Panama: Spark Plug Market 2024

Spark Plug Market Size in Panama

The Panamanian spark plug market stood at $X in 2022, picking up by 6.4% against the previous year. Overall, the total consumption indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -20.6% against 2020 indices. Spark plug consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Spark Plug Production in Panama

In value terms, spark plug production expanded notably to $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 85%. Spark plug production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Spark Plug Exports

Exports from Panama

In 2022, the amount of sparking plugs exported from Panama fell to X units, shrinking by -12.6% compared with the previous year's figure. Over the period under review, exports saw a significant curtailment. The pace of growth appeared the most rapid in 2016 with an increase of 24%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, spark plug exports declined to $X in 2022. In general, exports saw a sharp decrease. The most prominent rate of growth was recorded in 2021 with an increase of 34% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Honduras (X units), Venezuela (X units) and Chile (X units) were the main destinations of spark plug exports from Panama, together accounting for 50% of total exports. Colombia, Trinidad and Tobago, Guyana, Guatemala, Nicaragua, Costa Rica, Ecuador, Haiti, Uruguay and Jamaica lagged somewhat behind, together comprising a further 41%.

From 2012 to 2022, the biggest increases were recorded for Haiti (with a CAGR of -5.8%), while shipments for the other leaders experienced a decline.

In value terms, Honduras ($X), Venezuela ($X) and Chile ($X) constituted the largest markets for spark plug exported from Panama worldwide, with a combined 24% share of total exports. Colombia, Guatemala, Costa Rica, Guyana, Trinidad and Tobago, Nicaragua, Jamaica, Ecuador, Haiti and Uruguay lagged somewhat behind, together comprising a further 26%.

Among the main countries of destination, Haiti, with a CAGR of -4.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average spark plug export price stood at $X per unit in 2022, approximately reflecting the previous year. Overall, the export price continues to indicate prominent growth. The most prominent rate of growth was recorded in 2019 an increase of 85%. Over the period under review, the average export prices attained the maximum in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Jamaica ($X per unit), while the average price for exports to Trinidad and Tobago ($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 Jamaica (+15.6%), while the prices for the other major destinations experienced more modest paces of growth.

Spark Plug Imports

Imports into Panama

For the third consecutive year, Panama recorded decline in supplies from abroad of sparking plugs, which decreased by -26.7% to X units in 2022. Over the period under review, imports saw a abrupt slump. The pace of growth was the most pronounced in 2017 with an increase of 20%. Over the period under review, imports attained the maximum at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, spark plug imports reduced notably to $X in 2022. In general, imports showed a abrupt decrease. The pace of growth was the most pronounced in 2017 with an increase of 40%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Free Zones (X units) constituted the largest spark plug supplier to Panama, accounting for a 34% share of total imports. Moreover, spark plug imports from Free Zones exceeded the figures recorded by the second-largest supplier, the United States (X units), twofold. South Korea (X units) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Free Zones totaled +67.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-19.4% per year) and South Korea (+43.7% per year).

In value terms, Free Zones ($X) constituted the largest supplier of sparking plugs to Panama, comprising 34% of total imports. The second position in the ranking was held by the United States ($X), with a 16% share of total imports. It was followed by South Korea, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from Free Zones stood at +75.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-15.5% per year) and South Korea (+50.6% per year).

Import Prices by Country

In 2022, the average spark plug import price amounted to $X per unit, growing by 7.3% against the previous year. Overall, import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, spark plug import price increased by +60.9% against 2012 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 17%. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Mexico ($X per unit) and the United States ($X per unit), while the price for Free Zones ($X per unit) and Thailand ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+7.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform