Panama: Mixed Fertilizer Market 2024

Mixed Fertilizer Market Size in Panama

The Panamanian mixed fertilizer market skyrocketed to $X in 2022, growing by 93% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed a significant increase. Mixed fertilizer consumption peaked in 2022 and is likely to see steady growth in the near future.

Mixed Fertilizer Exports

Exports from Panama

In 2022, overseas shipments of mixed fertilizers decreased by -5.8% to X tons, falling for the third consecutive year after two years of growth. Over the period under review, exports saw a sharp decrease. The pace of growth was the most pronounced in 2015 with an increase of 153% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, mixed fertilizer exports reduced modestly to $X in 2022. In general, exports saw a deep downturn. The pace of growth was the most pronounced in 2015 with an increase of 222% 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 remained at a lower figure.

Exports by Country

Costa Rica (X tons) was the main destination for mixed fertilizer exports from Panama, with a 66% share of total exports. Moreover, mixed fertilizer exports to Costa Rica exceeded the volume sent to the second major destination, the Dominican Republic (X tons), fivefold. Belize (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to Costa Rica stood at -12.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (-34.8% per year) and Belize (+3.0% per year).

In value terms, the largest markets for mixed fertilizer exported from Panama were Costa Rica ($X), the Dominican Republic ($X) and Guatemala ($X), together comprising 73% of total exports. Belize and Ecuador lagged somewhat behind, together comprising a further 12%.

Among the main countries of destination, Belize, with a CAGR of +4.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average mixed fertilizer export price amounted to $X per ton, remaining constant against the previous year. In general, export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, mixed fertilizer export price increased by +63.9% against 2018 indices. The most prominent rate of growth was recorded in 2014 an increase of 47%. Over the period under review, the average export prices reached the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while the average price for exports to Costa Rica ($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 the Dominican Republic (+14.6%), while the prices for the other major destinations experienced more modest paces of growth.

Mixed Fertilizer Imports

Imports into Panama

In 2022, approx. X tons of mixed fertilizers were imported into Panama; jumping by 90% on 2021 figures. Overall, imports posted a significant increase. The pace of growth appeared the most rapid in 2017 when imports increased by 483% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

In value terms, mixed fertilizer imports surged to $X in 2022. In general, imports posted a significant expansion. The pace of growth was the most pronounced in 2017 with an increase of 532% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

Costa Rica (X tons), Russia (X tons) and Poland (X tons) were the main suppliers of mixed fertilizer imports to Panama, together accounting for 71% of total imports.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +154.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest mixed fertilizer suppliers to Panama were Costa Rica ($X), Russia ($X) and Morocco ($X), together comprising 64% of total imports. Poland, China, Colombia, Mexico, Canada and the United States lagged somewhat behind, together accounting for a further 27%.

Among the main suppliers, Poland, with a CAGR of +133.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average mixed fertilizer import price stood at $X per ton in 2022, approximately equating the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 25% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform