Panama: Market for Fish Fillets and Other Fish Meat 2024

Market Size for Fish Fillets and Other Fish Meat in Panama

The Panamanian market for fish fillets and other fish meat contracted to $X in 2022, declining by -9.6% against the previous year. In general, consumption showed a abrupt descent. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2022, consumption stood at a somewhat lower figure.

Production of Fish Fillets and Other Fish Meat in Panama

In value terms, production of fish fillets and other fish meat dropped to $X in 2022 estimated in export price. Over the period under review, production showed a modest increase. The most prominent rate of growth was recorded in 2017 with an increase of 17%. As a result, production reached the peak level of $X. From 2018 to 2022, production of growth failed to regain momentum.

Exports of Fish Fillets and Other Fish Meat

Exports from Panama

Exports of fish fillets and other fish meat from Panama surged to X tons in 2022, with an increase of 173% compared with the previous year. Overall, exports enjoyed a significant increase. The pace of growth appeared the most rapid in 2016 when exports increased by 5,781,429% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, exports of fish fillets and other fish meat skyrocketed to $X in 2022. Over the period under review, exports continue to indicate significant growth. The growth pace was the most rapid in 2016 when exports increased by 2,472,344% against the previous year. Over the period under review, the exports of hit record highs in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

The United States (X tons) was the main destination for exports of fish fillets and other fish meat from Panama, accounting for a 84% share of total exports. Moreover, exports of fish fillets and other fish meat to the United States exceeded the volume sent to the second major destination, Mexico (X tons), tenfold. Aruba (X tons) ranked third in terms of total exports with a 3.6% share.

From 2015 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +22.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+23.5% per year) and Aruba (+22.7% per year).

In value terms, the United States ($X) remains the key foreign market for fish fillets and other fish meat exports from Panama, comprising 85% of total exports. The second position in the ranking was held by Mexico ($X), with a 5.2% share of total exports. It was followed by Aruba, with a 3.9% share.

From 2015 to 2022, the average annual growth rate of value to the United States amounted to +24.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+25.6% per year) and Aruba (+27.0% per year).

Export Prices by Country

In 2022, the average export price for fish fillets and other fish meat amounted to $X per ton, with a decrease of -4.6% against the previous year. Overall, the export price continues to indicate a deep slump. The pace of growth appeared the most rapid in 2017 when the average export price increased by 40%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Colombia ($X per ton), while the average price for exports to Mexico ($X per ton) was amongst the lowest.

From 2015 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Aruba (+3.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Fish Fillets and Other Fish Meat

Imports into Panama

In 2022, imports of fish fillets and other fish meat into Panama declined to X tons, with a decrease of -12% compared with the previous year's figure. In general, imports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2017 with an increase of 59,259% against the previous year. Imports peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, imports of fish fillets and other fish meat rose markedly to $X in 2022. Over the period under review, imports, however, saw significant growth. The most prominent rate of growth was recorded in 2017 when imports increased by 82,628% against the previous year. Over the period under review, imports of reached the peak figure at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

Vietnam (X tons), Chile (X tons) and China (X tons) were the main suppliers of imports of fish fillets and other fish meat to Panama, with a combined 97% share of total imports. These countries were followed by Free Zones, which accounted for a further 1.8%.

From 2014 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Free Zones (with a CAGR of +3,473.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X) constituted the largest supplier of fish fillets and other fish meat to Panama, comprising 62% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 26% share of total imports. It was followed by China, with a 6.9% share.

From 2014 to 2022, the average annual rate of growth in terms of value from Chile amounted to +6.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+3.7% per year) and China (-12.2% per year).

Import Prices by Country

The average import price for fish fillets and other fish meat stood at $X per ton in 2022, picking up by 25% against the previous year. Over the period under review, import price indicated buoyant growth from 2014 to 2022: its price increased at an average annual rate of +6.0% over the last eight years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for fish fillets and other fish meat increased by +28.3% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of 39% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Free Zones ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2014 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform