Panama: Power Tool Market 2024

Power Tool Market Size in Panama

The Panamanian power tool market was estimated at $X in 2022, growing by X% against the previous year. In general, consumption recorded a remarkable increase. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Power Tool Production in Panama

In value terms, power tool production rose sharply to $X in 2022 estimated in export price. Over the period under review, the total production indicated mild growth from 2012 to 2022: its value 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, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. Power tool production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Power Tool Exports

Exports from Panama

In 2023, the amount of power tools exported from Panama reduced to X units, which is down by X% against 2022 figures. In general, exports faced a dramatic decline. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

In value terms, power tool exports dropped to $X in 2023. Overall, exports recorded a significant decrease. The growth pace was the most rapid in 2020 when exports increased by X%. The exports peaked at $X in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

Exports by Country

Guatemala (X units) was the main destination for power tool exports from Panama, accounting for a X% share of total exports. Moreover, power tool exports to Guatemala exceeded the volume sent to the second major destination, the United States (X units), twofold. The third position in this ranking was held by Guyana (X units), with a X% share.

From 2012 to 2023, the average annual growth rate of volume to Guatemala stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Guyana (X% per year).

In value terms, Guatemala ($X) remains the key foreign market for power tools exports from Panama, comprising X% of total exports. The second position in the ranking was held by Belize ($X), with a X% share of total exports. It was followed by Aruba, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to Guatemala totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belize (X% per year) and Aruba (X% per year).

Export Prices by Country

The average power tool export price stood at $X per unit in 2023, approximately reflecting the previous year. Overall, the export price recorded a slight shrinkage. The most prominent rate of growth was recorded in 2020 when the average export price increased by X%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cuba ($X per unit), while the average price for exports to Guyana ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Guyana (X%), while the prices for the other major destinations experienced more modest paces of growth.

Power Tool Imports

Imports into Panama

Power tool imports into Panama dropped remarkably to X units in 2023, falling by X% against the previous year. Over the period under review, imports continue to indicate a deep downturn. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Imports peaked at X units in 2015; however, from 2016 to 2023, imports remained at a lower figure.

In value terms, power tool imports shrank significantly to $X in 2023. In general, imports recorded a abrupt decline. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2015; however, from 2016 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, China (X units) constituted the largest supplier of power tool to Panama, with a X% share of total imports. Moreover, power tool imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), threefold. The third position in this ranking was taken by Free Zones (X units), with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Free Zones (X% per year).

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

From 2012 to 2023, the average annual growth rate of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Free Zones (X% per year).

Import Prices by Country

In 2023, the average power tool import price amounted to $X per unit, growing by X% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2023, amid the top importers, the countries with the highest prices were Malaysia ($X per unit) and the United States ($X per unit), while the price for Germany ($X per unit) and Japan ($X per unit) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform