Panama: Yams Market 2024

Yams Market Size in Panama

The Panamanian yams market fell to $X in 2022, which is down by -6.9% against the previous year. Overall, consumption, however, showed a deep setback. Over the period under review, the market reached the peak level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Yams Production in Panama

In value terms, yams production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a drastic downturn. The pace of growth appeared the most rapid in 2021 with an increase of 36% against the previous year. Yams production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

In 2022, the average yams yield in Panama rose modestly to X tons per ha, with an increase of 4% against 2021 figures. Over the period under review, the yield, however, showed a deep reduction. The growth pace was the most rapid in 2013 when the yield increased by 9.6% against the previous year. As a result, the yield reached the peak level of X tons per ha. From 2014 to 2022, the growth of the average yams yield remained at a somewhat lower figure. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. X ha of yams were harvested in Panama; growing by 3.5% against 2021 figures. Overall, the harvested area, however, recorded a perceptible decline. The most prominent rate of growth was recorded in 2019 when the harvested area increased by 23%. Over the period under review, the harvested area dedicated to yams production attained the maximum at X ha in 2012; however, from 2013 to 2022, the harvested area remained at a lower figure.

Yams Exports

Exports from Panama

After three years of growth, shipments abroad of yams decreased by -0.2% to X tons in 2022. In general, exports, however, posted modest growth. The pace of growth was the most pronounced in 2013 when exports increased by 406%. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, yams exports contracted to $X in 2022. Overall, exports, however, recorded a modest increase. The pace of growth appeared the most rapid in 2013 when exports increased by 672% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

France (X tons) and the United States (X tons) were the main destinations of yams exports from Panama.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +2.4%).

In value terms, the United States ($X) and France ($X) were the largest markets for yams exported from Panama worldwide.

Among the main countries of destination, the United States, with a CAGR of +6.3%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

In 2022, the average yams export price amounted to $X per ton, declining by -6% against the previous year. In general, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2013 an increase of 53%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to France stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+3.8%).

Yams Imports

Imports into Panama

In 2022, purchases abroad of yams decreased by -33.5% to X tons, falling for the second year in a row after two years of growth. Over the period under review, imports, however, recorded a temperate expansion. The most prominent rate of growth was recorded in 2019 with an increase of 172% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, yams imports shrank significantly to $X in 2022. In general, imports, however, enjoyed strong growth. The most prominent rate of growth was recorded in 2019 when imports increased by 163% against the previous year. Over the period under review, imports reached the maximum at $X in 2021, and then fell sharply in the following year.

Imports by Country

In 2022, China (X tons) was the main supplier of yams to Panama, with a approx. 100% share of total imports.

From 2017 to 2022, the average annual growth rate of volume from China amounted to +38.0%.

In value terms, China ($X) constituted the largest supplier of yams to Panama.

From 2017 to 2022, the average annual rate of growth in terms of value from China amounted to +65.0%.

Import Prices by Country

In 2022, the average yams import price amounted to $X per ton, rising by 11% against the previous year. In general, import price indicated a strong expansion from 2017 to 2022: its price increased at an average annual rate of +14.2% over the last five years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, yams import price increased by +94.4% against 2017 indices. The pace of growth was the most pronounced in 2018 when the average import price increased by 29%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the near future.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2017 to 2022, the rate of growth in terms of prices for Costa Rica amounted to +30.8% per year.

Source: IndexBox Platform