Panama: Maize Market 2025

Maize Market Size in Panama

The Panamanian maize market amounted to $X in 2022, picking up by 14% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Maize Production in Panama

In value terms, maize production expanded to $X in 2022 estimated in export price. Over the period under review, production showed a abrupt decrease. The most prominent rate of growth was recorded in 2016 with an increase of 72% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

In 2022, the average yield of maize in Panama reached X tons per ha, therefore, remained relatively stable against the previous year. The yield figure increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 when the yield increased by 39%. Over the period under review, the average maize yield reached the maximum level at X tons per ha in 2014; however, from 2015 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, the harvested area of maize in Panama shrank slightly to X ha, therefore, remained relatively stable against 2021. Overall, the harvested area continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 20% against the previous year. As a result, the harvested area attained the peak level of X ha. From 2016 to 2022, the growth of the maize harvested area failed to regain momentum.

Maize Exports

Exports from Panama

In 2022, overseas shipments of maize decreased by -20% to X tons, falling for the second consecutive year after three years of growth. Over the period under review, exports saw a slight reduction. The pace of growth appeared the most rapid in 2018 with an increase of 2,540%. Over the period under review, the exports attained the maximum at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, maize exports dropped to $X in 2022. In general, exports showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2020 when exports increased by 285% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Guatemala (X tons) was the main destination for maize exports from Panama, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Guatemala totaled -11.2%.

From 2012 to 2022, the average annual rate of growth in terms of value to Guatemala stood at -18.0%.

Export Prices by Country

The average maize export price stood at $X per ton in 2022, picking up by 7.7% against the previous year. Overall, the export price, however, saw a perceptible slump. The most prominent rate of growth was recorded in 2015 an increase of 179%. Over the period under review, the average export prices reached the maximum at $X per ton in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the rate of growth in terms of prices for Guyana amounted to +61.0% per year.

Maize Imports

Imports into Panama

In 2022, approx. X tons of maize were imported into Panama; declining by -44.4% against the year before. In general, imports, however, showed a significant increase. The growth pace was the most rapid in 2021 with an increase of 66% against the previous year. As a result, imports reached the peak of X tons, and then dropped remarkably in the following year.

In value terms, maize imports reached $X in 2022. Overall, imports, however, showed a significant expansion. The growth pace was the most rapid in 2021 with an increase of 87%. Imports peaked in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, the United States (X tons) was the main maize supplier to Panama, with a 94% share of total imports. Moreover, maize imports from the United States exceeded the figures recorded by the second-largest supplier, Brazil (X tons), more than tenfold.

From 2014 to 2022, the average annual rate of growth in terms of volume from the United States amounted to -1.9%.

In value terms, the largest maize suppliers to Panama were the United States ($X) and Brazil ($X).

Among the main suppliers, Brazil, with a CAGR of +132.0%, saw the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

The average maize import price stood at $X per ton in 2022, picking up by 82% against the previous year. Overall, the import price, however, recorded a deep slump. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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 Brazil ($X per ton), while the price for the United States totaled $X per ton.

From 2014 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+10.5%).

Source: IndexBox Platform