Panama: Hide Preparing Machinery Market 2024

Hide Preparing Machinery Market Size in Panama

The Panamanian hide preparing machinery market declined to $X in 2022, with a decrease of -12.5% against the previous year. Overall, consumption, however, recorded a modest expansion. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption remained at a lower figure.

Hide Preparing Machinery Production in Panama

In value terms, hide preparing machinery production rose notably to $X in 2022 estimated in export price. In general, production showed mild growth. The growth pace was the most rapid in 2019 with an increase of 7,198,900%. Hide preparing machinery production peaked at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Hide Preparing Machinery Exports

Exports from Panama

In 2022, approx. X units of machinery for preparing, tanning or working hides, skins or leather were exported from Panama; approximately equating the previous year's figure. Overall, exports continue to indicate a noticeable slump. The most prominent rate of growth was recorded in 2014 with an increase of 75% against the previous year. As a result, the exports attained the peak of X units. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, hide preparing machinery exports contracted to $X in 2022. In general, exports saw a resilient increase. The growth pace was the most rapid in 2019 when exports increased by 654%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Colombia (X units), Nicaragua (X units) and Venezuela (X units) were the main destinations of hide preparing machinery exports from Panama, together comprising 75% of total exports.

From 2012 to 2022, the biggest increases were recorded for Colombia (with a CAGR of 0.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for hide preparing machinery exported from Panama were Italy ($X), Venezuela ($X) and Nicaragua ($X), together accounting for 97% of total exports.

Italy, with a CAGR of +35.7%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average hide preparing machinery export price amounted to $X per unit, waning by -6.7% against the previous year. Overall, the export price, however, saw prominent growth. The pace of growth was the most pronounced in 2019 when the average export price increased by 654% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2021, and then fell in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per unit), while the average price for exports to Colombia ($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 Italy (+35.7%), while the prices for the other major destinations experienced mixed trend patterns.

Hide Preparing Machinery Imports

Imports into Panama

In 2022, purchases abroad of machinery for preparing, tanning or working hides, skins or leather decreased by -33.3% to X units for the first time since 2018, thus ending a three-year declining trend. In general, imports continue to indicate a perceptible shrinkage. The growth pace was the most rapid in 2016 when imports increased by 40% against the previous year. Imports peaked at X units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, hide preparing machinery imports skyrocketed to $X in 2022. Over the period under review, imports, however, enjoyed a prominent increase. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

Italy (X units), the United States (X units) and Free Zones (X units) were the main suppliers of hide preparing machinery imports to Panama. Moreover, hide preparing machinery imports in Italy exceeded the figures recorded by the second-largest supplier, the United States, twofold.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +7.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) constituted the largest supplier of machinery for preparing, tanning or working hides, skins or leather to Panama, comprising 97% of total imports. The second position in the ranking was held by Free Zones ($X), with a 2% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Italy totaled +26.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (+18.1% per year) and the United States (-3.0% per year).

Import Prices by Country

In 2022, the average hide preparing machinery import price amounted to $X per unit, picking up by 4,671% against the previous year. Over the period under review, the import price enjoyed a strong increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Italy ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+348.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform