Panama: Crane Market 2024

Crane Market Size in Panama

The Panamanian crane market rose remarkably to $X in 2022, surging by X% against the previous year. Overall, the total consumption indicated a remarkable increase 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, consumption decreased by X% against 2020 indices. Crane consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Crane Production in Panama

In value terms, crane production expanded markedly to $X in 2022 estimated in export price. Overall, the total production indicated prominent 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 pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. Crane production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Crane Exports

Exports from Panama

In 2022, shipments abroad of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane decreased by X% to X units, falling for the third year in a row after two years of growth. Overall, exports saw a pronounced descent. The most prominent rate of growth was recorded in 2019 when exports increased by X%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, crane exports amounted to $X in 2022. Over the period under review, exports recorded a significant decline. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Cuba (X units), Guatemala (X units) and Guyana (X units) were the main destinations of crane exports from Panama, together comprising X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cuba (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), France ($X) and Ecuador ($X) constituted the largest markets for crane exported from Panama worldwide, together comprising X% of total exports.

France, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average crane export price stood at $X per unit in 2022, remaining stable against the previous year. In general, the export price faced a sharp decline. The most prominent rate of growth was recorded in 2019 when the average export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2020 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Belgium ($X per unit), while the average price for exports to Honduras ($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 France (X%), while the prices for the other major destinations experienced a decline.

Crane Imports

Imports into Panama

In 2022, supplies from abroad of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane increased by X% to X units for the first time since 2017, thus ending a four-year declining trend. In general, imports showed strong growth. The pace of growth appeared the most rapid in 2016 when imports increased by X% against the previous year. Imports peaked at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, crane imports skyrocketed to $X in 2022. Over the period under review, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X units), the Netherlands (X units) and the United States (X units) were the main suppliers of crane imports to Panama, with a combined X% share of total imports.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest crane suppliers to Panama were China ($X), the Netherlands ($X) and Australia ($X), together comprising X% of total imports.

The Netherlands, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average crane import price stood at $X per unit in 2022, increasing by X% against the previous year. Overall, the import price saw a significant expansion. The growth pace was the most rapid in 2016 an increase of X%. 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.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Australia ($X per unit), while the price for Colombia ($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 Dominican Republic (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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