Panama: Cigars And Cigarillos Market 2025

Cigars And Cigarillos Market Size in Panama

The Panamanian cigars and cigarillos market contracted modestly to $X in 2022, almost unchanged from the previous year. The market value increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Cigars And Cigarillos Production in Panama

In value terms, cigars and cigarillos production shrank modestly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +4.4% 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 -1.7% against 2019 indices. The growth pace was the most rapid in 2014 when the production volume increased by 55% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Cigars And Cigarillos Exports

Exports from Panama

In 2022, shipments abroad of cigars, cheroots and cigarillos increased by 66% to X tons for the first time since 2017, thus ending a four-year declining trend. Overall, exports, however, showed a perceptible decline. The most prominent rate of growth was recorded in 2017 with an increase of 392%. As a result, the exports reached the peak of X tons. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, cigars and cigarillos exports skyrocketed to $X in 2022. In general, exports, however, recorded a noticeable setback. The growth pace was the most rapid in 2017 when exports increased by 391% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

South Korea (X tons) was the main destination for cigars and cigarillos exports from Panama, with a 41% share of total exports. Moreover, cigars and cigarillos exports to South Korea exceeded the volume sent to the second major destination, Venezuela (X tons), threefold. The third position in this ranking was taken by the United States (X tons), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume to South Korea totaled +45.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (+21.6% per year) and the United States (+20.8% per year).

In value terms, South Korea ($X) remains the key foreign market for cigars, cheroots and cigarillos exports from Panama, comprising 38% of total exports. The second position in the ranking was held by Venezuela ($X), with a 15% share of total exports. It was followed by the United States, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to South Korea stood at +27.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (+22.2% per year) and the United States (+27.3% per year).

Export Prices by Country

The average cigars and cigarillos export price stood at $X per ton in 2022, increasing by 5.3% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 24% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Colombia ($X per ton), while the average price for exports to South Korea ($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 Colombia (+13.5%), while the prices for the other major destinations experienced more modest paces of growth.

Cigars And Cigarillos Imports

Imports into Panama

In 2022, the amount of cigars, cheroots and cigarillos imported into Panama declined to X tons, which is down by -8.7% on 2021 figures. Overall, imports continue to indicate a abrupt slump. The growth pace was the most rapid in 2018 with an increase of 199%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, cigars and cigarillos imports dropped remarkably to $X in 2022. In general, imports faced a deep setback. The growth pace was the most rapid in 2018 when imports increased by 372%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Mexico (X tons) constituted the largest cigars and cigarillos supplier to Panama, accounting for a 54% share of total imports. Moreover, cigars and cigarillos imports from Mexico exceeded the figures recorded by the second-largest supplier, Aruba (X tons), sixfold. Suriname (X tons) ranked third in terms of total imports with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Mexico stood at +34.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Aruba (+4.9% per year) and Suriname (+42.7% per year).

In value terms, the largest cigars and cigarillos suppliers to Panama were Aruba ($X), Mexico ($X) and Uruguay ($X), together accounting for 53% of total imports. The United States, Colombia, Suriname, Curacao, the Dominican Republic, Costa Rica, Brazil, Belgium, Honduras and Free Zones lagged somewhat behind, together accounting for a further 39%.

In terms of the main suppliers, Brazil, with a CAGR of +260.8%, 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 2022, the average cigars and cigarillos import price amounted to $X per ton, with a decrease of -13.7% against the previous year. Over the period under review, the import price saw a noticeable slump. The most prominent rate of growth was recorded in 2018 an increase of 58%. The import price peaked at $X per ton in 2014; however, from 2015 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 Uruguay ($X per ton), while the price for Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uruguay (+17.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform