Panama: Market for Lifts, Elevators, Moving Stairways and Draglines 2024

Market Size for Lifts, Elevators, Moving Stairways and Draglines in Panama

In 2022, the Panamanian market for lifts, elevators, moving stairways and draglines decreased by -55% to $X, falling for the fifth year in a row after two years of growth. In general, consumption, however, recorded a modest expansion. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Exports of Lifts, Elevators, Moving Stairways and Draglines

Exports from Panama

After two years of decline, shipments abroad of lifts, elevators, moving stairways and draglines increased by 469% to X units in 2022. Over the period under review, exports posted a strong increase. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, lift, elevator, stairway and dragline exports surged to $X in 2022. In general, exports recorded a remarkable increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Ecuador (X units) was the main destination for lift, elevator, stairway and dragline exports from Panama, accounting for a 72% share of total exports. Moreover, lift, elevator, stairway and dragline exports to Ecuador exceeded the volume sent to the second major destination, Venezuela (X units), more than tenfold. Mexico (X units) ranked third in terms of total exports with a 2.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ecuador totaled +71.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-8.9% per year) and Mexico (+23.1% per year).

In value terms, Ecuador ($X) remains the key foreign market for lifts, elevators, moving stairways and draglines exports from Panama, comprising 77% of total exports. The second position in the ranking was taken by Mexico ($X), with a 3.3% share of total exports. It was followed by Colombia, with a 2.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Ecuador stood at +74.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+22.4% per year) and Colombia (+11.2% per year).

Export Prices by Country

The average export price for lifts, elevators, moving stairways and draglines stood at $X per unit in 2022, rising by 257% against the previous year. Overall, the export price saw pronounced 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 ($X per unit), while the average price for exports to the Dominican Republic ($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 (+9.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Lifts, Elevators, Moving Stairways and Draglines

Imports into Panama

In 2022, purchases abroad of lifts, elevators, moving stairways and draglines increased by 47% to X units, rising for the second consecutive year after three years of decline. Overall, imports recorded a buoyant expansion. The pace of growth appeared the most rapid in 2017 with an increase of 459%. As a result, imports reached the peak of X units. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, lift, elevator, stairway and dragline imports skyrocketed to $X in 2022. In general, imports continue to indicate a remarkable increase. The growth pace was the most rapid in 2017 with an increase of 635% 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

In 2022, China (X units) constituted the largest lift, elevator, stairway and dragline supplier to Panama, with a 54% share of total imports. Moreover, lift, elevator, stairway and dragline imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), threefold. Japan (X units) ranked third in terms of total imports with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +16.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+10.0% per year) and Japan (+40.5% per year).

In value terms, China ($X) constituted the largest supplier of lifts, elevators, moving stairways and draglines to Panama, comprising 67% of total imports. The second position in the ranking was held by the United States ($X), with a 7.8% share of total imports. It was followed by Japan, with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +25.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+3.0% per year) and Japan (+33.7% per year).

Import Prices by Country

The average import price for lifts, elevators, moving stairways and draglines stood at $X per unit in 2022, picking up by 2.7% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 31%. The import price peaked at $X per unit in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+15.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform