Brown Rice Price in Panama - 2023

Brown Rice Price in Panama (CIF) - 2022

The average brown rice import price stood at $1,021 per ton in 2022, picking up by 19% against the previous year. In general, import price indicated prominent growth from 2013 to 2022: its price increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, brown rice import price increased by +1.0% against 2019 indices. The most prominent rate of growth was recorded in 2019 an increase of 53%. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($1,428 per ton), while the price for Thailand ($596 per ton) was amongst the lowest.

From 2013 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+9.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Brown Rice Price in Panama (FOB) - 2022

In 2022, the average brown rice export price amounted to $250 per ton, which is down by -48.7% against the previous year. In general, the export price saw a deep downturn. The pace of growth appeared the most rapid in 2016 an increase of 76% against the previous year. As a result, the export price attained the peak level of $2,196 per ton. From 2017 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Venezuela ($298 per ton), while the average price for exports to Aruba totaled $43 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Venezuela (-13.3%).

Brown Rice Imports in Panama

In 2022, supplies from abroad of husked (brown) rice decreased by -15.1% to 334 tons, falling for the second consecutive year after two years of growth. In general, imports, however, showed a significant increase. The growth pace was the most rapid in 2020 when imports increased by 182%. As a result, imports reached the peak of 479 tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, brown rice imports stood at $341K in 2022. Overall, imports, however, saw significant growth. The most prominent rate of growth was recorded in 2020 when imports increased by 128%. As a result, imports reached the peak of $392K. From 2021 to 2022, the growth of imports failed to regain momentum.

Import of Brown Rice in Panama (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	105	217	268	233	30.4%
Thailand	2.6	N/A	N/A	92.8	229.2%
Italy	3.8	5.2	12.5	12.6	49.1%
Guyana	30.3	39.1	41.1	N/A	16.5%
Brazil	23.4	109	15.1	N/A	-19.7%
Others	6.6	21.0	1.0	2.6	-26.7%
Total	171	392	338	341	25.9%

Top Suppliers of Brown Rice to Panama in 2022:

United States (163.0 tons)
Thailand (155.8 tons)
Italy (13.7 tons)

Brown Rice Exports in Panama

For the fourth consecutive year, Panama recorded growth in overseas shipments of husked (brown) rice, which increased by 27% to 4.7 tons in 2022. Overall, total exports indicated a prominent expansion from 2019 to 2022: its volume increased at an average annual rate of +17.3% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +61.2% against 2019 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, brown rice exports contracted rapidly to $1.2K in 2022. In general, exports, however, showed a sharp contraction. The smallest decline of -19.3% was in 2021.