Panama: Interchangeable Spanner Socket Market 2025

Interchangeable Spanner Socket Market Size in Panama

The Panamanian interchangeable spanner socket market contracted to $X in 2022, shrinking by -7.5% against the previous year. In general, consumption, however, saw a remarkable increase. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Interchangeable Spanner Socket Production in Panama

In value terms, interchangeable spanner socket production contracted to $X in 2022 estimated in export price. In general, production, however, posted a perceptible increase. The most prominent rate of growth was recorded in 2015 when the production volume increased by 110% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Interchangeable Spanner Socket Exports

Exports from Panama

After two years of growth, shipments abroad of interchangeable spanner sockets decreased by -0.3% to X tons in 2022. In general, exports showed a drastic downturn. The growth pace was the most rapid in 2015 with an increase of 389% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, interchangeable spanner socket exports surged to $X in 2022. Over the period under review, exports faced a abrupt slump. The most prominent rate of growth was recorded in 2015 when exports increased by 253%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Cuba (X tons), Costa Rica (X tons) and Colombia (X tons) were the main destinations of interchangeable spanner socket exports from Panama, with a combined 40% share of total exports. Trinidad and Tobago, Jamaica, the Dominican Republic, Ecuador, El Salvador, Uruguay, Nicaragua, Guatemala and Venezuela lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Jamaica (with a CAGR of +14.3%), while the other leaders experienced more modest paces of growth.

In value terms, Cuba ($X), Colombia ($X) and the Dominican Republic ($X) constituted the largest markets for interchangeable spanner socket exported from Panama worldwide, with a combined 40% share of total exports. Costa Rica, Jamaica, Ecuador, Trinidad and Tobago, Uruguay, El Salvador, Guatemala, Nicaragua and Venezuela lagged somewhat behind, together accounting for a further 29%.

Among the main countries of destination, Jamaica, with a CAGR of +14.8%, recorded 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 interchangeable spanner socket export price stood at $X per ton in 2022, surging by 43% against the previous year. In general, the export price continues to indicate pronounced growth. The most prominent rate of growth was recorded in 2018 an increase of 184%. The export price peaked at $X per ton in 2019; however, from 2020 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 the Dominican Republic ($X per ton), while the average price for exports to Costa Rica ($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 the Dominican Republic (+10.3%), while the prices for the other major destinations experienced more modest paces of growth.

Interchangeable Spanner Socket Imports

Imports into Panama

Interchangeable spanner socket imports into Panama dropped to X tons in 2022, falling by -6.2% against the previous year's figure. Over the period under review, imports saw a perceptible shrinkage. The most prominent rate of growth was recorded in 2017 when imports increased by 455%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, interchangeable spanner socket imports rose sharply to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when imports increased by 785% against the previous year. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest interchangeable spanner socket supplier to Panama, accounting for a 48% share of total imports. Moreover, interchangeable spanner socket imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), twofold. The United States (X tons) ranked third in terms of total imports with a 17% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-4.2% per year) and the United States (-2.8% per year).

In value terms, China ($X), Taiwan (Chinese) ($X) and the United States ($X) constituted the largest interchangeable spanner socket suppliers to Panama, together accounting for 86% of total imports.

In terms of the main suppliers, Taiwan (Chinese), with a CAGR of +2.4%, recorded 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 interchangeable spanner socket import price amounted to $X per ton, growing by 18% against the previous year. Over the period under review, the import price recorded a notable expansion. The most prominent rate of growth was recorded in 2017 an increase of 60% against the previous year. The import price peaked in 2022 and is likely to continue growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+16.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform