Panama: Beef Market 2024

Beef Market Size in Panama

The Panamanian beef market fell modestly to $X in 2022, approximately mirroring the previous year. Overall, consumption showed a abrupt curtailment. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Beef Production in Panama

In value terms, beef production reduced modestly to $X in 2022 estimated in export price. Over the period under review, production saw a abrupt decline. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

In 2022, the average yield of beef (cattle meat) in Panama contracted to X kg per head, leveling off at 2021. Overall, the yield, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the yield increased by X%. As a result, the yield attained the peak level of X kg per head. From 2020 to 2022, the growth of the average beef yield remained at a somewhat lower figure.

In 2022, the number of animals slaughtered for beef production in Panama reduced slightly to X heads, which is down by X% against the previous year. Over the period under review, the number of producing animals showed a perceptible descent. The growth pace was the most rapid in 2021 when the number of producing animals increased by X% against the previous year. Over the period under review, this number reached the peak level at X heads in 2012; however, from 2013 to 2022, producing animals stood at a somewhat lower figure.

Beef Exports

Exports from Panama

After three years of growth, overseas shipments of beef (cattle meat) decreased by X% to X tons in 2022. In general, exports, however, showed a significant increase. The growth pace was the most rapid in 2013 with an increase of X%. The exports peaked at X tons in 2021, and then declined significantly in the following year.

In value terms, beef exports shrank dramatically to $X in 2022. Overall, exports, however, posted a significant increase. The growth pace was the most rapid in 2013 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2021, and then declined remarkably in the following year.

Exports by Country

China (X tons) was the main destination for beef exports from Panama, accounting for a X% share of total exports. Moreover, beef exports to China exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), sevenfold. Jamaica (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (X% per year) and Jamaica (X% per year).

In value terms, China ($X) remains the key foreign market for beef (cattle meat) exports from Panama, comprising X% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a X% share of total exports. It was followed by Jamaica, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to China totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (X% per year) and Jamaica (X% per year).

Export Prices by Country

The average beef export price stood at $X per ton in 2022, which is down by X% against the previous year. Overall, the export price continues to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2021 an increase of X%. 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 countries with the highest prices were El Salvador ($X per ton) and Trinidad and Tobago ($X per ton), while the average price for exports to Jamaica ($X per ton) and China ($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 more modest paces of growth.

Beef Imports

Imports into Panama

In 2022, overseas purchases of beef (cattle meat) increased by X% to X tons, rising for the second year in a row after four years of decline. Over the period under review, imports, however, recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2016 with an increase of X%. As a result, imports attained the peak of X tons. From 2017 to 2022, the growth of imports remained at a lower figure.

In value terms, beef imports shrank to $X in 2022. Overall, imports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of X%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, the United States (X tons) constituted the largest supplier of beef to Panama, accounting for a X% share of total imports. Moreover, beef imports from the United States exceeded the figures recorded by the second-largest supplier, Uruguay (X tons), ninefold. Canada (X tons) ranked third in terms of total imports with a X% share.

From 2013 to 2022, the average annual growth rate of volume from the United States stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Uruguay (X% per year) and Canada (X% per year).

In value terms, the United States ($X) constituted the largest supplier of beef (cattle meat) to Panama, comprising X% of total imports. The second position in the ranking was taken by Uruguay ($X), with a X% share of total imports. It was followed by Argentina, with a X% share.

From 2013 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: Uruguay (X% per year) and Argentina (X% per year).

Import Prices by Country

In 2022, the average beef import price amounted to $X per ton, declining by X% against the previous year. Overall, import price indicated a prominent expansion from 2013 to 2022: its price increased at an average annual rate of X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, beef import price increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2020 when the average import price increased by X%. Over the period under review, average import prices reached the maximum at $X per ton in 2021, and then shrank in the following year.

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 ($X per ton), while the price for Canada ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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