Panama: Pasta And Couscous Market 2024

Pasta And Couscous Market Size in Panama

The Panamanian pasta and couscous market amounted to $X in 2022, picking up by 3.9% against the previous year. In general, consumption posted a resilient expansion. Pasta and couscous consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Pasta And Couscous Production in Panama

In value terms, pasta and couscous production totaled $X in 2022 estimated in export price. In general, production showed a remarkable increase. The pace of growth was the most pronounced in 2018 with an increase of 60% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Pasta And Couscous Exports

Exports from Panama

In 2022, exports of stuffed pasta and couscous from Panama declined significantly to X tons, which is down by -25.5% compared with 2021 figures. In general, exports recorded a pronounced decline. The pace of growth was the most pronounced in 2018 with an increase of 150% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, pasta and couscous exports contracted rapidly to $X in 2022. Over the period under review, exports, however, continue to indicate a pronounced expansion. The growth pace was the most rapid in 2018 with an increase of 300% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The UK (X tons) was the main destination for pasta and couscous exports from Panama, with a 41% share of total exports. Moreover, pasta and couscous exports to the UK exceeded the volume sent to the second major destination, the United States (X tons), twofold. The third position in this ranking was held by Cuba (X tons), with a 15% share.

From 2012 to 2022, the average annual growth rate of volume to the UK was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+0.5% per year) and Cuba (+51.7% per year).

In value terms, the UK ($X), the United States ($X) and Cuba ($X) constituted the largest markets for pasta and couscous exported from Panama worldwide, with a combined 69% share of total exports.

Cuba, with a CAGR of +53.2%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average pasta and couscous export price amounted to $X per ton, with an increase of 11% against the previous year. Overall, the export price posted a remarkable increase. The growth pace was the most rapid in 2018 when the average export price increased by 60% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while the average price for exports to the UK ($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 Venezuela (+18.3%), while the prices for the other major destinations experienced more modest paces of growth.

Pasta And Couscous Imports

Imports into Panama

In 2022, the amount of stuffed pasta and couscous imported into Panama surged to X tons, growing by 15% on the previous year. Over the period under review, imports posted a significant expansion. The pace of growth was the most pronounced in 2015 when imports increased by 6,944%. Over the period under review, imports reached the peak figure at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, pasta and couscous imports skyrocketed to $X in 2022. Overall, imports posted significant growth. The pace of growth was the most pronounced in 2015 when imports increased by 6,836% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

Taiwan (Chinese) (X tons), Peru (X tons) and the United States (X tons) were the main suppliers of pasta and couscous imports to Panama, together comprising 72% of total imports. Italy, China, Spain and Costa Rica lagged somewhat behind, together comprising a further 25%.

From 2012 to 2022, the biggest increases were recorded for Costa Rica (with a CAGR of +148.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest pasta and couscous suppliers to Panama were Taiwan (Chinese) ($X), the United States ($X) and Italy ($X), with a combined 82% share of total imports. Peru, China, Spain and Costa Rica lagged somewhat behind, together comprising a further 15%.

In terms of the main suppliers, Costa Rica, with a CAGR of +154.0%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average pasta and couscous import price stood at $X per ton in 2022, with an increase of 5.2% against the previous year. Overall, import price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, pasta and couscous import price increased by +35.9% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by 29%. The import price peaked in 2022 and is likely to continue growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+92.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform