Panama: Frozen Fish Fillet Market 2024

Frozen Fish Fillet Market Size in Panama

The Panamanian frozen fish fillet market reduced to $X in 2022, with a decrease of -13.4% against the previous year. The market value increased at an average annual rate of +2.6% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Frozen fish fillet consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Frozen Fish Fillet Production in Panama

In value terms, frozen fish fillet production fell modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 15%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a lower figure.

Frozen Fish Fillet Exports

Exports from Panama

In 2022, the amount of frozen fish fillet exported from Panama skyrocketed to X tons, increasing by 214% compared with the year before. Over the period under review, exports recorded significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, frozen fish fillet exports surged to $X in 2022. In general, exports enjoyed a significant increase. The growth pace was the most rapid in 2017 with an increase of 234% against the previous year. The exports peaked in 2022 and are likely to see steady growth in the near future.

Exports by Country

The United States (X tons) was the main destination for frozen fish fillet exports from Panama, with a 90% share of total exports. Moreover, frozen fish fillet exports to the United States exceeded the volume sent to the second major destination, Aruba (X tons), more than tenfold. The third position in this ranking was taken by Colombia (X tons), with a 2.6% share.

From 2016 to 2022, the average annual rate of growth in terms of volume to the United States stood at +61.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Aruba (+22.2% per year) and Colombia (+13.5% per year).

In value terms, the United States ($X) remains the key foreign market for frozen fish fillet exports from Panama, comprising 89% of total exports. The second position in the ranking was taken by Aruba ($X), with a 4.1% share of total exports. It was followed by Colombia, with a 2.8% share.

From 2016 to 2022, the average annual rate of growth in terms of value to the United States amounted to +53.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Aruba (+26.6% per year) and Colombia (+8.7% per year).

Export Prices by Country

In 2022, the average frozen fish fillet export price amounted to $X per ton, which is down by -10% against the previous year. Overall, the export price recorded a pronounced slump. The pace of growth appeared the most rapid in 2018 an increase of 16%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Aruba ($X per ton) and Colombia ($X per ton), while the average price for exports to Mexico ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2016 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+9.2%), while the prices for the other major destinations experienced mixed trend patterns.

Frozen Fish Fillet Imports

Imports into Panama

In 2022, the amount of frozen fish fillet imported into Panama shrank rapidly to X tons, declining by -17.6% on the previous year's figure. In general, total imports indicated a slight increase from 2017 to 2022: its volume increased at an average annual rate of +1.3% over the last five-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +41.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 71%. As a result, imports attained the peak of X tons, and then dropped sharply in the following year.

In value terms, frozen fish fillet imports rose notably to $X in 2022. Overall, total imports indicated a measured expansion from 2017 to 2022: its value increased at an average annual rate of +4.4% over the last five-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +93.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 78%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Vietnam (X tons) constituted the largest supplier of frozen fish fillet to Panama, with a 62% share of total imports. Moreover, frozen fish fillet imports from Vietnam exceeded the figures recorded by the second-largest supplier, Chile (X tons), twofold. The third position in this ranking was taken by China (X tons), with a 9.8% share.

From 2017 to 2022, the average annual rate of growth in terms of volume from Vietnam stood at +6.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (+1.5% per year) and China (-14.2% per year).

In value terms, the largest frozen fish fillet suppliers to Panama were Chile ($X), Vietnam ($X) and China ($X), together accounting for 93% of total imports. Free Zones lagged somewhat behind, accounting for a further 5%.

Free Zones, with a CAGR of +3,278.4%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average frozen fish fillet import price stood at $X per ton in 2022, surging by 32% against the previous year. Over the last five-year period, it increased at an average annual rate of +3.0%. 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 Free Zones ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2017 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform