Maize flour and cereals market in Panama

Earlier Report Observations

The market for maize flour and cereals in Panama expanded from 85 461 t in 2018 to over 101 000 t by 2020, reflecting strong consumption growth during this period.

After peaking in 2020, market volume contracted to 86 257 t in 2021 before recovering to 93 279 t in 2022. The market then experienced a slight decline to 91 084 t in 2023.

In 2023, Empresas Polar launched a new nutritious whole corn flour blend with quinoa, chía, and sesame, while local firms introduced ready-to-heat industrialized corn buns, adding innovation to the traditional product segment. Looking ahead, Empresas Polar's acquisition of production plants in Colombia in 2024 may influence supply chains for the Panamanian market.

Production maize flour and cereals in Panama

In kind, 2017-2020, t

Top producers of maize flour and cereals, 2017-2020

World map of production of maize flour and cereals, 2017-2020

Panama's production of maize flour and cereals has increased for the second year in a row. In 2020, the country produced 93 170 tonnes, marking a solid 11.6% increase compared to the previous year. Over the 2017-2020 period, production grew by 6.1%, with an average annual growth rate of 2.0%. The lowest production level was recorded in 2018 at 79 920 tonnes, which also saw the largest decline of 9.0%.

Annual dynamics of production in Panama in kind, 2017-2020, t

Exports maize flour and cereals from Panama

Exports in kind, t

Panama's exports of maize flour and cereals have declined for the third consecutive year. In 2020, exports amounted to just 54 tonnes, representing a steep 71.5% decrease from the previous year. Between 2017 and 2020, exports fell by 97.2%, which translates to an average annual decline of 69.5%.

Annual dynamics of product's exports from Panama in kind, 2017-2020, t

From 2017 to 2020, Venezuela was the dominant destination for Panama's maize flour and cereals exports, accounting for 74.6% of total export volumes. All other markets combined made up the remaining share.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Panama in kind, 2017-2020

Exports in value, K $ US

The value of Panama's maize flour and cereals exports has fallen for the third year running. In 2020, exports were valued at 45 thousand US dollars, showing a sharp 63.2% decrease compared to 2019. Between 2017 and 2020, export values dropped by 95.5%, equivalent to an average annual decline of 64.4%.

Annual dynamics of product's exports from Panama in value, 2017-2020, K $ US

During the 2017-2020 period, Venezuela, Colombia, and Cuba were the main markets for Panama's maize flour and cereals exports in value terms. Venezuela accounted for 65.6% of export value, Colombia for 14.0%, and Cuba for 13.5%. Together, these three countries represented 93.0% of total export value.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Panama in value, 2017-2020

Imports maize flour and cereals to Panama

Imports in kind, t

Panama's imports of maize flour and cereals have increased for the second consecutive year. In 2020, imports reached 7 903 tonnes, reflecting a strong 16.6% rise compared to the previous year. Over the 2017-2020 period, imports grew by 14%, with an average annual growth rate of 4.5%. The lowest import volume was recorded in 2018 at 6 632 tonnes, which also experienced the largest decline of 4.3%.

Annual dynamics of product's imports to Panama in kind, 2017-2020, t

From 2017 to 2020, the United States, Colombia, and Costa Rica were the primary sources of Panama's maize flour and cereals imports by volume. The United States and Colombia each accounted for 33.9% of import volumes, while Costa Rica contributed 9.5%. Together, these three countries represented 77.4% of total import volumes.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Panama in kind, 2017-2020

Imports in value, K $ US

The value of Panama's maize flour and cereals imports has risen for the second year in a row. In 2020, imports totaled 8 081 thousand US dollars, showing a strong 15.2% year-over-year increase. Over the 2017-2020 period, import values grew by 12.6%, with an average annual growth rate of 4.0%. The lowest import value was recorded in 2018 at 6 510 thousand US dollars, which also saw the largest decline of 9.3%.

Annual dynamics of product's imports to Panama in value, 2017-2020, K $ US

During the 2017-2020 period, the United States, Colombia, and Costa Rica were the main sources of Panama's maize flour and cereals imports in value terms. The United States accounted for 37.1% of import value, Colombia for 33.6%, and Costa Rica for 10.2%. Together, these three countries represented 80.9% of total import value, making them the primary suppliers to Panama.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Panama in value, 2017-2020