Panama: Retreaded Pneumatic Tyre Market 2024

Retreaded Pneumatic Tyre Market Size in Panama

In 2022, the Panamanian retreaded pneumatic tyre market increased by 4.7% to $X, rising for the second consecutive year after two years of decline. Overall, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Retreaded Pneumatic Tyre Production in Panama

In value terms, retreaded pneumatic tyre production fell modestly to $X in 2022 estimated in export price. Over the period under review, production, however, showed a mild slump. The most prominent rate of growth was recorded in 2014 with an increase of 71% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Retreaded Pneumatic Tyre Exports

Exports from Panama

In 2022, the amount of retreaded pneumatic tyres exported from Panama soared to X units, picking up by 20% against 2021. Overall, exports saw a strong increase. The pace of growth was the most pronounced in 2020 with an increase of 294% against the previous year. As a result, the exports reached the peak of X units. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, retreaded pneumatic tyre exports rose rapidly to $X in 2022. Over the period under review, exports showed strong growth. The pace of growth appeared the most rapid in 2013 with an increase of 153% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nicaragua (X units), Costa Rica (X units) and the United States (X units) were the main destinations of retreaded pneumatic tyre exports from Panama, together accounting for 74% of total exports.

From 2012 to 2022, the biggest increases were recorded for Costa Rica (with a CAGR of +39.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Nicaragua ($X) remains the key foreign market for retreaded pneumatic tyres exports from Panama, comprising 33% of total exports. The second position in the ranking was held by Costa Rica ($X), with a 15% share of total exports. It was followed by Venezuela, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to Nicaragua stood at +22.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (+18.7% per year) and Venezuela (+30.8% per year).

Export Prices by Country

In 2022, the average retreaded pneumatic tyre export price amounted to $X per unit, falling by -6.1% against the previous year. Overall, the export price continues to indicate a noticeable shrinkage. The most prominent rate of growth was recorded in 2014 an increase of 177% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Venezuela ($X per unit), while the average price for exports to Costa Rica ($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 Trinidad and Tobago (+6.7%), while the prices for the other major destinations experienced more modest paces of growth.

Retreaded Pneumatic Tyre Imports

Imports into Panama

In 2022, approx. X units of retreaded pneumatic tyres were imported into Panama; picking up by 57% on the previous year. Overall, imports posted a remarkable increase. The most prominent rate of growth was recorded in 2015 when imports increased by 5,006%. As a result, imports reached the peak of X units. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, retreaded pneumatic tyre imports surged to $X in 2022. Over the period under review, imports, however, saw a deep slump. The pace of growth appeared the most rapid in 2015 with an increase of 1,559%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of retreaded pneumatic tyre to Panama, with a 53% share of total imports. Moreover, retreaded pneumatic tyre imports from China exceeded the figures recorded by the second-largest supplier, the UK (X units), threefold. Peru (X units) ranked third in terms of total imports with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +35.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+18.2% per year) and Peru (0.0% per year).

In value terms, the largest retreaded pneumatic tyre suppliers to Panama were Japan ($X), China ($X) and Peru ($X), with a combined 68% share of total imports. The UK, Canada, the United States and Spain lagged somewhat behind, together accounting for a further 28%.

The UK, with a CAGR of +22.9%, saw the highest rates of growth with regard to the value of imports, among 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 retreaded pneumatic tyre import price stood at $X per unit in 2022, waning by -14.9% against the previous year. Over the period under review, the import price recorded a deep contraction. The most prominent rate of growth was recorded in 2016 when the average import price increased by 160%. The import price peaked at $X per unit in 2012; however, from 2013 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 Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform