Panama: Industrial Sewing Machine Market 2024

Industrial Sewing Machine Market Size in Panama

The Panamanian industrial sewing machine market reached $X in 2022, almost unchanged from the previous year. In general, consumption showed a deep downturn. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Industrial Sewing Machine Production in Panama

In value terms, industrial sewing machine production expanded remarkably to $X in 2022 estimated in export price. Overall, production, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2020 with an increase of 32%. Industrial sewing machine production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Industrial Sewing Machine Exports

Exports from Panama

After three years of decline, overseas shipments of industrial sewing machines increased by 4.1% to X units in 2022. Overall, exports, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2018 with an increase of 134% against the previous year. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, industrial sewing machine exports soared to $X in 2022. In general, exports, however, recorded a abrupt shrinkage. The growth pace was the most rapid in 2018 when exports increased by 141%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

El Salvador (X units), Nicaragua (X units) and the United States (X units) were the main destinations of industrial sewing machine exports from Panama, together comprising 31% of total exports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +4.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for industrial sewing machine exported from Panama were El Salvador ($X), Nicaragua ($X) and Venezuela ($X), together comprising 50% of total exports. Colombia, the Dominican Republic, the United States, Trinidad and Tobago, Guyana, Cuba, Honduras, Costa Rica, Guatemala and Chile lagged somewhat behind, together comprising a further 43%.

In terms of the main countries of destination, the United States, with a CAGR of +21.3%, saw the highest rates of growth with regard to 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

In 2022, the average industrial sewing machine export price amounted to $X per unit, increasing by 13% against the previous year. Overall, the export price enjoyed a notable expansion. The most prominent rate of growth was recorded in 2013 when the average export price increased by 60%. The export price peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices stood 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 Guyana (+18.2%), while the prices for the other major destinations experienced more modest paces of growth.

Industrial Sewing Machine Imports

Imports into Panama

For the fifth year in a row, Panama recorded decline in overseas purchases of industrial sewing machines, which decreased by -16% to X units in 2022. Overall, imports, however, saw buoyant growth. The most prominent rate of growth was recorded in 2017 with an increase of 86%. 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, industrial sewing machine imports shrank remarkably to $X in 2022. In general, imports, however, continue to indicate tangible growth. The pace of growth appeared the most rapid in 2017 with an increase of 64% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

China (X units), Spain (X units) and the United States (X units) were the main suppliers of industrial sewing machine imports to Panama, together accounting for 88% of total imports. Taiwan (Chinese) and Free Zones lagged somewhat behind, together comprising a further 8.3%.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +39.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of industrial sewing machines to Panama, comprising 68% of total imports. The second position in the ranking was held by the United States ($X), with a 15% share of total imports. It was followed by Free Zones, with a 3.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +14.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+14.1% per year) and Free Zones (+47.7% per year).

Import Prices by Country

In 2022, the average industrial sewing machine import price amounted to $X per unit, waning by -7.3% against the previous year. In general, the import price continues to indicate a pronounced decrease. The pace of growth appeared the most rapid in 2014 an increase of 31% against the previous year. The import price peaked at $X per unit in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Spain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Free Zones (+17.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform