Panama: Relay Market 2024

Relay Market Size in Panama

The Panamanian relay market declined to $X in 2022, shrinking by -4.6% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. Relay consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Relay Production in Panama

In value terms, relay production dropped modestly to $X in 2022 estimated in export price. Overall, production recorded a slight descent. The pace of growth appeared the most rapid in 2016 with an increase of 63% against the previous year. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Relay Exports

Exports from Panama

In 2022, the amount of relays exported from Panama plummeted to X units, which is down by -22.3% against 2021. In general, exports recorded a drastic downturn. The most prominent rate of growth was recorded in 2018 with an increase of 431% against the previous year. As a result, the exports reached the peak of X units. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, relay exports declined remarkably to $X in 2022. Over the period under review, exports showed a drastic downturn. The most prominent rate of growth was recorded in 2018 when exports increased by 149% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Jamaica (X units) was the main destination for relay exports from Panama, with a 42% share of total exports. Moreover, relay exports to Jamaica exceeded the volume sent to the second major destination, Belize (X units), twofold. The Dominican Republic (X units) ranked third in terms of total exports with a 9.9% share.

From 2012 to 2022, the average annual growth rate of volume to Jamaica totaled +27.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belize (+76.8% per year) and the Dominican Republic (+32.0% per year).

In value terms, the largest markets for relay exported from Panama were Jamaica ($X), El Salvador ($X) and the Dominican Republic ($X), with a combined 57% share of total exports. The United States, Guatemala, Belize, Chile and Guyana lagged somewhat behind, together accounting for a further 18%.

Belize, with a CAGR of +85.4%, saw 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 more modest paces of growth.

Export Prices by Country

The average relay export price stood at $X per unit in 2022, picking up by 8.8% against the previous year. Over the period under review, the export price, however, showed a perceptible slump. The most prominent rate of growth was recorded in 2019 when the average export price increased by 56% against the previous year. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was El Salvador ($X per unit), while the average price for exports to Belize ($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 Guyana (+16.3%), while the prices for the other major destinations experienced more modest paces of growth.

Relay Imports

Imports into Panama

In 2022, approx. X units of relays were imported into Panama; falling by -9% on the previous year. Over the period under review, imports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2017 when imports increased by 444%. Over the period under review, imports attained the peak figure at X units in 2021, and then fell in the following year.

In value terms, relay imports contracted markedly to $X in 2022. Overall, imports, however, enjoyed prominent growth. The growth pace was the most rapid in 2017 with an increase of 1,189%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

China (X units), Free Zones (X units) and the United States (X units) were the main suppliers of relay imports to Panama, together comprising 60% of total imports. Portugal, France, Romania, Germany, Taiwan (Chinese), South Korea, Brazil, the Czech Republic and Hong Kong SAR lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Portugal (with a CAGR of +148.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest relay suppliers to Panama were France ($X), the United States ($X) and China ($X), with a combined 48% share of total imports. Free Zones, the Czech Republic, Germany, Romania, Taiwan (Chinese), Portugal, South Korea, Brazil and Hong Kong SAR lagged somewhat behind, together comprising a further 36%.

The Czech Republic, with a CAGR of +175.9%, saw the highest rates of growth with regard to 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 relay import price stood at $X per unit in 2022, dropping by -10.2% against the previous year. In general, the import price, however, continues to indicate a temperate increase. The growth pace was the most rapid in 2017 when the average import price increased by 137% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Czech Republic ($X per unit), while the price for Portugal ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+20.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform