Panama: Market for Coconut, Abaca, Ramie and other Vegetable Textile Fibres 2025

Market Size for Coconut, Abaca, Ramie and other Vegetable Textile Fibres in Panama

In 2022, after two years of decline, there was significant growth in the Panamanian market for coconut, abaca, ramie and other vegetable textile fibres, when its value increased by 127% to $X. In general, consumption continues to indicate a significant increase. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in the immediate term.

Production of Coconut, Abaca, Ramie and other Vegetable Textile Fibres in Panama

In value terms, production of coconut, abaca, ramie and other vegetable textile fibres declined to $X in 2022 estimated in export price. Over the period under review, production, however, saw a pronounced curtailment. The pace of growth appeared the most rapid in 2013 with an increase of 19% against the previous year. Over the period under review, production of hit record highs at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

The average yield of coconut, abaca, ramie and other vegetable textile fibres in Panama amounted to less than X kg per ha in 2022, approximately mirroring the year before. Overall, the yield saw a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. less than X ha of coconut, abaca, ramie and other vegetable textile fibres were harvested in Panama; approximately reflecting the year before. Over the period under review, the harvested area recorded a relatively flat trend pattern.

Exports of Coconut, Abaca, Ramie and other Vegetable Textile Fibres

Exports from Panama

Exports of coconut, abaca, ramie and other vegetable textile fibres from Panama reduced to X tons in 2022, which is down by -2.2% on 2021 figures. In general, exports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 1,145%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, exports of coconut, abaca, ramie and other vegetable textile fibres shrank sharply to $X in 2022. Over the period under review, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 1,173% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

El Salvador (X tons), Colombia (X tons) and Chile (X tons) were the main destinations of exports of coconut, abaca, ramie and other vegetable textile fibres from Panama, together comprising 55% of total exports.

From 2012 to 2022, the biggest increases were recorded for El Salvador (with a CAGR of +150.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for coconut, abaca, ramie and other vegetable textile fibre exported from Panama were Colombia ($X), El Salvador ($X) and Chile ($X), with a combined 49% share of total exports.

El Salvador, with a CAGR of +106.8%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for coconut, abaca, ramie and other vegetable textile fibres stood at $X per ton in 2022, reducing by -27.8% against the previous year. In general, the export price continues to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2013 an increase of 37%. 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 lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while the average price for exports to Venezuela ($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 Mexico (+11.8%), while the prices for the other major destinations experienced a decline.

Imports of Coconut, Abaca, Ramie and other Vegetable Textile Fibres

Imports into Panama

In 2022, supplies from abroad of coconut, abaca, ramie and other vegetable textile fibres increased by 97% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports saw a significant expansion. The pace of growth was the most pronounced in 2017 when imports increased by 6,275%. Imports peaked in 2022 and are likely to continue growth in years to come.

In value terms, imports of coconut, abaca, ramie and other vegetable textile fibres surged to $X in 2022. Overall, imports continue to indicate significant growth. The pace of growth appeared the most rapid in 2017 when imports increased by 5,290%. Over the period under review, imports of reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Sri Lanka (X tons) constituted the largest supplier of coconut, abaca, ramie and other vegetable textile fibre to Panama, accounting for a 56% share of total imports. Moreover, imports of coconut, abaca, ramie and other vegetable textile fibres from Sri Lanka exceeded the figures recorded by the second-largest supplier, India (X tons), twofold. The third position in this ranking was held by Spain (X tons), with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Sri Lanka totaled +47.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+56.1% per year) and Spain (+62.5% per year).

In value terms, the largest coconut, abaca, ramie and other vegetable textile fibre suppliers to Panama were Sri Lanka ($X), India ($X) and Spain ($X), together accounting for 91% of total imports.

India, with a CAGR of +48.4%, saw the highest rates of growth with regard to the value of imports, among the main suppliers 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 import price for coconut, abaca, ramie and other vegetable textile fibres amounted to $X per ton, increasing by 4.5% against the previous year. In general, the import price, however, continues to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2015 an increase of 475%. The import price peaked at $X per ton in 2012; however, from 2013 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 Spain ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (-0.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform