Panama: Coconut Market 2024

Coconut Market Size in Panama

The Panamanian coconut market was estimated at $X in 2022, therefore, remained relatively stable against the previous year. Overall, consumption, however, posted a prominent expansion. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Coconut Production in Panama

In value terms, coconut production stood at $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate significant growth. The pace of growth was the most pronounced in 2013 when the production volume increased by 156% against the previous year. Coconut production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

The average yield of coconuts in Panama was estimated at X tons per ha in 2022, almost unchanged from the previous year's figure. In general, the yield, however, recorded a relatively flat trend pattern. The coconut yield peaked at X tons per ha in 2012; however, from 2013 to 2022, the yield stood at a somewhat 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 coconuts were harvested in Panama; remaining constant against the year before. The harvested area increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 with an increase of 23%. Over the period under review, the harvested area dedicated to coconut production attained the peak figure at X ha in 2021, and then reduced in the following year.

Coconut Exports

Exports from Panama

In 2022, overseas shipments of coconuts decreased by -14.7% to X tons, falling for the fourth year in a row after five years of growth. In general, exports continue to indicate a precipitous curtailment. The most prominent rate of growth was recorded in 2017 when exports increased by 35% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, coconut exports shrank slightly to $X in 2022. Over the period under review, exports faced a sharp setback. The growth pace was the most rapid in 2018 when exports increased by 143% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Slovenia (X tons) was the main destination for coconut exports from Panama, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Slovenia amounted to +20.1%.

In value terms, Slovenia ($X) also remains the key foreign market for coconuts exports from Panama.

From 2012 to 2022, the average annual growth rate of value to Slovenia totaled +34.2%.

Export Prices by Country

The average coconut export price stood at $X per ton in 2022, surging by 13% against the previous year. In general, the export price continues to indicate a significant expansion. The most prominent rate of growth was recorded in 2013 when the average export price increased by 152% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in years to come.

As there is only one major export destination, the average price level is determined by prices for Slovenia.

From 2012 to 2022, the rate of growth in terms of prices for Slovenia amounted to +11.7% per year.

Coconut Imports

Imports into Panama

Coconut imports into Panama reduced dramatically to X tons in 2022, declining by -25.5% compared with 2021. Overall, imports, however, recorded a significant expansion. The pace of growth was the most pronounced in 2013 when imports increased by 9,891%. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, coconut imports contracted markedly to $X in 2022. Over the period under review, imports, however, recorded significant growth. The pace of growth was the most pronounced in 2017 with an increase of 6,023% against the previous year. Over the period under review, imports attained the maximum at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of coconut to Panama, accounting for a 60% share of total imports. Moreover, coconut imports from the United States exceeded the figures recorded by the second-largest supplier, Colombia (X tons), threefold. The Philippines (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States stood at +154.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (+43.4% per year) and the Philippines (-15.6% per year).

In value terms, the United States ($X) constituted the largest supplier of coconuts to Panama, comprising 62% of total imports. The second position in the ranking was held by Colombia ($X), with an 18% share of total imports. It was followed by the Philippines, with a 13% share.

From 2012 to 2022, the average annual growth rate of value from the United States totaled +153.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (+39.1% per year) and the Philippines (-6.3% per year).

Import Prices by Country

In 2022, the average coconut import price amounted to $X per ton, surging by 4.1% against the previous year. In general, the import price posted modest growth. The pace of growth was the most pronounced in 2017 an increase of 66% against the previous year. The import price peaked at $X per ton in 2020; however, from 2021 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 Ecuador ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+22.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform