Panama: Market for Non-Numerically Controlled Sharpening Machines For Working Metal 2024

Market Size for Non-Numerically Controlled Sharpening Machines For Working Metal in Panama

The Panamanian non-numerically controlled sharpening machine market contracted to $X in 2022, falling by -5.6% against the previous year. Over the period under review, consumption, however, posted resilient growth. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Non-Numerically Controlled Sharpening Machines For Working Metal in Panama

In value terms, non-numerically controlled sharpening machine production fell to $X in 2022 estimated in export price. Over the period under review, the total production indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -14.4% against 2019 indices. The growth pace was the most rapid in 2019 with an increase of 79% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Exports of Non-Numerically Controlled Sharpening Machines For Working Metal

Exports from Panama

Non-numerically controlled sharpening machine exports from Panama shrank to X units in 2022, reducing by -7.4% against 2021 figures. Overall, exports showed a precipitous setback. The pace of growth was the most pronounced in 2014 with an increase of 428% against the previous year. The exports peaked at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, non-numerically controlled sharpening machine exports declined sharply to $X in 2022. Over the period under review, exports continue to indicate a dramatic slump. The most prominent rate of growth was recorded in 2014 with an increase of 215%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Colombia (X units), Cuba (X units) and Guatemala (X units) were the main destinations of non-numerically controlled sharpening machine exports from Panama, together accounting for 16% of total exports. Guyana, Haiti, Brazil, Belize, the Dominican Republic, Chile, Barbados, Ecuador, Costa Rica and El Salvador lagged somewhat behind, together accounting for a further 40%. Moreover, non-numerically controlled sharpening machine exports in Colombia exceeded the figures recorded by the second-largest exporter, Cuba, twofold.

From 2012 to 2022, the biggest increases were recorded for Barbados (with a CAGR of 0.0%), while shipments for the other leaders experienced a decline.

In value terms, Chile ($X), Colombia ($X) and Guatemala ($X) constituted the largest markets for non-numerically controlled sharpening machine exported from Panama worldwide, with a combined 35% share of total exports. El Salvador, Brazil, the Dominican Republic, Haiti, Ecuador, Costa Rica, Guyana, Belize, Barbados and Cuba lagged somewhat behind, together comprising a further 7.1%.

Brazil, with a CAGR of -9.2%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average non-numerically controlled sharpening machine export price amounted to $X per unit, which is down by -14.8% against the previous year. Over the period under review, the export price, however, showed a prominent increase. The growth pace was the most rapid in 2020 when the average export price increased by 82% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2021, and then contracted 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 Chile ($X per unit), while the average price for exports to Cuba ($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 Chile (+25.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Non-Numerically Controlled Sharpening Machines For Working Metal

Imports into Panama

In 2022, non-numerically controlled sharpening machine imports into Panama fell to X units, which is down by -8.3% compared with the previous year's figure. Over the period under review, imports, however, recorded significant growth. The pace of growth appeared the most rapid in 2017 when imports increased by 1,804%. As a result, imports attained the peak of X units. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, non-numerically controlled sharpening machine imports fell markedly to $X in 2022. Overall, imports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 2,992% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Free Zones (X units) constituted the largest non-numerically controlled sharpening machine supplier to Panama, accounting for a 56% share of total imports. Moreover, non-numerically controlled sharpening machine imports from Free Zones exceeded the figures recorded by the second-largest supplier, the United States (X units), threefold. The third position in this ranking was held by Costa Rica (X units), with an 8.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Free Zones totaled +52.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+38.5% per year) and Costa Rica (+25.9% per year).

In value terms, Free Zones ($X), the United States ($X) and China ($X) constituted the largest non-numerically controlled sharpening machine suppliers to Panama, together accounting for 86% of total imports.

Free Zones, with a CAGR of +65.5%, saw 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 more modest paces of growth.

Import Prices by Country

The average non-numerically controlled sharpening machine import price stood at $X per unit in 2022, with a decrease of -51.6% against the previous year. Over the period under review, the import price, however, recorded a prominent expansion. The pace of growth appeared the most rapid in 2017 an increase of 62%. The import price peaked at $X per unit in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per unit), while the price for Peru ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+38.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform