Semi-milled or wholly milled rice market in Panama

Earlier Report Observations

From 2018 to 2021, the market volume for semi-milled or wholly milled rice in Panama contracted from 360 thousand tons to 243 thousand tons, primarily due to a sharp decline in imports from 88 thousand tons to 11 thousand tons. Domestic production remained relatively stable around 274-275 thousand tons until 2020, then dropped to 232 thousand tons in 2021 before recovering.

The market rebounded in 2022 and 2023, reaching 294 thousand tons in 2023, as production rose to 293 thousand tons. This growth was supported by the planned sowing of 92,757 hectares for the 2023-2024 agricultural year and maintained rice subsidies, which encouraged domestic output. Despite external challenges like drought affecting the Panama Canal and high international prices, coordination between the Ministry of Agricultural Development and the Agricultural Marketing Institute helped stabilize supply.

In August 2024, a significant regulatory change occurred when rice was excluded from price controls, ending a decade-long policy. This move aims to allow market-driven pricing, while initiatives to promote low-carbon rice and technological adoption seek to enhance future productivity.

Production semi-milled or wholly milled rice in Panama

In kind, 2017-2020, K t

Top producers of semi-milled or wholly milled rice, 2017-2020

World map of production of semi-milled or wholly milled rice, 2017-2020

Panama's production of semi-milled or wholly milled rice declined after two consecutive years of growth. In 2020, output reached 274.0 K t, showing little change from the previous year. Production peaked in 2019 at 275.5 K t. Over the period from 2017 to 2020, production increased by 13.6%, which translates to an average annual growth rate of 4.3%. The most significant year-on-year increase occurred in 2018, when production rose by 13.6%.

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

In value, 2017-2020, M $ US

Panama's production of semi-milled or wholly milled rice declined for the second year in a row. In 2020, the value of this output was 215.1 M $ US, representing a moderate decrease of 6.1% compared to 2019. The highest value was recorded in 2018 at 258.0 M $ US. From 2017 to 2020, production value increased by 11.4%, with a compound annual growth rate of 3.7%. The largest decline occurred in 2019, when the value fell by 11.2%, while the most substantial increase was in 2018, with a 33.6% rise.

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

Exports semi-milled or wholly milled rice from Panama

Exports in kind, t

The export market for semi-milled or wholly milled rice showed significant volatility during the observed period. Exports reached their lowest point in 2019 at 203 t, then rebounded to 562 t in 2020, marking a 176.4% increase from the previous year. From the peak in 2017 to the trough in 2019, exports changed by a factor of 23. The largest decline was recorded in 2019, when exports fell by 87.8%.

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

From 2017 to 2020, Venezuela was the dominant partner in Panama's exports of semi-milled or wholly milled rice in kind, accounting for 88.5% of total flows. Other markets held relatively modest shares during this period.

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 export market in value terms exhibited considerable volatility over these years. Exports hit their lowest point in 2019 at 169 K $ US, then increased to 441 K $ US in 2020, a gain of 161.0% from the previous year. The peak occurred in 2017, with a 22-fold difference between the high and low points. The largest decline was in 2019, when export value dropped by 89.2%.

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

In the period from 2017 to 2020, the geographical structure of exports in value terms was characterized by the strong dominance of Venezuela, which held an 88.4% share of total flows. Other partners accounted for relatively minor shares.

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

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

Imports semi-milled or wholly milled rice to Panama

Imports in kind, t

The import market for semi-milled or wholly milled rice displayed an unstable trend throughout the timeframe. Imports peaked in 2018 at 87 561 t, then fell to 13 742 t in 2020, a decrease of 75.5% from the previous year. Import levels fluctuated by a factor of 6.4 between the high in 2018 and the low in 2020. The largest increase was recorded in 2018, when imports rose by 74.4%.

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

From 2017 to 2020, Guyana, the United States, and Paraguay were the main contributors to Panama's imports of semi-milled or wholly milled rice in kind. Guyana accounted for 47.1% of imports, the United States for 24.9%, and Paraguay for 12.7%, together making up 84.6% of total 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

The import market in value terms showed signs of volatility over the observed period. Imports reached their maximum in 2018 at 44 440 K $ US, then declined to 7 754 K $ US in 2020, reflecting a contraction of 71.0% from the previous year. The span from 2018 to 2020 saw a peak-to-trough amplitude of 5.7 times. The largest increase occurred in 2018, with a 93.1% rise.

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

In the years 2017 to 2020, Guyana, the United States, and Brazil were the primary markets for Panama's imports of semi-milled or wholly milled rice in value terms. Guyana held a 49.8% share, the United States 23.7%, and Brazil 11.8%, collectively accounting for 85.3% of total flows.

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

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