Market research

Soybean oil and fractions market in Panama

$Soybean oil and fractions market in Panama$

Release date: Mar 28, 2026

Submission: 15 minutes after payment

Research period: 2017-2025

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File format: docx, xlsx

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Earlier Report Observations

The market for soybean oil in Panama showed considerable volatility from 2018 to 2023. Consumption dropped from 41 752 t in 2018 to 35 065 t in 2020, then rebounded strongly to 42 752 t in 2021 and reached a high of 45 378 t in 2022. The following year brought a decline to 39 719 t.

By 2024, import volumes rose sharply to 47 646 t. This movement occurred amid global vegetable oil supply constraints linked to the war in Ukraine, which pushed prices upward by over 20% in Panama. Local manufacturers responded to consumer interest in healthier profiles by offering refined soybean oil blends. Additionally, Panama's announced investment in a major lubricant recycling plant, set for 2025, reflects a broader shift toward circular economy practices that could impact the oil sector.

Table of content

1. Disclaimer
2. Terms of use of the report
3. Product codes in the statistical classifications used in the report
4. Key Market Indicators and Trends
1. 4.1. Key Market Indicators
  1. 4.1.1. In kind
    1. 4.1.1.1. Production, 2018-2023
    2. 4.1.1.2. Imports, 2018-2024
    3. 4.1.1.3. Exports, 2018-2024
    4. 4.1.1.4. Market size, 2018-2023
2. 4.2. Market Trends and Factors
5. Production
1. 5.1. Production in Panama
  1. 5.1.1. Annual dynamics of production in Panama in kind, 2018-2023, t
  2. 5.1.2. Annual dynamics of production in Panama in value, 2018-2023, $ US
2. 5.2. Global production by Country, 2018-2023
  1. 5.2.1. Annual dynamics of production by macroregions in kind, 2018-2023, t
  2. 5.2.2. Dynamics of production structure by macroregions in kind, 2018-2023
  3. 5.2.3. Annual dynamics of production by country in kind, 2018-2023, t
  4. 5.2.4. Structure of production by countries in kind, 2018-2023
  5. 5.2.5. Dynamics of peoduction structure by countries in kind, 2018-2023
6. Exports
1. 6.1. Exports (Direct Data)
  1. 6.1.1. Exports - Total information
  2. 6.1.2. Exports in kind, t
    1. 6.1.2.1. Annual dynamics of product's exports from Panama in kind, 2018-2024, t
    2. 6.1.2.2. Dynamics of product's exports in kind from Panama by countries, 2018-2024, t
    3. 6.1.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 6.1.3. Exports in value, K $ US
    1. 6.1.3.1. Annual dynamics of product's exports from Panama in value, 2018-2024, K $ US
    2. 6.1.3.2. Dynamics of product's exports in value from Panama by countries, 2018-2024, K $ US
    3. 6.1.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 6.1.4. Average price of product's exports, $ US/t
    1. 6.1.4.1. Annual dynamics of average price of product's exports from Panama, 2018-2024, $ US/t
    2. 6.1.4.2. Dynamics of average price of product's exports from Panama by countries, 2018-2024, $ US/t
2. 6.2. Exports (Mirror Data)
  1. 6.2.1. Exports - Total information
  2. 6.2.2. Exports in kind, t
    1. 6.2.2.1. Annual dynamics of product's exports from Panama in kind, 2018-2024, t
    2. 6.2.2.2. Dynamics of product's exports in kind from Panama by countries, 2018-2024, t
    3. 6.2.2.3. Structure of product's exports in kind by countries, 2018-2024
  3. 6.2.3. Exports in value, K $ US
    1. 6.2.3.1. Annual dynamics of product's exports from Panama in value, 2018-2024, K $ US
    2. 6.2.3.2. Dynamics of product's exports in value from Panama by countries, 2018-2024, K $ US
    3. 6.2.3.3. Structure of product's exports in value by countries, 2018-2024
  4. 6.2.4. Average price of product's exports, $ US/t
    1. 6.2.4.1. Annual dynamics of average price of product's exports from Panama, 2018-2024, $ US/t
    2. 6.2.4.2. Dynamics of average price of product's exports from Panama by countries, 2018-2024, $ US/t
7. Imports
1. 7.1. Imports (Direct Data)
  1. 7.1.1. Imports - Total information
  2. 7.1.2. Imports in kind, t
    1. 7.1.2.1. Annual dynamics of product's imports to Panama in kind, 2018-2024, t
    2. 7.1.2.2. Dynamics of product's imports in kind to Panama by countries, 2018-2024, t
    3. 7.1.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 7.1.3. Imports in value, K $ US
    1. 7.1.3.1. Annual dynamics of product's imports to Panama in value, 2018-2024, K $ US
    2. 7.1.3.2. Dynamics of product's imports in value to Panama by countries, 2018-2024, K $ US
    3. 7.1.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 7.1.4. Average price of product's imports, $ US/t
    1. 7.1.4.1. Annual dynamics of average price of product's imports to Panama, 2018-2024, $ US/t
    2. 7.1.4.2. Dynamics of average price of product's imports to Panama by countries, 2018-2024, $ US/t
2. 7.2. Imports (Mirror Data)
  1. 7.2.1. Imports - Total information
  2. 7.2.2. Imports in kind, t
    1. 7.2.2.1. Annual dynamics of product's imports to Panama in kind, 2018-2024, t
    2. 7.2.2.2. Dynamics of product's imports in kind to Panama by countries, 2018-2024, t
    3. 7.2.2.3. Structure of product's imports in kind by countries, 2018-2024
  3. 7.2.3. Imports in value, K $ US
    1. 7.2.3.1. Annual dynamics of product's imports to Panama in value, 2018-2024, K $ US
    2. 7.2.3.2. Dynamics of product's imports in value to Panama by countries, 2018-2024, K $ US
    3. 7.2.3.3. Structure of product's imports in value by countries, 2018-2024
  4. 7.2.4. Average price of product's imports, $ US/t
    1. 7.2.4.1. Annual dynamics of average price of product's imports to Panama, 2018-2024, $ US/t
    2. 7.2.4.2. Dynamics of average price of product's imports to Panama by countries, 2018-2024, $ US/t
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, t
  2. 8.1.2. In value, K $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, t
  2. 8.2.2. In value, K $ US
9. Top buying and selling countries, 2018-2024
1. 9.1. Direct Data
  1. 9.1.1. Import in Value by Countries-buyers
  2. 9.1.2. Export in Value by Countries-suppliers
2. 9.2. Mirror Data
  1. 9.2.1. Import in Value by Countries-buyers
  2. 9.2.2. Export in Value by Countries-suppliers

Production soybean oil and fractions in Panama

In kind, 2017-2020, t

Top producers of soybean oil and fractions, 2017-2020

Source: SHEV.io

World map of production of soybean oil and fractions, 2017-2020

Source: SHEV.io

Panama's production of soybean oil and fractions has been declining for three consecutive years. In 2020, the country produced 4 048 tonnes, marking a sharp contraction of 39.8% compared to 2019. Over the period from 2017 to 2020, production fell by 46%, with an annualized decline rate of 18.6%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(1.0%)	(9.5%)	(39.8%)	(18.6%)

Source: SHEV.io

In value, 2017-2020, K $ US

Panama's soybean oil and fractions production has declined for two consecutive years. In 2020, the output was valued at 4 085 thousand US dollars, representing an abrupt decline of 35.7% compared to the previous year. From 2017 to 2020, production decreased by 48.9%, with an annualized rate of 20.1%. The highest value was recorded in 2018 at 8 204 thousand US dollars, which also saw the largest increase of 2.6%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	2.6%	(22.6%)	(35.7%)	(20.1%)

Source: SHEV.io

Exports soybean oil and fractions from Panama

Exports in kind, t

Soybean oil and fractions exports from Panama have declined for three consecutive years. In 2020, Panama exported 25 tonnes, equivalent to a reduction of 63.8% compared to 2019. Between 2017 and 2020, exports decreased by 97.8%, equating to an annualized decline rate of 71.8%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(41.5%)	(89.4%)	(63.8%)	(71.8%)

Source: SHEV.io

From 2017 to 2020, Venezuela was the almost exclusive buyer of soybean oil and fractions from Panama, accounting for 94.4% of total exports in volume terms.

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

Source: SHEV.io

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

Source: SHEV.io

Exports in value, K $ US

Soybean oil and fractions exports from Panama have declined for three consecutive years. In 2020, exports totalled 25 thousand US dollars, down by 61.3% compared to the previous year. Between 2017 and 2020, exports decreased by 97.9%, with an annualized decline rate of 72.3%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(39.4%)	(90.9%)	(61.3%)	(72.3%)

Source: SHEV.io

Over the period 2017–2020, virtually all exports in value terms of soybean oil and fractions from Panama were associated with Venezuela, whose share reached 94.7% of total flows.

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

Source: SHEV.io

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

Source: SHEV.io

Imports soybean oil and fractions to Panama

Imports in kind, t

Soybean oil and fractions imports into Panama declined for the second consecutive year. In 2020, imports amounted to 31 042 tonnes, down by 1.4% compared to 2019. Between 2017 and 2020, imports increased by 14.1%, with an annualized growth rate of 4.5%. The highest volume was recorded in 2018 at 34 983 tonnes, which also saw the largest increase of 28.6%. In 2019, imports experienced the largest decline of 10.0%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	28.6%	(10.0%)	(1.4%)	4.5%

Source: SHEV.io

Throughout 2017–2020, Argentina, the United States, and Costa Rica were the key partners for imports in volume terms, accounting for 60.6%, 18.9%, and 8.0% of imports, respectively. Together, they made up 87.5% of total flows.

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

Source: SHEV.io

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

Source: SHEV.io

Imports in value, K $ US

Panama imported 34 170 thousand US dollars worth of soybean oil and fractions in 2020, up by 7.4% compared to the previous year. Over the period from 2017 to 2020, imports increased by 9.5%, with an annualized growth rate of 3.1%. The highest value was recorded in 2018 at 37 546 thousand US dollars, which also saw the largest increase of 20.3%. In 2019, imports experienced the largest decline of 15.3%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	20.3%	(15.3%)	7.4%	3.1%

Source: SHEV.io

Over 2017–2020, Argentina, the United States, and Costa Rica made the biggest contribution to imports in value terms, accounting for 56.6%, 20.9%, and 8.6% of imports, respectively. Jointly, they represented 86.1% of total flows.

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

Source: SHEV.io

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

Source: SHEV.io