Panama: Electric Sound Amplifier Market 2024

Electric Sound Amplifier Market Size in Panama

In 2022, the Panamanian electric sound amplifier market was finally on the rise to reach $X after two years of decline. In general, consumption, however, continues to indicate a deep slump. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market remained at a lower figure.

Electric Sound Amplifier Production in Panama

In value terms, electric sound amplifier production stood at $X in 2022 estimated in export price. Over the period under review, production recorded a prominent increase. The most prominent rate of growth was recorded in 2016 when the production volume increased by 144%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Electric Sound Amplifier Exports

Exports from Panama

In 2022, electric sound amplifier exports from Panama reached X units, picking up by 10% compared with 2021 figures. Overall, exports enjoyed prominent growth. The most prominent rate of growth was recorded in 2015 with an increase of 3,723%. As a result, the exports reached the peak of X units. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, electric sound amplifier exports soared to $X in 2022. In general, exports saw a strong expansion. The growth pace was the most rapid in 2015 with an increase of 2,713%. As a result, the exports attained the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Chile (X units) was the main destination for electric sound amplifier exports from Panama, with a 44% share of total exports. Moreover, electric sound amplifier exports to Chile exceeded the volume sent to the second major destination, Cuba (X units), threefold. The United States (X units) ranked third in terms of total exports with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Chile totaled +42.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cuba (+45.7% per year) and the United States (+31.9% per year).

In value terms, Chile ($X) remains the key foreign market for electric sound amplifier sets exports from Panama, comprising 41% of total exports. The second position in the ranking was taken by the United States ($X), with a 13% share of total exports. It was followed by Cuba, with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Chile amounted to +22.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+23.5% per year) and Cuba (+22.8% per year).

Export Prices by Country

In 2022, the average electric sound amplifier export price amounted to $X per unit, rising by 29% against the previous year. In general, the export price, however, recorded a abrupt shrinkage. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Argentina ($X per unit), while the average price for exports to Cuba ($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 Mexico (+66.6%), while the prices for the other major destinations experienced more modest paces of growth.

Electric Sound Amplifier Imports

Imports into Panama

In 2022, supplies from abroad of electric sound amplifier sets was finally on the rise to reach X units after four years of decline. In general, imports, however, continue to indicate a sharp slump. The most prominent rate of growth was recorded in 2017 with an increase of 655%. As a result, imports reached the peak of X units. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, electric sound amplifier imports contracted to $X in 2022. Overall, imports, however, saw a dramatic decrease. The most prominent rate of growth was recorded in 2017 when imports increased by 751%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

The United States (X units), China (X units) and Free Zones (X units) were the main suppliers of electric sound amplifier imports to Panama, with a combined 94% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Free Zones (with a CAGR of +29.2%), while purchases for the other leaders experienced a decline.

In value terms, the United States ($X), China ($X) and Free Zones ($X) were the largest electric sound amplifier suppliers to Panama, with a combined 90% share of total imports.

Among the main suppliers, Free Zones, with a CAGR of +32.2%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average electric sound amplifier import price amounted to $X per unit, reducing by -17.2% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the average import price increased by 54% against the previous year. As a result, import price reached the peak level of $X per unit. From 2016 to 2022, the average 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 Hong Kong SAR ($X per unit), while the price for Free Zones ($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 United States (+5.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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