Panama: Percussion Musical Instrument Market 2024

Percussion Musical Instrument Market Size in Panama

In 2022, the Panamanian percussion musical instrument market decreased by -5.2% to $X, falling for the second consecutive year after two years of growth. Overall, consumption, however, recorded a abrupt shrinkage. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Percussion Musical Instrument Production in Panama

In value terms, percussion musical instrument production stood at $X in 2022 estimated in export price. Over the period under review, production, however, faced a deep setback. The most prominent rate of growth was recorded in 2019 when the production volume increased by 88% against the previous year. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Percussion Musical Instrument Exports

Exports from Panama

In 2022, shipments abroad of percussion musical instruments was finally on the rise to reach X units after two years of decline. Overall, exports recorded strong growth. The growth pace was the most rapid in 2013 when exports increased by 525% against the previous year. The exports peaked at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, percussion musical instrument exports soared to $X in 2022. In general, exports recorded a measured increase. The most prominent rate of growth was recorded in 2013 when exports increased by 507%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Peru (X units), Colombia (X units) and Uruguay (X units) were the main destinations of percussion musical instrument exports from Panama, together comprising 45% 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 Uruguay (with a CAGR of +66.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for percussion musical instrument exported from Panama were Peru ($X), Chile ($X) and Colombia ($X), together accounting for 50% of total exports. Uruguay, the United States, Cuba, the Dominican Republic, El Salvador, Costa Rica, Honduras, Venezuela and Guatemala lagged somewhat behind, together comprising a further 29%.

Uruguay, with a CAGR of +46.9%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average percussion musical instrument export price stood at $X per unit in 2022, which is down by -26.3% against the previous year. Over the period under review, the export price saw a perceptible contraction. The most prominent rate of growth was recorded in 2014 an increase of 249% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2015 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: 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 Chile (+12.5%), while the prices for the other major destinations experienced more modest paces of growth.

Percussion Musical Instrument Imports

Imports into Panama

In 2022, purchases abroad of percussion musical instruments was finally on the rise to reach X units after three years of decline. Over the period under review, imports, however, saw a deep setback. The most prominent rate of growth was recorded in 2014 when imports increased by 350%. As a result, imports reached the peak of X units. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, percussion musical instrument imports soared to $X in 2022. In general, imports, however, continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2014 when imports increased by 296%. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

China (X units), Free Zones (X units) and Thailand (X units) were the main suppliers of percussion musical instrument imports to Panama, together comprising 76% of total imports. The United States, Germany, Venezuela and Canada lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +63.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest percussion musical instrument suppliers to Panama were China ($X), Free Zones ($X) and Thailand ($X), with a combined 75% share of total imports. The United States, Canada, Venezuela and Germany lagged somewhat behind, together comprising a further 19%.

Canada, with a CAGR of +102.9%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average percussion musical instrument import price amounted to $X per unit, growing by 3.7% against the previous year. In general, the import price, however, saw a mild descent. The most prominent rate of growth was recorded in 2017 when the average import price increased by 11%. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 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 Canada ($X per unit), while the price for Germany ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+24.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform