Panama: Non-Electric Pulley Tackle Market 2024

Non-Electric Pulley Tackle Market Size in Panama

The Panamanian non-electric pulley tackle market reached $X in 2022, increasing by 2.6% against the previous year. Over the period under review, consumption enjoyed buoyant growth. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Non-Electric Pulley Tackle Production in Panama

In value terms, non-electric pulley tackle production fell to $X in 2022 estimated in export price. Overall, production, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2013 when the production volume increased by 96%. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Non-Electric Pulley Tackle Exports

Exports from Panama

For the fifth year in a row, Panama recorded decline in overseas shipments of pulley tackle and hoists, non-powered by electric motor, which decreased by -7% to X units in 2022. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 132% against the previous year. Over the period under review, the exports reached the maximum at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, non-electric pulley tackle exports soared to $X in 2022. In general, exports, however, enjoyed a modest expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 281%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Colombia (X units) was the main destination for non-electric pulley tackle exports from Panama, accounting for a 38% share of total exports. Moreover, non-electric pulley tackle exports to Colombia exceeded the volume sent to the second major destination, Costa Rica (X units), fourfold. Ghana (X units) ranked third in terms of total exports with an 8.3% share.

From 2012 to 2022, the average annual growth rate of volume to Colombia amounted to +8.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (+35.1% per year) and Ghana (+53.4% per year).

In value terms, Colombia ($X) remains the key foreign market for pulley tackle and hoists, non-powered by electric motor exports from Panama, comprising 36% of total exports. The second position in the ranking was held by Peru ($X), with a 10% share of total exports. It was followed by Costa Rica, with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Colombia totaled +4.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Peru (-12.2% per year) and Costa Rica (+31.0% per year).

Export Prices by Country

The average non-electric pulley tackle export price stood at $X per unit in 2022, with an increase of 60% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average export price increased by 64% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Peru ($X per unit), while the average price for exports to Chile ($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 Peru (+10.7%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Electric Pulley Tackle Imports

Imports into Panama

In 2022, supplies from abroad of pulley tackle and hoists, non-powered by electric motor increased by 50% to X units, rising for the second year in a row after three years of decline. Over the period under review, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when imports increased by 125% against the previous year. As a result, imports attained the peak of X units. From 2018 to 2022, the growth of imports failed to regain momentum.

In value terms, non-electric pulley tackle imports surged to $X in 2022. In general, imports, however, saw a abrupt descent. The pace of growth appeared the most rapid in 2017 when imports increased by 118%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports remained at a lower figure.

Imports by Country

China (X units), the United States (X units) and Free Zones (X units) were the main suppliers of non-electric pulley tackle imports to Panama, with a combined 88% share of total imports. Belgium, Germany, Argentina and Spain lagged somewhat behind, together accounting for a further 8.4%.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +42.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest non-electric pulley tackle suppliers to Panama were the United States ($X), China ($X) and Free Zones ($X), together comprising 75% of total imports. Belgium, Spain, Argentina and Germany lagged somewhat behind, together comprising a further 17%.

Spain, with a CAGR of +35.1%, saw 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

The average non-electric pulley tackle import price stood at $X per unit in 2022, waning by -23.3% against the previous year. Overall, the import price recorded a abrupt slump. The pace of growth appeared the most rapid in 2018 when the average import price increased by 20%. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Spain ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (-1.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform