Panama: Lawn Mower Market 2024

Lawn Mower Market Size in Panama

The Panamanian lawn mower market shrank to $X in 2022, waning by -2.2% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Lawn Mower Production in Panama

In value terms, lawn mower production stood at $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the production volume increased by 50% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Lawn Mower Exports

Exports from Panama

For the sixth year in a row, Panama recorded decline in overseas shipments of mowers for lawns, parks, golf courses or sports grounds, which decreased by -77.7% to X units in 2022. Overall, exports faced a abrupt curtailment. The most prominent rate of growth was recorded in 2013 when exports increased by 565% against the previous year. Over the period under review, the exports hit record highs at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, lawn mower exports fell dramatically to $X in 2022. Over the period under review, exports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2013 with an increase of 1,069% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Venezuela (X units), Colombia (X units) and the United States (X units) were the main destinations of lawn mower exports from Panama, with a combined 46% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +17.5%), while the other leaders experienced more modest paces of growth.

In value terms, Venezuela ($X), Colombia ($X) and Costa Rica ($X) constituted the largest markets for lawn mower exported from Panama worldwide, with a combined 22% share of total exports. Jamaica, the United States, Honduras, Nicaragua, Cuba, Guatemala and Ghana lagged somewhat behind, together accounting for a further 15%.

Among the main countries of destination, Jamaica, with a CAGR of +12.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average lawn mower export price stood at $X per unit in 2022, with a decrease of -13.1% against the previous year. Over the period under review, export price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, lawn mower export price decreased by -29.0% against 2020 indices. The pace of growth was the most pronounced in 2013 when the average export price increased by 76% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cuba ($X per unit), while the average price for exports to Ghana ($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 Honduras (+8.7%), while the prices for the other major destinations experienced mixed trend patterns.

Lawn Mower Imports

Imports into Panama

In 2022, the amount of mowers for lawns, parks, golf courses or sports grounds imported into Panama dropped remarkably to X units, waning by -41.4% against the year before. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when imports increased by 281% against the previous year. As a result, imports reached the peak of X units. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, lawn mower imports reduced rapidly to $X in 2022. In general, imports saw a pronounced setback. The most prominent rate of growth was recorded in 2017 when imports increased by 287% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Free Zones (X units), China (X units) and the United States (X units) were the main suppliers of lawn mower 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 +46.8%), while purchases for the other leaders experienced a decline.

In value terms, Free Zones ($X), China ($X) and the United States ($X) were the largest lawn mower suppliers to Panama, together accounting for 93% of total imports.

Free Zones, with a CAGR of +37.5%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average lawn mower import price stood at $X per unit in 2022, growing by 5% against the previous year. Over the period under review, the import price, however, saw a perceptible reduction. The most prominent rate of growth was recorded in 2021 when the average import price increased by 9% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China ($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 United States (-0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform