Panama: Refrigerator And Freezer Market 2025

Refrigerator And Freezer Market Size in Panama

In 2022, after two years of growth, there was significant decline in the Panamanian refrigerator and freezer market, when its value decreased by X% to $X. Over the period under review, consumption continues to indicate a mild contraction. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Refrigerator And Freezer Production in Panama

In value terms, refrigerator and freezer production stood at $X in 2022 estimated in export price. In general, production, however, continues to indicate a abrupt curtailment. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

Refrigerator And Freezer Exports

Exports from Panama

In 2022, overseas shipments of refrigerators and freezers decreased by X% to X units, falling for the second year in a row after two years of growth. Over the period under review, exports recorded a abrupt setback. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, refrigerator and freezer exports stood at $X in 2022. In general, exports continue to indicate a deep slump. The pace of growth was the most pronounced in 2020 when exports increased by X% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Cuba (X units) was the main destination for refrigerator and freezer exports from Panama, accounting for a X% share of total exports. Moreover, refrigerator and freezer exports to Cuba exceeded the volume sent to the second major destination, Venezuela (X units), fourfold. The third position in this ranking was held by Nicaragua (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cuba totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (X% per year) and Nicaragua (X% per year).

It was followed by Nicaragua, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Cuba amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (X% per year) and Nicaragua (X% per year).

Export Prices by Country

The average refrigerator and freezer export price stood at $X per unit in 2022, approximately mirroring the previous year. Overall, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by X% against the previous year. The export price peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Suriname ($X per unit) and Aruba ($X per unit), while the average price for exports to Venezuela ($X per unit) and Colombia ($X per unit) were amongst the lowest.

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

Refrigerator And Freezer Imports

Imports into Panama

In 2022, supplies from abroad of refrigerators and freezers decreased by X% to X units, falling for the second consecutive year after two years of growth. In general, imports showed a perceptible decrease. The most prominent rate of growth was recorded in 2017 when imports increased by X%. 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, refrigerator and freezer imports shrank to $X in 2022. Overall, imports showed a slight reduction. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Mexico (X units), Free Zones (X units) and China (X units) were the main suppliers of refrigerator and freezer imports to Panama, with a combined X% share of total imports. The United States, Colombia, Guatemala, Vietnam, South Korea and Thailand lagged somewhat behind, together comprising a further X%.

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

In value terms, Mexico ($X), Free Zones ($X) and China ($X) were the largest refrigerator and freezer suppliers to Panama, together accounting for X% of total imports. The United States, Colombia, Vietnam, Guatemala, South Korea and Thailand lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Vietnam, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average refrigerator and freezer import price stood at $X per unit in 2022, rising by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2021 an increase of X%. The import price peaked in 2022 and is likely to continue growth in the immediate term.

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 South Korea ($X per unit), while the price for Guatemala ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform