Panama: Market for Seeds, Fruit and Spores Used for Sowing 2024

Market Size for Seeds, Fruit and Spores Used for Sowing in Panama

The Panamanian market for seeds, fruit and spores used for sowing reached $X in 2022, picking up by 1.6% against the previous year. Over the period under review, consumption enjoyed a buoyant increase. Consumption of peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Seeds, Fruit and Spores Used for Sowing in Panama

In value terms, production of seeds, fruit and spores used for sowing expanded modestly to $X in 2022 estimated in export price. Over the period under review, production showed a resilient increase. The most prominent rate of growth was recorded in 2019 with an increase of 148% against the previous year. Over the period under review, production of attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

The average yield of seeds, fruit and spores used for sowing in Panama was estimated at less than X kg per ha in 2022, remaining stable against the previous year's figure. Over the period under review, the yield recorded a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. less than X ha of seeds, fruit and spores used for sowing were harvested in Panama; stabilizing at the previous year's figure. In general, the harvested area showed a relatively flat trend pattern.

Exports of Seeds, Fruit and Spores Used for Sowing

Exports from Panama

In 2022, overseas shipments of seeds, fruit and spores used for sowing increased by 21% to X tons, rising for the fourth year in a row after two years of decline. Over the period under review, exports, however, showed a deep contraction. The growth pace was the most rapid in 2016 with an increase of 346%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports of remained at a lower figure.

In value terms, exports of seeds, fruit and spores used for sowing stood at $X in 2022. Overall, exports, however, continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2016 when exports increased by 442% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Venezuela (X tons) was the main destination for exports of seeds, fruit and spores used for sowing from Panama, accounting for a 96% share of total exports. Moreover, exports of seeds, fruit and spores used for sowing to Venezuela exceeded the volume sent to the second major destination, Honduras (X kg), more than tenfold. The third position in this ranking was taken by Suriname (X kg), with a 0.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Venezuela amounted to -4.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Honduras (-12.7% per year) and Suriname (-34.9% per year).

In value terms, the largest markets for seed, fruit and spore used for sowing exported from Panama were Honduras ($X), Venezuela ($X) and Suriname ($X), together comprising 80% of total exports.

Honduras, with a CAGR of +1.3%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average export price for seeds, fruit and spores used for sowing amounted to $X per ton, with a decrease of -17.2% against the previous year. Over the period under review, the export price showed a deep contraction. The growth pace was the most rapid in 2019 when the average export price increased by 147%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Suriname ($X per ton), while the average price for exports to Venezuela ($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 Honduras (+15.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Seeds, Fruit and Spores Used for Sowing

Imports into Panama

In 2022, after two years of growth, there was significant decline in supplies from abroad of seeds, fruit and spores used for sowing, when their volume decreased by -14.5% to X tons. In general, imports, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2015 with an increase of 244%. Over the period under review, imports of hit record highs at X tons in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, imports of seeds, fruit and spores used for sowing rose rapidly to $X in 2022. Overall, imports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2015 when imports increased by 139%. Over the period under review, imports of reached the maximum at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Peru (X tons) was the main supplier of seed, fruit and spore used for sowing to Panama, with a 92% share of total imports. Moreover, imports of seeds, fruit and spores used for sowing from Peru exceeded the figures recorded by the second-largest supplier, India (X tons), more than tenfold. The third position in this ranking was held by Honduras (X tons), with a 2.3% share.

From 2012 to 2022, the average annual growth rate of volume from Peru stood at +49.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+69.7% per year) and Honduras (+67.8% per year).

In value terms, Honduras ($X), Peru ($X) and the United States ($X) appeared to be the largest seed, fruit and spore used for sowing suppliers to Panama, with a combined 61% share of total imports. India lagged somewhat behind, accounting for a further 6.8%.

India, with a CAGR of +87.1%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for seeds, fruit and spores used for sowing amounted to $X per ton, picking up by 33% against the previous year. Over the period under review, the import price enjoyed notable growth. The growth pace was the most rapid in 2019 when the average import price increased by 71%. As a result, import price attained the peak level of $X per ton. From 2020 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Honduras ($X per ton), while the price for Peru ($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 (+23.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform