Panama: Market for Motor Vehicle Chassis Fitted With Engines 2024

Market Size for Motor Vehicle Chassis Fitted With Engines in Panama

The Panamanian market for motor vehicle chassis fitted with engines expanded to $X in 2022, growing by 3.7% against the previous year. Over the period under review, consumption, however, saw a deep contraction. Consumption of peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Motor Vehicle Chassis Fitted With Engines in Panama

In value terms, production of motor vehicle chassis fitted with engines expanded slightly to $X in 2022 estimated in export price. Overall, production, however, saw a deep slump. The pace of growth was the most pronounced in 2016 when the production volume increased by 67% against the previous year. Production of peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Motor Vehicle Chassis Fitted With Engines

Exports from Panama

Exports of motor vehicle chassis fitted with engines from Panama totaled X units in 2022, therefore, remained relatively stable against the previous year's figure. Overall, exports recorded a noticeable curtailment. The pace of growth was the most pronounced in 2013 when exports increased by 33% against the previous year. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, exports of motor vehicle chassis fitted with engines rose significantly to $X in 2022. In general, exports recorded a dramatic setback. The pace of growth appeared the most rapid in 2016 when exports increased by 124%. Over the period under review, the exports of reached the maximum at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Guatemala (X units), Chile (X units) and Costa Rica (X units) were the main destinations of exports of motor vehicle chassis fitted with engines from Panama, with a combined 75% share of total exports.

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

In value terms, Chile ($X) remains the key foreign market for motor vehicle chassis fitted with engines exports from Panama, comprising 80% of total exports. The second position in the ranking was taken by Venezuela ($X), with a 10% share of total exports. It was followed by Costa Rica, with a 6.9% share.

From 2012 to 2022, the average annual growth rate of value to Chile amounted to +25.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-42.6% per year) and Costa Rica (+17.8% per year).

Export Prices by Country

In 2022, the average export price for motor vehicle chassis fitted with engines amounted to $X per unit, surging by 10% against the previous year. Overall, the export price, however, continues to indicate a sharp downturn. The pace of growth was the most pronounced in 2016 when the average export price increased by 124% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2014; however, from 2015 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 Chile ($X per unit), while the average price for exports to Guatemala ($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 (+366.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Motor Vehicle Chassis Fitted With Engines

Imports into Panama

In 2022, purchases abroad of motor vehicle chassis fitted with engines was finally on the rise to reach X units for the first time since 2017, thus ending a four-year declining trend. Over the period under review, imports, however, recorded a perceptible shrinkage. The most prominent rate of growth was recorded in 2015 with an increase of 112% against the previous year. Over the period under review, imports of hit record highs at X units in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, imports of motor vehicle chassis fitted with engines expanded notably to $X in 2022. Overall, imports, however, recorded a noticeable setback. The most prominent rate of growth was recorded in 2015 with an increase of 229%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

The United States (X units), China (X units) and India (X units) were the main suppliers of imports of motor vehicle chassis fitted with engines to Panama, with a combined 79% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +19.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, India ($X) constituted the largest supplier of motor vehicle chassis fitted with engines to Panama, comprising 56% of total imports. The second position in the ranking was taken by the United States ($X), with an 18% share of total imports. It was followed by China, with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from India stood at +13.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+4.9% per year) and China (+46.3% per year).

Import Prices by Country

The average import price for motor vehicle chassis fitted with engines stood at $X per unit in 2022, with a decrease of -23.7% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 55%. Over the period under review, average import prices reached the maximum at $X per unit in 2013; however, from 2014 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 India ($X per unit), while the price for Chile ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+40.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform