Panama: Palm Oil Market 2024

Palm Oil Market Size in Panama

In 2022, the Panamanian palm oil market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption continues to indicate a strong expansion. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Palm Oil Production in Panama

In value terms, palm oil production rose sharply to $X in 2022 estimated in export price. Overall, production posted a remarkable increase. The pace of growth appeared the most rapid in 2014 with an increase of 853% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Palm Oil Exports

Exports from Panama

For the third year in a row, Panama recorded growth in shipments abroad of palm oil, which increased by 32% to X tons in 2022. Overall, exports showed significant growth. The pace of growth appeared the most rapid in 2014 with an increase of 2,794%. Over the period under review, the exports reached the maximum in 2022 and are likely to continue growth in the near future.

In value terms, palm oil exports rose slightly to $X in 2022. Over the period under review, exports recorded a significant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 3,359% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Mexico (X tons) was the main destination for palm oil exports from Panama, accounting for a 60% share of total exports. Moreover, palm oil exports to Mexico exceeded the volume sent to the second major destination, the Netherlands (X tons), threefold. The third position in this ranking was taken by Switzerland (X tons), with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Mexico totaled +100.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+32.8% per year) and Switzerland (+102.0% per year).

In value terms, Mexico ($X) remains the key foreign market for palm oil exports from Panama, comprising 60% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 17% share of total exports. It was followed by Switzerland, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value to Mexico totaled +90.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+32.8% per year) and Switzerland (+119.8% per year).

Export Prices by Country

In 2022, the average palm oil export price amounted to $X per ton, which is down by -21.5% against the previous year. Overall, the export price showed a abrupt decrease. The most prominent rate of growth was recorded in 2021 an increase of 35% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Nicaragua ($X per ton) and Costa Rica ($X per ton), while the average price for exports to Switzerland ($X per ton) and Morocco ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (+8.8%), while the prices for the other major destinations experienced more modest paces of growth.

Palm Oil Imports

Imports into Panama

In 2022, supplies from abroad of palm oil was finally on the rise to reach X tons after three years of decline. In general, imports enjoyed a significant expansion. The growth pace was the most rapid in 2017 when imports increased by 1,366% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, palm oil imports soared to $X in 2022. Overall, imports saw significant growth. The most prominent rate of growth was recorded in 2017 when imports increased by 1,730%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Colombia (X tons) constituted the largest supplier of palm oil to Panama, with a 60% share of total imports. Moreover, palm oil imports from Colombia exceeded the figures recorded by the second-largest supplier, Free Zones (X tons), fourfold. The third position in this ranking was taken by Malaysia (X tons), with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from Colombia amounted to +522.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (+1,009.9% per year) and Malaysia (+32.8% per year).

In value terms, Colombia ($X) constituted the largest supplier of palm oil to Panama, comprising 60% of total imports. The second position in the ranking was held by Free Zones ($X), with a 16% share of total imports. It was followed by Malaysia, with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Colombia stood at +525.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (+1,876.2% per year) and Malaysia (+33.6% per year).

Import Prices by Country

In 2022, the average palm oil import price amounted to $X per ton, jumping by 61% against the previous year. Overall, the import price continues to indicate a buoyant increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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 Guatemala ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Free Zones (+78.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform