Panama: Radiator Market 2025

Radiator Market Size in Panama

The Panamanian radiator market rose rapidly to $X in 2022, surging by 7.1% against the previous year. In general, consumption, however, showed a perceptible decline. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Radiator Production in Panama

In value terms, radiator production rose markedly to $X in 2022 estimated in export price. Overall, production, however, showed a noticeable descent. The growth pace was the most rapid in 2013 with an increase of 45% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

Radiator Exports

Exports from Panama

In 2022, the amount of radiators for central heating (not electrically heated) exported from Panama reduced dramatically to X tons, dropping by -30% against 2021 figures. Over the period under review, exports saw a deep setback. The growth pace was the most rapid in 2021 when exports increased by 152%. Over the period under review, the exports reached the peak figure at X tons in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

In value terms, radiator exports reduced remarkably to $X in 2022. In general, exports recorded a deep contraction. The pace of growth was the most pronounced in 2013 with an increase of 184% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Venezuela (X tons) was the main destination for radiator exports from Panama, with a 68% share of total exports. Moreover, radiator exports to Venezuela exceeded the volume sent to the second major destination, the Dominican Republic (X kg), threefold. The third position in this ranking was held by Chile (X kg), with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Venezuela amounted to +21.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+10.1% per year) and Chile (-25.4% per year).

In value terms, Venezuela ($X) remains the key foreign market for radiators for central heating (not electrically heated) exports from Panama, comprising 62% of total exports. The second position in the ranking was taken by the Dominican Republic ($X), with a 7.5% share of total exports. It was followed by Colombia, with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Venezuela amounted to +16.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (-6.9% per year) and Colombia (-12.9% per year).

Export Prices by Country

In 2022, the average radiator export price amounted to $X per ton, rising by 5.6% against the previous year. Overall, the export price, however, saw a perceptible descent. The most prominent rate of growth was recorded in 2016 when the average export price increased by 58%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the average 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 Colombia ($X per ton), while the average price for exports to the Dominican Republic ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Trinidad and Tobago (+14.2%), while the prices for the other major destinations experienced more modest paces of growth.

Radiator Imports

Imports into Panama

For the fourth year in a row, Panama recorded decline in supplies from abroad of radiators for central heating (not electrically heated), which decreased by -61.7% to X kg in 2022. Over the period under review, imports continue to indicate a deep slump. The most prominent rate of growth was recorded in 2013 with an increase of 254%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, radiator imports declined rapidly to $X in 2022. Overall, imports faced a abrupt curtailment. The most prominent rate of growth was recorded in 2014 when imports increased by 115% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X kg) constituted the largest supplier of radiator to Panama, accounting for a 54% share of total imports. Moreover, radiator imports from the United States exceeded the figures recorded by the second-largest supplier, China (X kg), twofold. The third position in this ranking was held by South Korea (X kg), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to -14.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-14.6% per year) and South Korea (-17.3% per year).

In value terms, China ($X), the United States ($X) and South Korea ($X) appeared to be the largest radiator suppliers to Panama, together comprising 94% of total imports. Colombia lagged somewhat behind, comprising a further 2.4%.

In terms of the main suppliers, Colombia, with a CAGR of +21.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average radiator import price stood at $X per ton in 2022, which is down by -23.5% against the previous year. Overall, the import price, however, enjoyed a mild expansion. The growth pace was the most rapid in 2017 an increase of 209%. Over the period under review, average import prices attained the peak figure at $X per ton in 2021, and then declined dramatically in the following year.

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 China ($X per ton), while the price for Colombia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (+735.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform