Rice market in Panama

Earlier Report Observations

From 2018 to 2020, Panama's rice market volume experienced significant shifts, largely driven by import fluctuations. In 2018, high imports, which grew 56% in the first half of the year, contributed to a market size of 534.7 thousand tons. By 2019, increased production costs pressured the sector, coinciding with reduced imports and a market drop to 472.4 thousand tons. In 2020, the implementation of state policies that declared rice a national food security crop supported expanded cultivated area and milling capacity, helping the market recover to 536.3 thousand tons.

After 2020, market volume fell to 441.1 thousand tons in 2021 amid a sharp import contraction. The market then rebounded, reaching 488.8 thousand tons in 2022 and 589.3 thousand tons in 2023. The 2023 growth occurred as imports surged to 192.3 thousand tons, while local production declined due to higher costs per hectare and lower yields. Concurrently, state-subsidized rice fairs faced supply shortages, reflecting market tensions.

By 2024, the government imported additional rice to ensure supply, eliminated price controls after a decade of regulation to correct market distortions, and promoted low-carbon rice. Cultivated area expanded to 99 thousand hectares, a 65% increase since 2015, although drought affecting the Panama Canal region complicated logistics and influenced international prices.

Production rice in Panama

In kind, 2017-2020, K t

Top producers of rice, 2017-2020

World map of production of rice, 2017-2020

Panama's rice production has increased for the third consecutive year. In 2020, the country produced 391.6 thousand tons of rice, marking a modest increase of 5.2% compared to 2019. Looking at the period from 2017 to 2020, production grew by 23.8%, which translates to an average annual growth rate of 7.4%.

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

In value, 2017-2020, M $ US

After rising for two years, rice production in Panama declined in value terms. In 2020, the output was valued at 248.3 million US dollars, representing a significant decrease of 16.3% from 2019. The highest value was recorded in 2019 at 296.8 million US dollars, while the largest increase occurred in 2018 with a 16.5% rise.

Annual dynamics of production in Panama in value, 2017-2020, M $ US

Exports rice from Panama

Exports in kind, K t

The market displayed volatility during the observed period. Exports reached their lowest point in 2019 at 0.4 thousand tons and peaked in 2017, showing a 16-fold difference between these years. In 2020, Panama exported 1.6 thousand tons of rice, which corresponds to a substantial increase of 292.9% compared to 2019. The largest decline was recorded in 2019 at 84.4%.

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

From 2017 to 2020, Venezuela was the leading destination for Panama's rice exports in volume terms, accounting for 84.9% of total flows. The remaining exports were distributed among other trading partners.

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 market showed an unstable trend throughout this timeframe. Exports hit their lowest point in 2019 at 319 thousand US dollars and peaked in 2017, with a 16-fold gap between these years. In 2020, Panama's rice export value reached 996 thousand US dollars, reflecting a sharp year-over-year increase of 212.5%. The largest decline was recorded in 2019 at 85.0%.

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

During the 2017–2020 period, Venezuela dominated Panama's rice exports in value terms, capturing 84.5% of total flows. The rest was fragmented across other markets.

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

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

Imports rice to Panama

Imports in kind, K t

The data reveals irregular changes, indicating a volatile market environment. Imports fell to their lowest point in 2017 and peaked in 2018, with a 2.6-fold variation between these years. In 2020, Panama's rice import volume totaled 146.2 thousand tons, reflecting a steep increase of 45.5% compared to the previous year. The maximum value was recorded in 2018 at 187.1 thousand tons. The largest decline occurred in 2019 at 46.3%, while the largest increase was in 2018 at 163.2%.

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

From 2017 to 2020, the United States (29.4% of imports in volume), Guyana (26.6%), and Uruguay (21.9%) were the principal sources for Panama's rice imports. Together, these three countries accounted for 77.8% of total import flows.

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

Volatility characterized the market behavior during these years. Imports varied from a low in 2017 to a high in 2018, showing a 2.8-fold difference. In 2020, Panama's rice import value reached 59 892 thousand US dollars, which is 43.9% higher year-over-year. The maximum value was recorded in 2018 at 80 464 thousand US dollars. The largest decline occurred in 2019 at 48.3%, while the largest increase was in 2018 at 175.2%.

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

In the 2017–2020 period, three principal markets — Guyana, the United States, and Uruguay — together accounted for 78.2% of the total value of rice imports 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