Panama: Public Works Machinery Market 2024

Public Works Machinery Market Size in Panama

In 2023, the Panamanian public works machinery market increased by X% to $X, rising for the second year in a row after three years of decline. In general, the total consumption indicated a pronounced expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2021 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2023, consumption stood at a somewhat lower figure.

Public Works Machinery Production in Panama

In value terms, public works machinery production declined slightly to $X in 2023 estimated in export price. Overall, production continues to indicate a noticeable decrease. The most prominent rate of growth was recorded in 2014 when the production volume increased by X% against the previous year. Public works machinery production peaked at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Public Works Machinery Exports

Exports from Panama

In 2023, overseas shipments of machinery for public works and building increased by X% to X units, rising for the third year in a row after two years of decline. In general, exports, however, continue to indicate a abrupt shrinkage. The exports peaked at X units in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

In value terms, public works machinery exports surged to $X in 2023. Overall, exports, however, showed a deep setback. The exports peaked at $X in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

Exports by Country

Barbados (X units), the Netherlands (X units) and Guatemala (X units) were the main destinations of public works machinery exports from Panama, with a combined X% share of total exports.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Barbados (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for public works machinery exported from Panama were Barbados ($X), the Netherlands ($X) and Guatemala ($X), with a combined X% share of total exports.

Among the main countries of destination, Barbados, with a CAGR of X.8%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average public works machinery export price amounted to $X per unit, rising by X% against the previous year. Overall, the export price, however, continues to indicate a abrupt decrease. The export price peaked at $X per unit in 2018; however, from 2019 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Guatemala ($X per unit), while the average price for exports to Denmark ($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 Barbados (X.7%), while the prices for the other major destinations experienced more modest paces of growth.

Public Works Machinery Imports

Imports into Panama

In 2023, purchases abroad of machinery for public works and building increased by X% to X units, rising for the third consecutive year after three years of decline. In general, imports recorded a significant expansion. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2023, the growth of imports remained at a lower figure.

In value terms, public works machinery imports skyrocketed to $X in 2023. Overall, imports showed significant growth. The growth pace was the most rapid in 2013 with an increase of X%. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2023, imports failed to regain momentum.

Imports by Country

Nicaragua (X units), the United States (X units) and Free Zones (X units) were the main suppliers of public works machinery imports to Panama, with a combined X% share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Nicaragua (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Free Zones ($X), Nicaragua ($X) and South Africa ($X) appeared to be the largest public works machinery suppliers to Panama, with a combined X% share of total imports. The United States, China, Chile, Trinidad and Tobago, Italy, Spain, Germany, Belgium, France and Brazil lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Chile, with a CAGR of X%, recorded 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 2023, the average public works machinery import price amounted to $X per unit, surging by X% against the previous year. Overall, the import price continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. The import price peaked at $X per unit in 2017; however, from 2018 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Chile ($X per unit), while the price for Brazil ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform