Panama: Self-Propelled Boring Machinery Market 2024

Self-Propelled Boring Machinery Market Size in Panama

In 2022, the Panamanian self-propelled boring machinery market was finally on the rise to reach $X after three years of decline. Overall, consumption recorded a significant increase. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market remained at a lower figure.

Self-Propelled Boring Machinery Production in Panama

In value terms, self-propelled boring machinery production surged to $X in 2022 estimated in export price. Overall, production posted a resilient expansion. The most prominent rate of growth was recorded in 2020 with an increase of 1,443,305,000%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Self-Propelled Boring Machinery Exports

Exports from Panama

In 2022, the amount of self-propelled boring or sinking machinery exported from Panama soared to X units, jumping by 17% compared with 2021 figures. In general, exports enjoyed a modest expansion. The pace of growth appeared the most rapid in 2015 with an increase of 125% against the previous year. The exports peaked at X units in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, self-propelled boring machinery exports skyrocketed to $X in 2022. Over the period under review, exports showed a significant increase. The growth pace was the most rapid in 2017 when exports increased by 200% against the previous year. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Italy (X units), Trinidad and Tobago (X units) and Costa Rica (X units) were the main destinations of self-propelled boring machinery exports from Panama, together comprising 43% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Italy (with a CAGR of +7.2%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for self-propelled boring machinery exported from Panama were Chile ($X), Italy ($X) and Costa Rica ($X), together accounting for 65% of total exports. Peru, Trinidad and Tobago, Guatemala, Ecuador, Venezuela, Honduras, El Salvador and Colombia lagged somewhat behind, together comprising a further 35%.

Trinidad and Tobago, with a CAGR of +83.1%, recorded the highest growth rate of 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 self-propelled boring machinery export price stood at $X per unit in 2022, stabilizing at the previous year. Overall, the export price, however, saw a significant increase. The most prominent rate of growth was recorded in 2017 when the average export price increased by 219%. Over the period under review, the average export prices reached the maximum at $X per unit in 2021, and then fell modestly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Chile ($X per unit), while the average price for exports to Colombia ($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 Paraguay (+1,213.9%), while the prices for the other major destinations experienced more modest paces of growth.

Self-Propelled Boring Machinery Imports

Imports into Panama

In 2022, purchases abroad of self-propelled boring or sinking machinery increased by 141% to X units, rising for the second consecutive year after two years of decline. Overall, imports posted resilient growth. The most prominent rate of growth was recorded in 2017 when imports increased by 257%. Over the period under review, imports hit record highs at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, self-propelled boring machinery imports surged to $X in 2022. In general, imports posted significant growth. The growth pace was the most rapid in 2017 with an increase of 708,355% against the previous year. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Free Zones (X units), the United States (X units) and Italy (X units) were the main suppliers of self-propelled boring machinery imports to Panama, with a combined 87% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Free Zones (with a CAGR of +34.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of self-propelled boring or sinking machinery to Panama, comprising 51% of total imports. The second position in the ranking was held by Free Zones ($X), with a 25% share of total imports. It was followed by Sweden, with a 17% share.

From 2012 to 2022, the average annual growth rate of value from the United States stood at +126.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (+155.9% per year) and Sweden (+165.4% per year).

Import Prices by Country

The average self-propelled boring machinery import price stood at $X per unit in 2022, surging by 419% against the previous year. Over the period under review, the import price saw a significant expansion. The most prominent rate of growth was recorded in 2017 when the average import price increased by 198,267%. As a result, import price reached the peak level of $X per unit. From 2018 to 2022, the average import prices failed to regain momentum.

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 Sweden ($X per unit), while the price for Italy ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+126.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform