Panama: Market for Spark-Ignition Reciprocating Or Rotary Internal Combustion Piston Engines For Aircraft 2024

Market Size for Spark-Ignition Reciprocating Or Rotary Internal Combustion Piston Engines For Aircraft in Panama

The Panamanian aircraft internal combustion engine market declined significantly to $X in 2022, shrinking by -58.7% against the previous year. Over the period under review, consumption showed a relatively flat trend pattern. Aircraft internal combustion engine consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Spark-Ignition Reciprocating Or Rotary Internal Combustion Piston Engines For Aircraft in Panama

In value terms, aircraft internal combustion engine production stood at $X in 2022 estimated in export price. Over the period under review, production continues to indicate a precipitous setback. The growth pace was the most rapid in 2015 with an increase of 124,296,300% against the previous year. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Exports of Spark-Ignition Reciprocating Or Rotary Internal Combustion Piston Engines For Aircraft

Exports from Panama

In 2022, shipments abroad of spark-ignition reciprocating or rotary internal combustion piston engines for aircraft decreased by 0% to X units for the first time since 2017, thus ending a four-year rising trend. Over the period under review, exports continue to indicate modest growth. The growth pace was the most rapid in 2013 with an increase of 1,275% against the previous year. As a result, the exports attained the peak of X units. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, aircraft internal combustion engine exports contracted significantly to $X in 2022. Overall, exports enjoyed a remarkable increase. The pace of growth was the most pronounced in 2013 when exports increased by 24,316% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Cuba (X units), the United States (X units) and Colombia (X units) were the main destinations of aircraft internal combustion engine exports from Panama, with a combined 33% share 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 Cuba (with a CAGR of 0.0%), while the other leaders experienced more modest paces of growth.

In value terms, Costa Rica ($X) remains the key foreign market for spark-ignition reciprocating or rotary internal combustion piston engines for aircraft exports from Panama, comprising 83% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 6.1% share of total exports. It was followed by Venezuela, with a 4.6% share.

From 2012 to 2022, the average annual growth rate of value to Costa Rica amounted to +122.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (0.0% per year) and Venezuela (+17.3% per year).

Export Prices by Country

The average aircraft internal combustion engine export price stood at $X per unit in 2022, dropping by -35.9% against the previous year. Over the period under review, the export price, however, saw a resilient increase. The most prominent rate of growth was recorded in 2013 when the average export price increased by 1,676% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Costa Rica ($X per unit), while the average price for exports to Cuba ($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 Costa Rica (+122.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Spark-Ignition Reciprocating Or Rotary Internal Combustion Piston Engines For Aircraft

Imports into Panama

In 2022, the amount of spark-ignition reciprocating or rotary internal combustion piston engines for aircraft imported into Panama contracted dramatically to X units, waning by -50.9% against the year before. In general, imports, however, continue to indicate a strong expansion. The growth pace was the most rapid in 2017 when imports increased by 500%. Over the period under review, imports attained the peak figure at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, aircraft internal combustion engine imports fell rapidly to $X in 2022. Overall, imports, however, showed significant growth. The pace of growth was the most pronounced in 2017 with an increase of 4,456% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Canada (X units) constituted the largest supplier of aircraft internal combustion engine to Panama, accounting for a 74% share of total imports. Moreover, aircraft internal combustion engine imports from Canada exceeded the figures recorded by the second-largest supplier, the United States (X units), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Canada amounted to +34.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+19.6% per year) and Free Zones (0.0% per year).

In value terms, Canada ($X), the United States ($X) and Free Zones ($X) constituted the largest aircraft internal combustion engine suppliers to Panama, with a combined 99.9% share of total imports.

The United States, with a CAGR of +151.5%, recorded the highest growth rate of 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

In 2022, the average aircraft internal combustion engine import price amounted to $X per unit, growing by 47% against the previous year. Over the period under review, the import price posted significant growth. The most prominent rate of growth was recorded in 2017 when the average import price increased by 659% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

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 the United States ($X per unit), while the price for Free Zones ($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 United States (+110.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform