Panama: Market for Iron Or Steel Solid Fuel Domestic Appliances 2024

Market Size for Iron Or Steel Solid Fuel Domestic Appliances in Panama

The Panamanian metal solid fuel appliances market fell to $X in 2022, with a decrease of -5.1% against the previous year. Over the period under review, consumption showed a perceptible descent. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Iron Or Steel Solid Fuel Domestic Appliances in Panama

In value terms, metal solid fuel appliances production contracted to $X in 2022 estimated in export price. Overall, production saw a noticeable slump. The pace of growth was the most pronounced in 2014 when the production volume increased by 17%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Exports of Iron Or Steel Solid Fuel Domestic Appliances

Exports from Panama

In 2022, approx. X units of iron or steel solid fuel domestic appliances were exported from Panama; picking up by 200% against the previous year's figure. Overall, exports, however, recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 521% against the previous year. Over the period under review, the exports reached the maximum at X units in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, metal solid fuel appliances exports soared to $X in 2022. In general, exports saw measured growth. Over the period under review, the exports reached the peak figure at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Venezuela (X units), Costa Rica (X units) and the United States (X units) were the main destinations of metal solid fuel appliances exports from Panama, together comprising 46% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +35.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for metal solid fuel appliances exported from Panama were Venezuela ($X), Costa Rica ($X) and Jamaica ($X), together accounting for 56% of total exports.

In terms of the main countries of destination, Jamaica, with a CAGR of +73.8%, recorded 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 metal solid fuel appliances export price amounted to $X per unit, rising by 78% against the previous year. In general, the export price continues to indicate strong growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cuba ($X per unit), while the average price for exports to the United States ($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 Jamaica (+29.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron Or Steel Solid Fuel Domestic Appliances

Imports into Panama

In 2022, after five years of growth, there was significant decline in purchases abroad of iron or steel solid fuel domestic appliances, when their volume decreased by -18.9% to X units. Overall, imports, however, recorded significant growth. The most prominent rate of growth was recorded in 2017 when imports increased by 2,771% against the previous year. Imports peaked at X units in 2021, and then contracted remarkably in the following year.

In value terms, metal solid fuel appliances imports expanded to $X in 2022. In general, imports, however, saw a significant increase. The most prominent rate of growth was recorded in 2017 when imports increased by 2,810%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, China (X units) constituted the largest metal solid fuel appliances supplier to Panama, accounting for a 54% share of total imports. Moreover, metal solid fuel appliances imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), threefold. Brazil (X units) ranked third in terms of total imports with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +50.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+25.1% per year) and Brazil (+47.1% per year).

In value terms, China ($X), Spain ($X) and the United States ($X) constituted the largest metal solid fuel appliances suppliers to Panama, together comprising 78% of total imports.

Spain, with a CAGR of +64.3%, recorded the highest growth rate of the value of imports, among the main suppliers 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 metal solid fuel appliances import price amounted to $X per unit, increasing by 29% against the previous year. In general, the import price, however, continues to indicate a mild contraction. Over the period under review, average import prices attained the maximum at $X per unit in 2015; however, from 2016 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 Spain ($X per unit), while the price for China ($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 (+8.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform