Panama: Market for Sunflower-Seed And Safflower Oil 2025

Market Size for Sunflower-Seed And Safflower Oil in Panama

The Panamanian sunflower-seed and safflower oil market rose to $X in 2022, with an increase of 2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, continues to indicate a buoyant increase. Sunflower-seed and safflower oil consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Exports of Sunflower-Seed And Safflower Oil

Exports from Panama

In 2022, after two years of growth, there was significant decline in shipments abroad of sunflower-seed and safflower oil, when their volume decreased by -5.1% to X tons. Overall, exports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2015 when exports increased by 626%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, sunflower-seed and safflower oil exports dropped to $X in 2022. Over the period under review, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 583%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Israel (X tons), Germany (X tons) and Venezuela (X tons) were the main destinations of sunflower-seed and safflower oil exports from Panama, with a combined 99% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Venezuela (with a CAGR of +118.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for sunflower-seed and safflower oil exported from Panama were Germany ($X), Israel ($X) and Venezuela ($X), with a combined 98% share of total exports.

Venezuela, with a CAGR of +80.2%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average sunflower-seed and safflower oil export price amounted to $X per ton, standing approx. at the previous year. In general, the export price saw a drastic downturn. The pace of growth appeared the most rapid in 2014 an increase of 20% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Germany ($X per ton), while the average price for exports to Venezuela ($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 Israel (-5.9%), while the prices for the other major destinations experienced a decline.

Imports of Sunflower-Seed And Safflower Oil

Imports into Panama

In 2022, the amount of sunflower-seed and safflower oil imported into Panama reduced markedly to X tons, with a decrease of -18.6% compared with the year before. Over the period under review, imports, however, recorded a resilient increase. The growth pace was the most rapid in 2016 when imports increased by 2,127%. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, sunflower-seed and safflower oil imports amounted to $X in 2022. In general, imports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2016 with an increase of 1,557% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Argentina (X tons), Costa Rica (X tons) and Free Zones (X tons) were the main suppliers of sunflower-seed and safflower oil imports to Panama, with a combined 93% share of total imports. Ecuador, Turkey and the United States lagged somewhat behind, together accounting for a further 5.5%.

From 2012 to 2022, the biggest increases were recorded for Ecuador (with a CAGR of +2,497,700.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest sunflower-seed and safflower oil suppliers to Panama were Argentina ($X), Costa Rica ($X) and Free Zones ($X), together accounting for 92% of total imports. Ecuador, Turkey and the United States lagged somewhat behind, together accounting for a further 6.6%.

Ecuador, with a CAGR of +6,457,400.0%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average sunflower-seed and safflower oil import price amounted to $X per ton, growing by 37% against the previous year. Over the period under review, the import price recorded resilient growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Turkey ($X per ton) and Ecuador ($X per ton), while the price for Free Zones ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+158.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform