Panama: Tyre Market 2024

Tyre Market Size in Panama

The Panamanian tyre market fell sharply to $X in 2022, which is down by X% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. Tyre consumption peaked at $X in 2021, and then fell notably in the following year.

Tyre Production in Panama

In value terms, tyre production rose significantly to $X in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Tyre Exports

Exports from Panama

In 2022, overseas shipments of tyres were finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, showed a abrupt slump. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, tyre exports skyrocketed to $X in 2022. In general, exports, however, continue to indicate a abrupt decline. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

The Netherlands (X units) was the main destination for tyre exports from Panama, with a X% share of total exports. Moreover, tyre exports to the Netherlands exceeded the volume sent to the second major destination, Free Zones (X units), fourfold. The United States (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Free Zones (X% per year) and the United States (X% per year).

In value terms, the Netherlands ($X) emerged as the key foreign market for tyres exports from Panama, comprising X% of total exports. The second position in the ranking was held by Free Zones ($X), with a X% share of total exports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Free Zones (X% per year) and the United States (X% per year).

Export Prices by Country

The average tyre export price stood at $X per unit in 2022, waning by X% against the previous year. Over the period under review, the export price showed a pronounced contraction. The growth pace was the most rapid in 2021 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per unit, and then fell remarkably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Costa Rica ($X per unit), while the average price for exports to Nicaragua ($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 (X%), while the prices for the other major destinations experienced a decline.

Tyre Imports

Imports into Panama

For the third consecutive year, Panama recorded decline in supplies from abroad of tyres, which decreased by X% to X units in 2022. In general, imports saw a deep downturn. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, tyre imports reduced to $X in 2022. Overall, imports showed a abrupt setback. The growth pace was the most rapid in 2014 with an increase of X%. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest tyre supplier to Panama, accounting for a X% share of total imports. Moreover, tyre imports from China exceeded the figures recorded by the second-largest supplier, Free Zones (X units), twofold. The third position in this ranking was held by Japan (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (X% per year) and Japan (X% per year).

In value terms, China ($X) constituted the largest supplier of tyres to Panama, comprising X% of total imports. The second position in the ranking was taken by Japan ($X), with a X% share of total imports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and the United States (X% per year).

Import Prices by Country

The average tyre import price stood at $X per unit in 2022, rising by X% against the previous year. Over the period under review, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, tyre import price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of X%. Over the period under review, average import prices reached the peak figure in 2022 and is likely to continue 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 Netherlands ($X per unit), while the price for Free Zones ($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 Netherlands (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform