Panama: Banana And Plantain Market 2025

Banana And Plantain Market Size in Panama

In 2022, the Panamanian banana and plantain market was finally on the rise to reach $X after three years of decline. Overall, consumption, however, continues to indicate a deep contraction. Banana and plantain consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Banana And Plantain Production in Panama

In value terms, banana and plantain production declined to $X in 2022 estimated in export price. Overall, production faced a deep setback. The most prominent rate of growth was recorded in 2013 when the production volume increased by 102% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a lower figure.

The average yield of bananas and plantains in Panama amounted to X tons per ha in 2022, leveling off at the previous year's figure. Overall, the yield, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 9.1% against the previous year. Over the period under review, the average banana and plantain yield attained the maximum level at X tons per ha in 2018; however, from 2019 to 2022, the yield remained at a lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of bananas and plantains were harvested in Panama; which is down by -2.9% against the year before. The harvested area increased at an average annual rate of +2.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when the harvested area increased by 16% against the previous year. Over the period under review, the harvested area dedicated to banana and plantain production reached the maximum at X ha in 2021, and then fell modestly in the following year.

Banana And Plantain Exports

Exports from Panama

After seven years of growth, overseas shipments of bananas and plantains decreased by -34.4% to X tons in 2022. Over the period under review, exports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 18% against the previous year. As a result, the exports reached the peak of X tons, and then fell dramatically in the following year.

In value terms, banana and plantain exports shrank rapidly to $X in 2022. In general, exports, however, showed a significant expansion. The pace of growth appeared the most rapid in 2019 when exports increased by 20%. The exports peaked at $X in 2021, and then fell notably in the following year.

Exports by Country

The Netherlands (X tons) was the main destination for banana and plantain exports from Panama, with a 70% share of total exports. Moreover, banana and plantain exports to the Netherlands exceeded the volume sent to the second major destination, the United States (X tons), fivefold. The UK (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands amounted to -1.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+33.9% per year) and the UK (+17.7% per year).

In value terms, the Netherlands ($X) remains the key foreign market for bananas and plantains exports from Panama, comprising 70% of total exports. The second position in the ranking was taken by the United States ($X), with a 14% share of total exports. It was followed by the UK, with a 12% share.

From 2012 to 2022, the average annual growth rate of value to the Netherlands amounted to +3.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+34.6% per year) and the UK (+18.3% per year).

Export Prices by Country

The average banana and plantain export price stood at $X per ton in 2022, increasing by 13% against the previous year. Over the period under review, the export price, however, recorded a abrupt curtailment. The pace of growth was the most pronounced in 2013 when the average export price increased by 91% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the UK ($X per ton) and the Netherlands ($X per ton), while the average price for exports to Hong Kong SAR ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+10.3%), while the prices for the other major destinations experienced more modest paces of growth.

Banana And Plantain Imports

Imports into Panama

In 2022, after two years of decline, there was significant growth in overseas purchases of bananas and plantains, when their volume increased by 307% to X tons. Over the period under review, imports enjoyed strong growth. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, banana and plantain imports skyrocketed to $X in 2022. In general, imports showed a prominent expansion. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X tons) was the main banana and plantain supplier to Panama, with a 92% share of total imports. Moreover, banana and plantain imports from the United States exceeded the figures recorded by the second-largest supplier, Costa Rica (X kg), more than tenfold.

From 2014 to 2022, the average annual rate of growth in terms of volume from the United States stood at +92.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (-73.2% per year) and Colombia (-9.0% per year).

In value terms, the United States ($X) constituted the largest supplier of bananas and plantains to Panama, comprising 98% of total imports. The second position in the ranking was held by Colombia ($X), with a 1.1% share of total imports.

From 2014 to 2022, the average annual growth rate of value from the United States amounted to +89.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (-19.1% per year) and Costa Rica (-70.7% per year).

Import Prices by Country

The average banana and plantain import price stood at $X per ton in 2022, jumping by 126% against the previous year. Overall, the import price enjoyed a resilient expansion. Over the period under review, average import prices attained the peak figure at $X per ton in 2015; however, from 2016 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 the United States ($X per ton), while the price for Costa Rica ($X per ton) was amongst the lowest.

From 2014 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (+9.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform