Musical Instrument Strings Price in Panama - 2023

Contents:

1. Musical Instrument Strings Price in Panama (CIF) - 2022
2. Musical Instrument Strings Price in Panama (FOB) - 2022
3. Musical Instrument Strings Imports in Panama
4. Musical Instrument Strings Exports in Panama

Musical Instrument Strings Price in Panama (CIF) - 2022

In 2022, the average musical instrument strings import price amounted to $0.7 per unit, shrinking by -28.8% against the previous year. In general, the import price, however, posted resilient growth. The growth pace was the most rapid in 2013 an increase of 116% against the previous year. The import price peaked at $0.9 per unit in 2018; however, from 2019 to 2022, import prices remained at a 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 the United States ($1 per unit), while the price for China ($0.3 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Free Zones (+8.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Musical Instrument Strings Price in Panama (FOB) - 2022

In 2022, the average musical instrument strings export price amounted to $0.1 per unit, shrinking by -12.9% against the previous year. In general, the export price faced a abrupt setback. The most prominent rate of growth was recorded in 2020 when the average export price increased by 265%. The export price peaked at $1.1 per unit in 2014; however, from 2015 to 2022, the 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 Ecuador ($1.2 per unit), while the average price for exports to Costa Rica totaled $0.1 per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (-3.7%), while the prices for the other major destinations experienced a decline.

Musical Instrument Strings Imports in Panama

In 2022, imports of musical instrument stringses into Panama surged to 130K units, growing by 43% on 2021. Over the period under review, total imports indicated a strong expansion from 2019 to 2022: its volume increased at an average annual rate of +16.6% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +58.6% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, musical instrument strings imports rose to $85K in 2022. Overall, total imports indicated a significant increase from 2019 to 2022: its value increased at an average annual rate of +21.6% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +79.9% against 2019 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 49% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Top Suppliers of Musical Instrument Strings to Panama in 2022:

1. Free Zones (50.7K units)
2. United States (42.2K units)
3. China (35.5K units)

Musical Instrument Strings Exports in Panama

In 2022, musical instrument strings exports from Panama soared to 1.5K units, with an increase of 1,224% compared with 2021. Over the period under review, exports, however, showed a deep contraction. The exports peaked at 12K units in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, musical instrument strings exports soared to $219 in 2022. In general, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 1,787%. As a result, the exports attained the peak of $2.2K. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Top Export Markets for Musical Instrument Strings from Panama in 2022:

1. Costa Rica (1457.0 units)
2. Ecuador (52.0 units)

Source: IndexBox Market Intelligence Platform