Panama: Vegetable Market 2024

Vegetable Market Size in Panama

The Panamanian vegetable market was estimated at $X in 2023, increasing by X% against the previous year. Over the period under review, the total consumption indicated a moderate expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2021 indices. Vegetable consumption peaked at $X in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

Vegetable Production in Panama

In value terms, vegetable production expanded markedly to $X in 2023 estimated in export price. In general, production, however, showed a moderate expansion. The growth pace was the most rapid in 2016 with an increase of X%. As a result, production reached the peak level of $X. From 2017 to 2023, production growth remained at a somewhat lower figure.

The average yield of vegetables in Panama contracted to X tons per ha in 2023, with a decrease of X% against the year before. Over the period under review, the yield, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. The vegetable yield peaked at X tons per ha in 2021; however, from 2022 to 2023, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2023, the total area harvested in terms of vegetables production in Panama declined to X ha, remaining relatively unchanged against the previous year's figure. Overall, the harvested area saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. Over the period under review, the harvested area dedicated to vegetable production reached the peak figure at X ha in 2012; however, from 2013 to 2023, the harvested area remained at a lower figure.

Vegetable Exports

Exports from Panama

In 2023, approx. X tons of vegetables were exported from Panama; which is down by X% compared with the previous year. Over the period under review, exports, however, posted strong growth. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. The exports peaked at X tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, vegetable exports rose slightly to $X in 2023. Overall, total exports indicated a noticeable increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, the exports attained the peak figure at $X in 2016; however, from 2017 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for vegetable exports from Panama, with a X% share of total exports. It was followed by the Netherlands (X tons), with a X% share of total exports.

From 2012 to 2023, the average annual rate of growth in terms of volume to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and Venezuela (X% per year).

In value terms, the United States ($X) remains the key foreign market for vegetables exports from Panama, comprising X% of total exports. The second position in the ranking was held by the Netherlands ($X), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of value to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (X% per year) and Venezuela (X% per year).

Export Prices by Country

In 2023, the average vegetable export price amounted to $X per ton, surging by X% against the previous year. Over the period under review, the export price, however, saw a noticeable decline. The growth pace was the most rapid in 2018 an increase of X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was Venezuela ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Venezuela (X%), while the prices for the other major destinations experienced more modest paces of growth.

Vegetable Imports

Imports into Panama

In 2023, supplies from abroad of vegetables decreased by X% to X tons, falling for the fifth year in a row after seven years of growth. Over the period under review, imports, however, saw a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2023, imports stood at a somewhat lower figure.

In value terms, vegetable imports declined to $X in 2023. Overall, imports, however, recorded significant growth. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2021; however, from 2022 to 2023, imports failed to regain momentum.

Imports by Country

Canada (X tons), the United States (X tons) and China (X tons) were the main suppliers of vegetable imports to Panama, together comprising X% of total imports. Spain, Costa Rica, Peru, Argentina and the Netherlands lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest vegetable suppliers to Panama were the United States ($X), Canada ($X) and China ($X), with a combined X% share of total imports. Peru, Spain, Costa Rica, Argentina and the Netherlands lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Spain, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average vegetable import price stood at $X per ton in 2023, increasing by X% against the previous year. Overall, import price indicated a mild increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, vegetable import price increased by X% against 2018 indices. The most prominent rate of growth was recorded in 2022 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the maximum in 2023 and is expected to retain growth in the near future.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Costa Rica (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform