Panama: Market for Gearboxes and Speed Changers 2024

Market Size for Gearboxes and Speed Changers in Panama

The Panamanian gearboxes and speed changers market totaled $X in 2022, therefore, remained relatively stable against the previous year. Overall, consumption enjoyed resilient growth. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Production of Gearboxes and Speed Changers in Panama

In value terms, gearboxes and speed changers production shrank to $X in 2022 estimated in export price. Over the period under review, production recorded a buoyant increase. The growth pace was the most rapid in 2014 when the production volume increased by X%. Gearboxes and speed changers production peaked at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Exports of Gearboxes and Speed Changers

Exports from Panama

In 2022, shipments abroad of gearboxes and speed changers decreased by X% to X tons, falling for the third year in a row after three years of growth. Overall, exports saw a drastic downturn. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, gearboxes and speed changers exports stood at $X in 2022. Over the period under review, exports saw a deep slump. The pace of growth was the most pronounced in 2015 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Venezuela (X tons), Guatemala (X tons) and the Dominican Republic (X tons) were the main destinations of gearboxes and speed changers exports from Panama, with a combined X% share 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 the Dominican Republic (with a CAGR of X%), while the other leaders experienced mixed trend patterns.

In value terms, Venezuela ($X), Guatemala ($X) and the Dominican Republic ($X) appeared to be the largest markets for gearboxes and speed changers exported from Panama worldwide, together accounting for X% of total exports.

The Dominican Republic, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average gearboxes and speed changers export price amounted to $X per ton, standing approx. at the previous year. Overall, the export price enjoyed moderate growth. The pace of growth was the most pronounced in 2013 when the average export price increased by X%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Guatemala ($X per ton) and El Salvador ($X per ton), while the average price for exports to Costa Rica ($X per ton) and Honduras ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Dominican Republic (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Gearboxes and Speed Changers

Imports into Panama

After three years of decline, purchases abroad of gearboxes and speed changers increased by X% to X tons in 2022. Over the period under review, imports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2013 when imports increased by X%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, gearboxes and speed changers imports skyrocketed to $X in 2022. In general, imports saw a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Australia (X tons), the United States (X tons) and Germany (X tons) were the main suppliers of gearboxes and speed changers imports to Panama, together comprising X% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest gearboxes and speed changers suppliers to Panama were Germany ($X), the United States ($X) and Australia ($X), together accounting for X% of total imports.

Among the main suppliers, Germany, with a CAGR of X%, saw 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

In 2022, the average gearboxes and speed changers import price amounted to $X per ton, surging by X% against the previous year. Overall, import price indicated a prominent increase 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. The growth pace was the most rapid in 2013 an increase of X%. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat 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 Germany ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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