Panama: Market for Spray Guns And Similar Appliances 2024

Market Size for Spray Guns And Similar Appliances in Panama

The Panamanian market for spray guns and similar appliances was estimated at $X in 2022, increasing by 3.5% against the previous year. Overall, consumption showed a pronounced expansion. Spray guns and similar appliances consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Spray Guns And Similar Appliances in Panama

In value terms, spray guns and similar appliances production amounted to $X in 2022 estimated in export price. In general, production recorded noticeable growth. The growth pace was the most rapid in 2015 with an increase of 79%. Spray guns and similar appliances production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Spray Guns And Similar Appliances

Exports from Panama

In 2022, approx. X units of spray guns and similar appliances were exported from Panama; surging by 59% against 2021 figures. Over the period under review, exports, however, continue to indicate a dramatic decline. The pace of growth was the most pronounced in 2019 when exports increased by 78%. Over the period under review, the exports attained the maximum at X units in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, spray guns and similar appliances exports soared to $X in 2022. In general, exports, however, showed a abrupt setback. The growth pace was the most rapid in 2015 with an increase of 100% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Colombia (X units), Venezuela (X units) and Nicaragua (X units) were the main destinations of spray guns and similar appliances exports from Panama, together accounting for 54% of total exports.

From 2012 to 2022, the biggest increases were recorded for Nicaragua (with a CAGR of +24.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Colombia ($X), Venezuela ($X) and Nicaragua ($X) constituted the largest markets for spray guns and similar appliances exported from Panama worldwide, with a combined 52% share of total exports.

Among the main countries of destination, Nicaragua, with a CAGR of +40.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for spray guns and similar appliances stood at $X per unit in 2022, reducing by -10.1% against the previous year. In general, the export price, however, showed a resilient increase. The pace of growth appeared the most rapid in 2017 when the average export price increased by 54% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Trinidad and Tobago ($X per unit) and Costa Rica ($X per unit), while the average price for exports to Venezuela ($X per unit) and Honduras ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Nicaragua (+13.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Spray Guns And Similar Appliances

Imports into Panama

In 2022, supplies from abroad of spray guns and similar appliances decreased by -12.1% to X units, falling for the fifth consecutive year after two years of growth. In general, imports faced a deep downturn. The growth pace was the most rapid in 2017 when imports increased by 95% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, spray guns and similar appliances imports dropped to $X in 2022. Over the period under review, imports saw a abrupt slump. The pace of growth appeared the most rapid in 2017 when imports increased by 98%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Free Zones (X units) and the United States (X units) were the main suppliers of spray guns and similar appliances imports to Panama, with a combined 89% 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 the United States (with a CAGR of +12.6%), while imports for the other leaders experienced mixed trend patterns.

In value terms, China ($X), Free Zones ($X) and the United States ($X) appeared to be the largest spray guns and similar appliances suppliers to Panama, together accounting for 78% of total imports. Taiwan (Chinese), Germany, El Salvador and Hong Kong SAR lagged somewhat behind, together accounting for a further 10%.

In terms of the main suppliers, Taiwan (Chinese), with a CAGR of +9.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for spray guns and similar appliances stood at $X per unit in 2022, approximately reflecting the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2016 when the average import price increased by 33% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to see gradual growth in the near future.

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 Germany ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+16.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform