Panama: Refined Palm Oil Market 2024

Refined Palm Oil Market Size in Panama

After two years of growth, the Panamanian refined palm oil market decreased by -30.7% to $X in 2022. Over the period under review, consumption, however, recorded a noticeable decrease. Refined palm oil consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Refined Palm Oil Production in Panama

In value terms, refined palm oil production amounted to $X in 2022 estimated in export price. In general, production posted a noticeable expansion. The pace of growth appeared the most rapid in 2014 when the production volume increased by 51%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

Refined Palm Oil Exports

Exports from Panama

In 2022, exports of refined palm oil from Panama skyrocketed to X tons, jumping by 717% on 2021 figures. In general, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2018 when exports increased by 5,360% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, refined palm oil exports skyrocketed to $X in 2022. Over the period under review, exports posted a significant increase. The pace of growth was the most pronounced in 2014 with an increase of 3,359%. The exports peaked at $X in 2020; afterwards, it flattened through to 2022.

Exports by Country

Guatemala (X tons), Mexico (X tons) and the United States (X tons) were the main destinations of refined palm oil exports from Panama.

From 2012 to 2022, the biggest increases were recorded for Guatemala (with a CAGR of +158.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Guatemala ($X), Mexico ($X) and the United States ($X) appeared to be the largest markets for refined palm oil exported from Panama worldwide.

Among the main countries of destination, Guatemala, with a CAGR of +158.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average refined palm oil export price stood at $X per ton in 2022, falling by -38.1% against the previous year. Over the period under review, the export price saw a drastic downturn. The most prominent rate of growth was recorded in 2021 an increase of 26%. Over the period under review, the average export prices attained the peak figure 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 external markets. In 2022, amid the top suppliers, the country with the highest price was Guatemala ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Guatemala (+0.2%).

Refined Palm Oil Imports

Imports into Panama

In 2022, overseas purchases of refined palm oil were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Over the period under review, imports recorded a significant increase. The most prominent rate of growth was recorded in 2017 when imports increased by 204,617%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, refined palm oil imports skyrocketed to $X in 2022. Overall, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2017 when imports increased by 103,149%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, Colombia (X tons) constituted the largest supplier of refined palm oil to Panama, accounting for a 61% share of total imports. Moreover, refined 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 held by Malaysia (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from Colombia stood at +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 ($X) constituted the largest supplier of refined palm oil to Panama, comprising 61% of total imports. The second position in the ranking was taken by Free Zones ($X), with a 16% share of total imports. It was followed by Malaysia, with a 9.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Colombia amounted to +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

The average refined palm oil import price stood at $X per ton in 2022, increasing by 66% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a 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 Guatemala ($X per ton) and Costa Rica ($X per ton), while the price for Malaysia ($X per ton) and Indonesia ($X per ton) were 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