Panama: Market for Hydraulic Cylinders And Systems 2024

Market Size for Hydraulic Cylinders And Systems in Panama

In 2022, the Panamanian hydraulic cylinder and system market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Overall, the total consumption indicated pronounced 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, consumption decreased by X% against 2019 indices. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Production of Hydraulic Cylinders And Systems in Panama

In value terms, hydraulic cylinder and system production stood at $X in 2022 estimated in export price. Over the period under review, the total production indicated a modest 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, production decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Exports of Hydraulic Cylinders And Systems

Exports from Panama

In 2022, overseas shipments of hydraulic cylinders and systems increased by X% to X units for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports, however, recorded a drastic downturn. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, hydraulic cylinder and system exports surged to $X in 2022. In general, exports, however, continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2017 when exports increased by X% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Chile (X units), Aruba (X units) and Sweden (X units) were the main destinations of hydraulic cylinder and system exports from Panama, together comprising X% of total exports. Guatemala, Norway, the United States, Belize and Costa Rica lagged somewhat behind, together accounting for a further X%.

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

In value terms, Chile ($X), Guatemala ($X) and Aruba ($X) were the largest markets for hydraulic cylinder and system exported from Panama worldwide, with a combined X% share of total exports. Sweden, the United States, Belize, Costa Rica and Norway lagged somewhat behind, together accounting for a further X%.

Belize, 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 more modest paces of growth.

Export Prices by Country

The average hydraulic cylinder and system export price stood at $X per unit in 2022, falling by X% against the previous year. In general, the export price continues to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2017 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2018 to 2022, the average export prices failed to regain momentum.

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 Belize ($X per unit), while the average price for exports to Norway ($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 Belgium (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hydraulic Cylinders And Systems

Imports into Panama

In 2022, purchases abroad of hydraulic cylinders and systems increased by X% to X units, rising for the second consecutive year after two years of decline. Overall, imports continue to indicate significant growth. The pace of growth was the most pronounced in 2017 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, hydraulic cylinder and system imports reduced to $X in 2022. In general, imports recorded a significant increase. The most prominent rate of growth was recorded in 2017 when imports increased by X%. Imports peaked at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, the United States (X units) constituted the largest supplier of hydraulic cylinder and system to Panama, with a X% share of total imports. Moreover, hydraulic cylinder and system imports from the United States exceeded the figures recorded by the second-largest supplier, Free Zones (X units), threefold. Chile (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (X% per year) and Chile (X% per year).

In value terms, the largest hydraulic cylinder and system suppliers to Panama were the United States ($X), Free Zones ($X) and Chile ($X), with a combined X% share of total imports. France, Germany, Brazil, Australia and China lagged somewhat behind, together accounting for a further X%.

France, 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 hydraulic cylinder and system import price stood at $X per unit in 2022, with a decrease of X% against the previous year. Over the period under review, the import price, however, saw a resilient increase. The pace of growth appeared the most rapid in 2019 an increase of X% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2021, and then contracted in the following year.

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 Free Zones ($X per unit), while the price for China ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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