Panama: Market for Primary Cells and Batteries 2024

Market Size for Primary Cells and Batteries in Panama

The Panamanian primary cell and battery market skyrocketed to $X in 2022, surging by 21% against the previous year. Over the period under review, consumption saw a resilient increase. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Production of Primary Cells and Batteries in Panama

In value terms, primary cell and battery production rose slightly to $X in 2022 estimated in export price. Over the period under review, production recorded a significant increase. The pace of growth appeared the most rapid in 2019 with an increase of 42%. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Primary Cells and Batteries

Exports from Panama

In 2022, overseas shipments of primary cells and batteries decreased by -8.5% to X units, falling for the third year in a row after four years of growth. Overall, exports saw a significant decline. The most prominent rate of growth was recorded in 2017 when exports increased by 1,033%. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, primary cell and battery exports surged to $X in 2022. In general, exports showed a precipitous contraction. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Peru (X units), Cuba (X units) and Argentina (X units) were the main destinations of primary cell and battery exports from Panama, together accounting for 46% of total exports. Colombia, the Dominican Republic, Uruguay, Paraguay, Brazil, the United States, Chile, Guyana, Ecuador and Guatemala lagged somewhat behind, together comprising a further 57%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Guyana (with a CAGR of +7.0%), while the other leaders experienced a decline.

In value terms, the largest markets for primary cell and battery exported from Panama were Cuba ($X), Peru ($X) and Colombia ($X), together accounting for 46% of total exports. Argentina, the Dominican Republic, Uruguay, the United States, Paraguay, Chile, Ecuador, Guatemala, Brazil and Guyana lagged somewhat behind, together accounting for a further 30%.

The United States, with a CAGR of -9.5%, recorded 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

The average primary cell and battery export price stood at $X per unit in 2022, with an increase of 54% against the previous year. Overall, the export price, however, continues to indicate a perceptible slump. The pace of growth appeared the most rapid in 2014 an increase of 124% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2015; however, from 2016 to 2022, the export prices stood at a somewhat 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 Cuba ($X per unit), while the average price for exports to Guyana ($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 Cuba (+0.3%), while the prices for the other major destinations experienced a decline.

Imports of Primary Cells and Batteries

Imports into Panama

After two years of decline, supplies from abroad of primary cells and batteries increased by 66% to X units in 2022. Overall, imports, however, faced a deep reduction. Over the period under review, imports attained the maximum at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, primary cell and battery imports expanded to $X in 2022. Over the period under review, imports, however, continue to indicate a deep slump. The pace of growth was the most pronounced in 2017 when imports increased by 22%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

China (X units), Costa Rica (X units) and the United States (X units) were the main suppliers of primary cell and battery imports to Panama, together comprising 64% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Costa Rica (with a CAGR of +59.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of primary cells and batteries to Panama, comprising 36% of total imports. The second position in the ranking was held by Costa Rica ($X), with a 17% share of total imports. It was followed by the United States, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (+24.6% per year) and the United States (-22.1% per year).

Import Prices by Country

In 2022, the average primary cell and battery import price amounted to $X per unit, declining by -37.7% against the previous year. In general, the import price saw a perceptible shrinkage. The pace of growth was the most pronounced in 2017 an increase of 53%. Over the period under review, average import prices reached the maximum at $X per unit in 2021, and then declined sharply in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Hong Kong SAR ($X per unit) and China ($X per unit), while the price for Japan ($X per unit) and Costa Rica ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform