Panama: Microwave Oven Market 2025

Microwave Oven Market Size in Panama

The Panamanian microwave oven market dropped to $X in 2022, shrinking by -13.4% against the previous year. Over the period under review, consumption saw a noticeable downturn. Microwave oven consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Microwave Oven Production in Panama

In value terms, microwave oven production dropped to $X in 2022 estimated in export price. In general, production saw a perceptible shrinkage. The most prominent rate of growth was recorded in 2018 when the production volume increased by 118% against the previous year. Microwave oven production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Microwave Oven Exports

Exports from Panama

After two years of decline, shipments abroad of microwave ovens increased by 31% to X units in 2022. Overall, exports, however, recorded a precipitous decrease. Over the period under review, the exports hit record highs at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, microwave oven exports surged to $X in 2022. Over the period under review, exports, however, faced a sharp descent. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Cuba (X units), Venezuela (X units) and Costa Rica (X units) were the main destinations of microwave oven exports from Panama, together comprising 45% of total exports. Guyana, Jamaica, Curacao, the United States, Colombia, Guatemala, Ecuador, El Salvador, Aruba and Suriname lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the biggest increases were recorded for Jamaica (with a CAGR of -3.5%), while shipments for the other leaders experienced a decline.

In value terms, the largest markets for microwave oven exported from Panama were Cuba ($X), Venezuela ($X) and Costa Rica ($X), together accounting for 44% of total exports. Colombia, Curacao, Jamaica, Guyana, Ecuador, Aruba, El Salvador, Guatemala, Suriname and the United States lagged somewhat behind, together accounting for a further 16%.

In terms of the main countries of destination, Curacao, with a CAGR of -10.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average microwave oven export price stood at $X per unit in 2022, with a decrease of -3.4% against the previous year. Overall, the export price saw a drastic downturn. The growth pace was the most rapid in 2017 when the average export price increased by 21%. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Colombia ($X per unit), while the average price for exports to Guyana ($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 Colombia (-4.1%), while the prices for the other major destinations experienced a decline.

Microwave Oven Imports

Imports into Panama

In 2022, imports of microwave ovens into Panama shrank dramatically to X units, waning by -27.7% on 2021. In general, imports recorded a abrupt downturn. The pace of growth was the most pronounced in 2017 with an increase of 117% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, microwave oven imports shrank rapidly to $X in 2022. Overall, imports continue to indicate a abrupt decline. The growth pace was the most rapid in 2017 when imports increased by 115% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Free Zones (X units), China (X units) and Malaysia (X units) were the main suppliers of microwave oven imports to Panama, with a combined 95% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Free Zones (with a CAGR of +16.8%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, Free Zones ($X), China ($X) and Malaysia ($X) appeared to be the largest microwave oven suppliers to Panama, with a combined 95% share of total imports.

Free Zones, with a CAGR of +42.1%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2022, the average microwave oven import price amounted to $X per unit, approximately equating the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2018 when the average import price increased by 11% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to see steady growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Malaysia ($X per unit) and China ($X per unit), while the price for the United States ($X per unit) and Free Zones ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Free Zones (+21.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform