Panama: Banana And Plantain Market 2024

Banana And Plantain Market Size in Panama

After two years of decline, the Panamanian banana and plantain market increased by X% to $X in 2022. Over the period under review, consumption, however, recorded a pronounced downturn. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Banana And Plantain Production in Panama

In value terms, banana and plantain production fell slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2019 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

The average yield of bananas and plantains in Panama reached X tons per ha in 2022, almost unchanged from the previous year's figure. In general, the yield, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of X%. Over the period under review, the average banana and plantain yield hit record highs at X tons per ha in 2018; however, from 2019 to 2022, the yield remained at a 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, the harvested area of bananas and plantains in Panama shrank modestly to X ha, remaining constant against the year before. The harvested area increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 when the harvested area increased by X%. Over the period under review, the harvested area dedicated to banana and plantain production attained the peak figure at X ha in 2019; however, from 2020 to 2022, the harvested area remained at a lower figure.

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Banana And Plantain Exports

Exports from Panama

In 2022, after five years of growth, there was significant decline in shipments abroad of bananas and plantains, when their volume decreased by X% to X tons. Overall, exports, however, enjoyed significant growth. The growth pace was the most rapid in 2013 with an increase of X,344% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2021, and then declined significantly in the following year.

In value terms, banana and plantain exports contracted significantly to $X in 2022. Over the period under review, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2013 with an increase of X,423% against the previous year. The exports peaked at $X in 2021, and then shrank dramatically in the following year.

Exports by Country

The Netherlands (X tons) was the main destination for banana and plantain exports from Panama, accounting for a X% share of total exports. Moreover, banana and plantain exports to the Netherlands exceeded the volume sent to the second major destination, the United States (X tons), fivefold. The UK (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and the UK (X% per year).

In value terms, the Netherlands ($X) remains the key foreign market for bananas and plantains exports from Panama, comprising X% of total exports. The second position in the ranking was taken by the United States ($X), with a X% share of total exports. It was followed by the UK, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the Netherlands stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and the UK (X% per year).

Export Prices by Country

The average banana and plantain export price stood at $X per ton in 2022, picking up by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the UK ($X per ton) and the Netherlands ($X per ton), while the average price for exports to Hong Kong SAR ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (X%), while the prices for the other major destinations experienced mixed trend patterns.

Banana And Plantain Imports

Imports into Panama

In 2022, supplies from abroad of bananas and plantains increased by X% to X tons for the first time since 2018, thus ending a three-year declining trend. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when imports increased by X% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, banana and plantain imports surged to $X in 2022. In general, imports showed a buoyant expansion. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United States (X tons) was the main supplier of banana and plantain to Panama, with a X% share of total imports. Moreover, banana and plantain imports from the United States exceeded the figures recorded by the second-largest supplier, Costa Rica (X kg), more than tenfold.

From 2014 to 2022, the average annual growth rate of volume from the United States amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Costa Rica (X% per year) and Colombia (X% per year).

In value terms, the United States ($X) constituted the largest supplier of bananas and plantains to Panama, comprising X% of total imports. The second position in the ranking was held by Colombia ($X), with a X% share of total imports.

From 2014 to 2022, the average annual rate of growth in terms of value from the United States amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (X% per year) and Costa Rica (X% per year).

Import Prices by Country

The average banana and plantain import price stood at $X per ton in 2022, increasing by X% against the previous year. Over the period under review, the import price saw buoyant growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2014 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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