Raw bovine and equine hides and skins market in Panama

Earlier Report Observations

Between 2018 and 2020, the market volume for raw bovine and equine hides and skins in Panama rose from 9,053 t to 9,515 t in 2019, then contracted to 9,176 t in 2020. The initial growth coincided with higher domestic production, while the decline in 2020 occurred amid the COVID-19 pandemic, which disrupted supply chains and demand for hides even as beef and pork production reportedly increased.

In 2021, market volume fell further to 8,920 t as hide exports jumped to 926 t. This shift aligned with the opening of a high-level laboratory that enabled Panama to export beef to the United States, likely stimulating cattle slaughter and hide production while diverting more hides abroad. Over 2022 and 2023, the market recovered to 9,101 t and 9,293 t, respectively. Climatic events including El Niño and La Niña prompted ranchers to retain breeding stock, affecting beef output and hide supply. Sanitary campaigns against the Cochliomyia hominivorax pest also aimed to protect cattle health, influencing hide availability. By 2023, lower hide exports allowed domestic market volume to expand even as hide production eased.

Production raw bovine and equine hides and skins in Panama

In kind, 2017-2020, t

Top producers of raw bovine and equine hides and skins, 2017-2020

World map of production of raw bovine and equine hides and skins, 2017-2020

After increasing for two consecutive years, Panama's production of raw bovine and equine hides and skins declined. In 2019, production reached its peak at 9,557 tonnes, representing a 5.4% increase from the previous year. However, by 2020, production had fallen to 9,176 tonnes, marking a 4.0% decrease compared to 2019.

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

Exports raw bovine and equine hides and skins from Panama

Exports in kind, kg

Exports of raw bovine and equine hides and skins from Panama showed considerable volatility during this period. In 2018, exports hit their lowest point at 17,000 kilograms, an 80.6% drop from the previous year. By 2019, exports rebounded sharply to 44,304 kilograms, a 160.6% increase compared to 2018. Overall, exports fluctuated significantly, with a 5.2-fold difference between the high in 2017 and the low in 2018.

Annual dynamics of product's exports from Panama in kind, 2017-2020, kg

From 2017 to 2020, Mexico, Indonesia, and Guatemala were the three main markets for Panama's exports of raw bovine and equine hides and skins in volume terms, collectively accounting for 84.8% of total exports.

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 exports of raw bovine and equine hides and skins was highly volatile over the observed period. In 2018, exports reached their minimum at $4,000 US, a 96.7% decline from the previous year. By 2019, exports surged dramatically to $62,000 US, representing a 1,450.7% increase compared to 2018. The overall fluctuation was substantial, with a 31-fold difference between the peak in 2017 and the trough in 2018.

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

From 2017 to 2020, Mexico, Indonesia, and Guatemala were the primary destinations for Panama's exports of raw bovine and equine hides and skins in value terms. Mexico accounted for 34.4% of exports, Indonesia for 30.2%, and Guatemala for 29.5%, together making up 94.2% 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 raw bovine and equine hides and skins to Panama

Imports in kind, kg

Panama's imports of raw bovine and equine hides and skins in volume terms showed steady growth from 2017 to 2019. In 2019, imports totaled 1,922 kilograms, remaining relatively stable compared to 2018. Over the entire period from 2017 to 2019, imports increased by 367.7%, equivalent to an annualized growth rate of 67.2%.

Annual dynamics of product's imports to Panama in kind, 2017-2020, kg

From 2017 to 2020, Colombia and Costa Rica were the leading sources for Panama's imports of raw bovine and equine hides and skins in volume terms. Colombia accounted for 2.1% of total imports, while Costa Rica made up 1.4%.

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

Panama's imports of raw bovine and equine hides and skins in value terms grew consistently from 2017 to 2019. In 2019, imports amounted to $1,500 US, showing little change from 2018. Over the three-year period, imports increased by 184.9%, with a compound annual growth rate of 41.8%.

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

From 2017 to 2020, Spain, Colombia, and Costa Rica were the main sources for Panama's imports of raw bovine and equine hides and skins in value terms. Spain accounted for 17.7% of imports, Colombia for 8.2%, and Costa Rica for 8.2%, together representing 34.2% of total import value.

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

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