Panama: Refined Rapeseed Oil Market 2025

Refined Rapeseed Oil Market Size in Panama

The Panamanian refined rapeseed oil market declined modestly to $X in 2022, falling by -3% against the previous year. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Refined Rapeseed Oil Production in Panama

In value terms, refined rapeseed oil production fell to $X in 2022 estimated in export price. Overall, production saw a slight decline. The pace of growth was the most pronounced in 2016 with an increase of 31% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Refined Rapeseed Oil Exports

Exports from Panama

For the third consecutive year, Panama recorded growth in shipments abroad of refined rape, colza or mustard oil, which increased by 0.6% to X tons in 2022. Over the period under review, exports, however, continue to indicate a pronounced descent. The pace of growth appeared the most rapid in 2016 with an increase of 99% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, refined rapeseed oil exports amounted to $X in 2022. Overall, exports continue to indicate notable growth. The most prominent rate of growth was recorded in 2016 when exports increased by 93% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the near future.

Exports by Country

Ghana (X tons) was the main destination for refined rapeseed oil exports from Panama, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Ghana totaled -4.4%.

In value terms, Ghana ($X) also remains the key foreign market for refined rape, colza or mustard oil exports from Panama.

From 2012 to 2022, the average annual rate of growth in terms of value to Ghana amounted to +2.6%.

Export Prices by Country

The average refined rapeseed oil export price stood at $X per ton in 2022, remaining stable against the previous year. Overall, export price indicated a strong increase from 2012 to 2022: its price increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refined rapeseed oil export price decreased by -21.3% against 2019 indices. The pace of growth appeared the most rapid in 2014 when the average export price increased by 85%. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Ghana.

From 2012 to 2022, the rate of growth in terms of prices for Ghana amounted to +7.4% per year.

Refined Rapeseed Oil Imports

Imports into Panama

For the seventh year in a row, Panama recorded growth in overseas purchases of refined rape, colza or mustard oil, which increased by 38% to X tons in 2022. Over the period under review, imports continue to indicate a significant increase. The pace of growth was the most pronounced in 2017 when imports increased by 31,464% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, refined rapeseed oil imports soared to $X in 2022. Overall, imports recorded a significant expansion. The growth pace was the most rapid in 2017 when imports increased by 46,202%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, the United States (X tons) was the main refined rapeseed oil supplier to Panama, accounting for a 92% share of total imports. Moreover, refined rapeseed oil imports from the United States exceeded the figures recorded by the second-largest supplier, Canada (X tons), more than tenfold.

From 2014 to 2022, the average annual rate of growth in terms of volume from the United States amounted to +266.5%.

In value terms, the United States ($X) constituted the largest supplier of refined rape, colza or mustard oil to Panama, comprising 93% of total imports. The second position in the ranking was held by Canada ($X), with a 5.2% share of total imports.

From 2014 to 2022, the average annual growth rate of value from the United States stood at +260.4%.

Import Prices by Country

In 2022, the average refined rapeseed oil import price amounted to $X per ton, declining by -11.4% against the previous year. Overall, the import price showed a slight decline. The growth pace was the most rapid in 2017 an increase of 47%. 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 noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Canada stood at $X per ton.

From 2014 to 2022, the most notable rate of growth in terms of prices was attained by Honduras (+2.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform