Panama: Machine-Tool For Drilling Market 2024

Machine-Tool For Drilling Market Size in Panama

The Panamanian machine-tool for drilling market contracted rapidly to $X in 2022, dropping by -21.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, recorded a significant expansion. Machine-tool for drilling consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Machine-Tool For Drilling Exports

Exports from Panama

Machine-tool for drilling exports from Panama soared to X units in 2022, with an increase of 48% compared with the previous year. Over the period under review, exports continue to indicate moderate growth. The pace of growth was the most pronounced in 2018 when exports increased by 72%. The exports peaked at X units in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, machine-tool for drilling exports dropped to $X in 2022. Overall, exports enjoyed strong growth. The pace of growth was the most pronounced in 2019 when exports increased by 62%. The exports peaked at $X in 2021, and then shrank in the following year.

Exports by Country

Ecuador (X units) was the main destination for machine-tool for drilling exports from Panama, with a 1,278% share of total exports. Moreover, machine-tool for drilling exports to Ecuador exceeded the volume sent to the second major destination, Venezuela (X units), fivefold. The third position in this ranking was taken by El Salvador (X units), with a 216% share.

From 2012 to 2022, the average annual growth rate of volume to Ecuador amounted to +41.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (+42.4% per year) and El Salvador (+27.6% per year).

In value terms, Venezuela ($X) remains the key foreign market for machine-tools for drilling, boring or milling metal exports from Panama, comprising 75% of total exports. The second position in the ranking was taken by Ecuador ($X), with a 6.6% share of total exports. It was followed by Nicaragua, with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Venezuela stood at +22.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (-1.4% per year) and Nicaragua (-1.8% per year).

Export Prices by Country

The average machine-tool for drilling export price stood at $X per unit in 2022, declining by -36% against the previous year. In general, the export price, however, posted a moderate expansion. The growth pace was the most rapid in 2013 an increase of 133%. As a result, the export price reached the peak level of $X per unit. From 2014 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Venezuela ($X per unit), while the average price for exports to Honduras ($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 (+0.2%), while the prices for the other major destinations experienced a decline.

Machine-Tool For Drilling Imports

Imports into Panama

In 2022, the amount of machine-tools for drilling, boring or milling metal imported into Panama fell remarkably to X units, waning by -16.5% compared with 2021. Over the period under review, imports, however, recorded resilient growth. The pace of growth was the most pronounced in 2017 when imports increased by 716% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, machine-tool for drilling imports fell rapidly to $X in 2022. In general, imports, however, posted a resilient increase. The pace of growth appeared the most rapid in 2021 when imports increased by 81% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Colombia (X units) was the main machine-tool for drilling supplier to Panama, with a 35,315% share of total imports. Moreover, machine-tool for drilling imports from Colombia exceeded the figures recorded by the second-largest supplier, South Korea (X units), eightfold. The third position in this ranking was taken by China (X units), with a 1,762% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Colombia totaled +222.9%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+96.7% per year) and China (+55.6% per year).

In value terms, China ($X) constituted the largest supplier of machine-tools for drilling, boring or milling metal to Panama, comprising 20% of total imports. The second position in the ranking was taken by Colombia ($X), with a 9.6% share of total imports. It was followed by South Korea, with a 1.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +7.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (+92.2% per year) and South Korea (+44.4% per year).

Import Prices by Country

The average machine-tool for drilling import price stood at $X per unit in 2022, waning by -7.7% against the previous year. Over the period under review, the import price recorded a deep downturn. The pace of growth appeared the most rapid in 2016 an increase of 358%. As a result, import price attained the peak level of $X per unit. From 2017 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was El Salvador ($X per unit), while the price for Ecuador ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by El Salvador (-21.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform