Panama: Pork Market 2024

Pork Market Size in Panama

In 2022, the Panamanian pork market decreased by -6.7% to $X for the first time since 2018, thus ending a three-year rising trend. The market value increased at an average annual rate of +3.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level at $X in 2021, and then declined in the following year.

Pork Production in Panama

In value terms, pork production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when the production volume increased by 46% against the previous year. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2022, production remained at a lower figure.

In 2022, the average yield of pork in Panama amounted to X kg per head, therefore, remained relatively stable against the year before. Over the period under review, the yield, however, saw a relatively flat trend pattern. Over the period under review, the average pork yield hit record highs at X kg per head in 2020; however, from 2021 to 2022, the yield remained at a lower figure.

In 2022, the number of animals slaughtered for pork production in Panama reduced to X heads, waning by -5.7% on 2021. This number increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 13%. As a result, the number of animals produced reached the peak level of X heads, and then shrank in the following year.

Pork Exports

Exports from Panama

In 2022, overseas shipments of pork increased by 804% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports, however, recorded a deep contraction. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, pork exports skyrocketed to $X in 2022. Overall, exports, however, showed a perceptible shrinkage. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Cuba (X tons) was the main destination for pork exports from Panama, accounting for a 88% share of total exports. Moreover, pork exports to Cuba exceeded the volume sent to the second major destination, Nicaragua (X kg), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cuba was relatively modest.

In value terms, Cuba ($X) emerged as the key foreign market for pork exports from Panama, comprising 93% of total exports. The second position in the ranking was taken by Nicaragua ($X), with a 5.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Cuba was relatively modest.

Export Prices by Country

The average pork export price stood at $X per ton in 2022, increasing by 163% against the previous year. Overall, the export price posted a perceptible increase. Over the period under review, the average export prices attained the maximum at $X per ton in 2015; however, from 2016 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 country with the highest price was Cuba ($X per ton), while the average price for exports to Nicaragua totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (+61.9%), while the prices for the other major destinations experienced mixed trend patterns.

Pork Imports

Imports into Panama

In 2022, approx. X tons of pork were imported into Panama; waning by -33.7% compared with the year before. In general, imports, however, enjoyed a significant increase. The pace of growth was the most pronounced in 2017 when imports increased by 1,219% against the previous year. Imports peaked at X tons in 2021, and then reduced rapidly in the following year.

In value terms, pork imports contracted notably to $X in 2022. Over the period under review, imports, however, recorded a significant increase. The pace of growth was the most pronounced in 2017 with an increase of 858%. Imports peaked at $X in 2021, and then reduced markedly in the following year.

Imports by Country

In 2022, the United States (X tons) constituted the largest pork supplier to Panama, with a 87% share of total imports. Moreover, pork imports from the United States exceeded the figures recorded by the second-largest supplier, Canada (X tons), sevenfold.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled +53.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+15.0% per year) and Costa Rica (-15.8% per year).

In value terms, the United States ($X) constituted the largest supplier of pork to Panama, comprising 86% of total imports. The second position in the ranking was held by Canada ($X), with a 13% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +52.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (+19.2% per year) and Costa Rica (-3.6% per year).

Import Prices by Country

The average pork import price stood at $X per ton in 2022, approximately reflecting the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the average import price increased by 18%. Over the period under review, average import prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (+14.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform