Panama: Cotton Lint Market 2024

Cotton Lint Market Size in Panama

In 2022, the Panamanian cotton lint market increased by 101% to $X, rising for the second consecutive year after five years of decline. In general, consumption recorded significant growth. Over the period under review, the market reached the peak level in 2022 and is likely to continue growth in the near future.

Cotton Lint Production in Panama

In value terms, cotton lint production amounted to $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. Cotton lint production peaked in 2022 and is expected to retain growth in years to come.

The average yield of cotton lint in Panama amounted to less than X kg per ha in 2022, leveling off at 2021. In general, the yield showed 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, the cotton lint harvested area in Panama stood at less than X ha, remaining constant against the previous year's figure. Over the period under review, the harvested area saw a relatively flat trend pattern.

Cotton Lint Exports

Exports from Panama

In 2022, shipments abroad of cotton lint was finally on the rise to reach X kg for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports, however, showed a drastic downturn. The growth pace was the most rapid in 2018 when exports increased by 197%. Over the period under review, the exports reached the maximum at X kg in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, cotton lint exports skyrocketed to $X in 2022. In general, exports, however, recorded a drastic downturn. The growth pace was the most rapid in 2017 when exports increased by 308% against the previous year. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Guyana (X kg) was the main destination for cotton lint exports from Panama, with a 83% share of total exports. Moreover, cotton lint exports to Guyana exceeded the volume sent to the second major destination, Venezuela (X kg), more than tenfold. Grenada (X kg) ranked third in terms of total exports with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Guyana totaled +11.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (+5.2% per year) and Grenada (-13.2% per year).

In value terms, Guyana ($X) remains the key foreign market for cotton lint exports from Panama, comprising 65% of total exports. The second position in the ranking was taken by Venezuela ($X), with a 30% share of total exports. It was followed by Grenada, with a 2.9% share.

From 2012 to 2022, the average annual growth rate of value to Guyana amounted to +11.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (+16.5% per year) and Grenada (-16.1% per year).

Export Prices by Country

The average cotton lint export price stood at $X per ton in 2022, which is down by -3% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average export price increased by 85%. As a result, the export price reached the peak level of $X per ton. From 2018 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while the average price for exports to the Dominican Republic ($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 Venezuela (+10.7%), while the prices for the other major destinations experienced a decline.

Cotton Lint Imports

Imports into Panama

In 2022, the amount of cotton lint imported into Panama reduced rapidly to X kg, which is down by 99.9% compared with the previous year. Over the period under review, imports continue to indicate a dramatic setback. The most prominent rate of growth was recorded in 2021 with an increase of 8,300% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, cotton lint imports dropped markedly to $X in 2022. Overall, imports recorded a sharp descent. The most prominent rate of growth was recorded in 2021 with an increase of 11,517%. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United States (X kg) constituted the largest cotton lint supplier to Panama, with a 88% share of total imports. Moreover, cotton lint imports from the United States exceeded the figures recorded by the second-largest supplier, Spain (X kg), sevenfold.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled -29.8%.

In value terms, the largest cotton lint suppliers to Panama were Spain ($X) and the United States ($X).

In terms of the main suppliers, Spain, with a CAGR of -21.7%, saw the highest growth rate of the value of imports, over the period under review.

Import Prices by Country

The average cotton lint import price stood at $X per ton in 2022, surging by 257% against the previous year. Over the period under review, the import price enjoyed buoyant growth. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($X per ton), while the price for the United States amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+21.1%).

Source: IndexBox Platform