Panama: Oil Crops Market 2025

Oil Crops Market Size in Panama

In 2022, after two years of growth, there was significant decline in the Panamanian oil crops market, when its value decreased by X% to $X. In general, consumption saw a prominent increase. Oil crops consumption peaked at $X in 2021, and then contracted markedly in the following year.

Oil Crops Production in Panama

In value terms, oil crops production expanded remarkably to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a significant increase. The pace of growth appeared the most rapid in 2019 with an increase of X%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

In 2022, the average oil crops yield in Panama skyrocketed to X tons per ha, growing by X% on 2021. Over the period under review, the yield showed resilient growth. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. The oil crops yield peaked at X tons per ha in 2020; however, from 2021 to 2022, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of oil crops (primary) production in Panama reduced dramatically to X ha, waning by X% compared with the previous year. In general, the harvested area, however, posted tangible growth. The most prominent rate of growth was recorded in 2021 when the harvested area increased by X% against the previous year. As a result, the harvested area attained the peak level of X ha, and then declined rapidly in the following year.

Oil Crops Exports

Exports from Panama

In 2022, shipments abroad of oil crops (primary) increased by X% to X tons, rising for the second year in a row after three years of decline. In general, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of X%. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, oil crops exports soared to $X in 2022. Over the period under review, exports saw a significant increase. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Costa Rica (X tons) was the main destination for oil crops exports from Panama, accounting for a approx. X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Costa Rica stood at X%.

In value terms, Costa Rica ($X) also remains the key foreign market for oil crops (primary) exports from Panama.

From 2012 to 2022, the average annual rate of growth in terms of value to Costa Rica stood at X%.

Export Prices by Country

The average oil crops export price stood at $X per ton in 2022, with an increase of X% against the previous year. In general, the export price, however, continues to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2019 when the average export price increased by X% against the previous year. 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 failed to regain momentum.

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

From 2012 to 2022, the rate of growth in terms of prices for Costa Rica amounted to X% per year.

Oil Crops Imports

Imports into Panama

In 2022, approx. X tons of oil crops (primary) were imported into Panama; rising by X% against 2021. Over the period under review, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.

In value terms, oil crops imports soared to $X in 2022. Overall, imports saw significant growth. The pace of growth appeared the most rapid in 2017 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, the United States (X tons) was the main oil crops supplier to Panama, with a X% share of total imports. It was followed by Argentina (X tons), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (X% per year) and Peru (X% per year).

In value terms, the United States ($X) constituted the largest supplier of oil crops (primary) to Panama, comprising X% of total imports. The second position in the ranking was held by Argentina ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Argentina (X% per year) and Peru (X% per year).

Import Prices by Country

In 2022, the average oil crops import price amounted to $X per ton, picking up by X% against the previous year. Overall, the import price, however, showed a sharp contraction. The pace of growth appeared the most rapid in 2015 an increase of X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Peru ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform