Panama: Motorcycle And Bicycle Market 2024

Motorcycle And Bicycle Market Size in Panama

For the third year in a row, the Panamanian motorcycle and bicycle market recorded decline in sales value, which decreased by X% to $X in 2022. In general, consumption saw a abrupt downturn. Motorcycle and bicycle consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Motorcycle And Bicycle Production in Panama

In value terms, motorcycle and bicycle production stood at $X in 2022 estimated in export price. Over the period under review, production, however, recorded a abrupt downturn. The most prominent rate of growth was recorded in 2013 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Motorcycle And Bicycle Exports

Exports from Panama

In 2022, the amount of motorcycles and bicycles exported from Panama reduced dramatically to X units, declining by X% against the previous year's figure. Over the period under review, exports faced a sharp downturn. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, motorcycle and bicycle exports declined remarkably to $X in 2022. In general, exports saw a sharp downturn. The growth pace was the most rapid in 2013 with an increase of X%. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Argentina (X units), Cuba (X units) and Venezuela (X units) were the main destinations of motorcycle and bicycle 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 Argentina (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Cuba ($X) remains the key foreign market for motorcycles and bicycles exports from Panama, comprising X% of total exports. The second position in the ranking was held by Venezuela ($X), with a X% share of total exports. It was followed by Argentina, with an X% share.

From 2012 to 2022, the average annual growth rate of value to Cuba stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (X% per year) and Argentina (X% per year).

Export Prices by Country

In 2022, the average motorcycle and bicycle export price amounted to $X per unit, with a decrease of X% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2021, and then contracted remarkably in the following year.

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

Motorcycle And Bicycle Imports

Imports into Panama

In 2022, approx. X units of motorcycles and bicycles were imported into Panama; reducing by X% against 2021. Overall, imports recorded a deep setback. The pace of growth was the most pronounced in 2016 when imports increased by X% against the previous year. As a result, imports reached the peak of X units. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, motorcycle and bicycle imports dropped to $X in 2022. In general, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Free Zones (X units), China (X units) and the United States (X units) were the main suppliers of motorcycle and bicycle imports to Panama, together accounting for 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 Free Zones (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of motorcycles and bicycles to Panama, comprising X% of total imports. The second position in the ranking was taken by Free Zones ($X), with a X% share of total imports. It was followed by the United States, with a X% share.

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

Import Prices by Country

In 2022, the average motorcycle and bicycle import price amounted to $X per unit, growing by X% against the previous year. Overall, the import price enjoyed a strong increase. The pace of growth was the most pronounced in 2017 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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