Panama: Virgin Olive Oil Market 2024

Virgin Olive Oil Market Size in Panama

In 2022, after three years of decline, there was significant growth in the Panamanian virgin olive oil market, when its value increased by 15% to $X. Overall, consumption showed a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Virgin Olive Oil Exports

Exports from Panama

After four years of growth, overseas shipments of virgin olive oil decreased by -3.9% to X kg in 2022. In general, exports recorded a precipitous curtailment. The pace of growth was the most pronounced in 2020 when exports increased by 8.5%. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, virgin olive oil exports dropped to $X in 2022. Overall, exports saw a sharp decrease. The most prominent rate of growth was recorded in 2021 when exports increased by 15% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Guatemala (X kg) was the main destination for virgin olive oil exports from Panama, with a 99% share of total exports. It was followed by Colombia (X kg), with a 0.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Guatemala totaled -2.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Colombia (-47.1% per year) and Costa Rica (-36.4% per year).

In value terms, Guatemala ($X) remains the key foreign market for virgin olive oil exports from Panama, comprising 99% of total exports. The second position in the ranking was held by Costa Rica ($X), with a 0.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Guatemala stood at -4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (-37.1% per year) and Colombia (-53.9% per year).

Export Prices by Country

In 2022, the average virgin olive oil export price amounted to $X per ton, which is down by -2.7% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 14%. 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 failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Costa Rica ($X per ton), while the average price for exports to Colombia ($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 Costa Rica (-1.2%), while the prices for the other major destinations experienced a decline.

Virgin Olive Oil Imports

Imports into Panama

In 2022, purchases abroad of virgin olive oil increased by 15% to X tons for the first time since 2018, thus ending a three-year declining trend. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 56% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, virgin olive oil imports reached $X in 2022. In general, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 20% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Spain (X tons) constituted the largest supplier of virgin olive oil to Panama, accounting for a 79% share of total imports. Moreover, virgin olive oil imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X tons), ninefold. The third position in this ranking was taken by Greece (X tons), with a 4.4% share.

From 2012 to 2022, the average annual growth rate of volume from Spain stood at +2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-1.8% per year) and Greece (+1.2% per year).

In value terms, Spain ($X) constituted the largest supplier of virgin olive oil to Panama, comprising 79% of total imports. The second position in the ranking was taken by Italy ($X), with an 11% share of total imports. It was followed by Greece, with a 3.7% share.

From 2012 to 2022, the average annual growth rate of value from Spain stood at +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+0.8% per year) and Greece (-0.5% per year).

Import Prices by Country

The average virgin olive oil import price stood at $X per ton in 2022, approximately equating the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The pace of growth was the most pronounced in 2019 when the average import price increased by 28% against the previous year. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Italy ($X per ton) and Spain ($X per ton), while the price for Turkey ($X per ton) and Costa Rica ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+2.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform