Panama: Market for Steering Wheels, Steering Columns And Steering Boxes 2024

Market Size for Steering Wheels, Steering Columns And Steering Boxes in Panama

The Panamanian steering wheels and columns market declined to $X in 2022, which is down by -3.1% against the previous year. Over the period under review, the total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.0% 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 -9.8% against 2019 indices. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Production of Steering Wheels, Steering Columns And Steering Boxes in Panama

In value terms, steering wheels and columns production declined slightly to $X in 2022 estimated in export price. In general, the total production indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +3.5% 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 -10.5% against 2019 indices. The pace of growth was the most pronounced in 2014 with an increase of 76%. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Exports of Steering Wheels, Steering Columns And Steering Boxes

Exports from Panama

Steering wheels and columns exports from Panama fell to X tons in 2022, shrinking by -9.1% on the previous year. Overall, exports saw a deep setback. The most prominent rate of growth was recorded in 2016 with an increase of 98% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, steering wheels and columns exports fell to $X in 2022. Over the period under review, exports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 when exports increased by 104% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Guatemala (X tons), Belize (X tons) and Barbados (X tons) were the main destinations of steering wheels and columns exports from Panama, with a combined 47% 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 Belize (with a CAGR of +82.7%), while the other leaders experienced more modest paces of growth.

In value terms, Guatemala ($X), the United States ($X) and Cuba ($X) were the largest markets for steering wheels and columns exported from Panama worldwide, with a combined 34% share of total exports. Belize, Venezuela, Costa Rica, Peru, Barbados, Honduras, Colombia, the Dominican Republic, Trinidad and Tobago and Uruguay lagged somewhat behind, together accounting for a further 43%.

Among the main countries of destination, Belize, with a CAGR of +75.2%, 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 2022, the average steering wheels and columns export price amounted to $X per ton, picking up by 1.5% against the previous year. Overall, the export price, however, saw a mild descent. The most prominent rate of growth was recorded in 2019 when the average export price increased by 12% against the previous year. The export price peaked at $X per ton 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 overseas markets. In 2022, amid the top suppliers, the country with the highest price was Peru ($X per ton), while the average price for exports to Uruguay ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Peru (+9.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Steering Wheels, Steering Columns And Steering Boxes

Imports into Panama

In 2022, overseas purchases of steering wheels, steering columns and steering boxes were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. In general, imports posted a strong expansion. The pace of growth appeared the most rapid in 2018 when imports increased by 160%. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, steering wheels and columns imports amounted to $X in 2022. Overall, imports showed prominent growth. The growth pace was the most rapid in 2018 with an increase of 203% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X tons), the United States (X tons) and Free Zones (X tons) were the main suppliers of steering wheels and columns imports to Panama, with a combined 74% share of total imports. South Korea, Japan, India and Mexico lagged somewhat behind, together accounting for a further 19%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +72.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest steering wheels and columns suppliers to Panama were the United States ($X), China ($X) and South Korea ($X), together comprising 53% of total imports. Free Zones, Japan, India and Mexico lagged somewhat behind, together comprising a further 25%.

India, with a CAGR of +90.3%, 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 steering wheels and columns import price stood at $X per ton in 2022, with a decrease of -3.7% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 29%. The import price peaked at $X per ton in 2018; however, from 2019 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 Mexico ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+10.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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