Panama: Water-Skis And Surfboards Market 2024

Water-Skis And Surfboards Market Size in Panama

In 2022, the Panamanian water-skis and surfboards market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. In general, consumption, however, saw a perceptible setback. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Water-Skis And Surfboards Production in Panama

In value terms, water-skis and surfboards production totaled $X in 2022 estimated in export price. Overall, production showed a significant increase. The growth pace was the most rapid in 2013 when the production volume increased by 787% against the previous year. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Water-Skis And Surfboards Exports

Exports from Panama

In 2022, approx. X units of water-skis, surfboards and sailboards were exported from Panama; reducing by -8% compared with the year before. Overall, exports saw a abrupt setback. The pace of growth appeared the most rapid in 2018 with an increase of 183%. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, water-skis and surfboards exports shrank rapidly to $X in 2022. Over the period under review, exports showed a significant decrease. The most prominent rate of growth was recorded in 2018 when exports increased by 97% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Colombia (X units) was the main destination for water-skis and surfboards exports from Panama, accounting for a 23% share of total exports. Moreover, water-skis and surfboards exports to Colombia exceeded the volume sent to the second major destination, Ecuador (X units), twofold. Costa Rica (X units) ranked third in terms of total exports with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Colombia totaled -12.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (-11.4% per year) and Costa Rica (-19.7% per year).

In value terms, Colombia ($X) remains the key foreign market for water-skis, surfboards and sailboards exports from Panama, comprising 23% of total exports. The second position in the ranking was taken by Ecuador ($X), with a 10% share of total exports. It was followed by Costa Rica, with a 7.6% share.

From 2012 to 2022, the average annual growth rate of value to Colombia totaled -16.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (-16.7% per year) and Costa Rica (-22.8% per year).

Export Prices by Country

In 2022, the average water-skis and surfboards export price amounted to $X per unit, dropping by -12% against the previous year. Over the period under review, the export price continues to indicate a pronounced downturn. The growth pace was the most rapid in 2019 when the average export price increased by 41% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Trinidad and Tobago ($X per unit) and Venezuela ($X per unit), while the average price for exports to Ecuador ($X per unit) and Chile ($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 (+2.1%), while the prices for the other major destinations experienced mixed trend patterns.

Water-Skis And Surfboards Imports

Imports into Panama

After four years of decline, overseas purchases of water-skis, surfboards and sailboards increased by 8.6% to X units in 2022. In general, imports, however, continue to indicate a abrupt setback. The growth pace was the most rapid in 2014 when imports increased by 76%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, water-skis and surfboards imports soared to $X in 2022. Over the period under review, imports, however, continue to indicate a pronounced reduction. The most prominent rate of growth was recorded in 2017 when imports increased by 94% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained 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 water-skis and surfboards imports to Panama, with a combined 81% 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 +81.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest water-skis and surfboards suppliers to Panama were China ($X), Free Zones ($X) and the United States ($X), together accounting for 77% of total imports.

Among the main suppliers, Free Zones, with a CAGR of +89.3%, 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 water-skis and surfboards import price stood at $X per unit in 2022, jumping by 31% against the previous year. Overall, the import price showed resilient growth. The pace of growth was the most pronounced in 2013 when the average import price increased by 64%. Over the period under review, average import prices hit record highs at $X per unit in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+19.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform