a result, import price reached the peak level of $X per unit. From 2017 to 2022, the average import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +3.4% per year.

Source: IndexBox Platform