Market research

Wood fuel market in Panama

Release date: Mar 30, 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

Panama's wood fuel market experienced a steady decline from 2018 to 2023, with market volume falling from 1 006 thousand m³ to 938 thousand m³, a drop of approximately 6.8% over the period. Production, which constitutes nearly the entire market, decreased each year, most notably in 2020 when the COVID-19 pandemic reduced overall energy demand and contributed to a 1.4% contraction in wood fuel output.

The downward trend persisted through 2021–2023, with annual declines of 1.3–1.5%. Despite global energy market disruptions, including the post-pandemic recovery in 2021 and the sharp rise in fossil fuel prices following the Russia-Ukraine war in 2022, wood fuel production continued to shrink, suggesting longer-term structural factors at play in Panama's biomass energy 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, K m³
  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, K m³
  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, K m³
  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, m³
    1. 6.1.2.1. Annual dynamics of product's exports from Panama in kind, 2018-2024, m³
    2. 6.1.2.2. Dynamics of product's exports in kind from Panama by countries, 2018-2024, m³
    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/m³
    1. 6.1.4.1. Annual dynamics of average price of product's exports from Panama, 2018-2024, $ US/m³
    2. 6.1.4.2. Dynamics of average price of product's exports from Panama by countries, 2018-2024, $ US/m³
2. 6.2. Exports (Mirror Data)
  1. 6.2.1. Exports - Total information
  2. 6.2.2. Exports in kind, m³
    1. 6.2.2.1. Annual dynamics of product's exports from Panama in kind, 2018-2024, m³
    2. 6.2.2.2. Dynamics of product's exports in kind from Panama by countries, 2018-2024, m³
    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/m³
    1. 6.2.4.1. Annual dynamics of average price of product's exports from Panama, 2018-2024, $ US/m³
    2. 6.2.4.2. Dynamics of average price of product's exports from Panama by countries, 2018-2024, $ US/m³
7. Imports
1. 7.1. Imports (Direct Data)
  1. 7.1.1. Imports - Total information
  2. 7.1.2. Imports in kind, m³
    1. 7.1.2.1. Annual dynamics of product's imports to Panama in kind, 2018-2024, m³
    2. 7.1.2.2. Dynamics of product's imports in kind to Panama by countries, 2018-2024, m³
    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/m³
    1. 7.1.4.1. Annual dynamics of average price of product's imports to Panama, 2018-2024, $ US/m³
    2. 7.1.4.2. Dynamics of average price of product's imports to Panama by countries, 2018-2024, $ US/m³
2. 7.2. Imports (Mirror Data)
  1. 7.2.1. Imports - Total information
  2. 7.2.2. Imports in kind, m³
    1. 7.2.2.1. Annual dynamics of product's imports to Panama in kind, 2018-2024, m³
    2. 7.2.2.2. Dynamics of product's imports in kind to Panama by countries, 2018-2024, m³
    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/m³
    1. 7.2.4.1. Annual dynamics of average price of product's imports to Panama, 2018-2024, $ US/m³
    2. 7.2.4.2. Dynamics of average price of product's imports to Panama by countries, 2018-2024, $ US/m³
8. Trade balance
1. 8.1. Trade balance (Direct Data)
  1. 8.1.1. In kind, m³
  2. 8.1.2. In value, K $ US
2. 8.2. Trade balance (Mirror Data)
  1. 8.2.1. In kind, m³
  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 wood fuel in Panama

In kind, 2017-2020, K m³

Top producers of wood fuel, 2017-2020

Source: SHEV.io

World map of production of wood fuel, 2017-2020

Source: SHEV.io

Panama's wood fuel production has declined for the third year in a row. In 2020, the country produced 976 K m³ of wood fuel, which is 1.4% less than in 2019. From 2017 to 2020, production fell by 4.3%, averaging an annual decrease of 1.5%.

Annual dynamics of production in Panama in kind, 2017-2020, K m³

Parameter		2018	2019	2020	CAGR
1	Change from last year	(1.5%)	(1.5%)	(1.4%)	(1.5%)

Source: SHEV.io

Exports wood fuel from Panama

Exports in kind, m³

The market showed significant fluctuations during this period. Export volumes reached their lowest point in 2019 at 151 m³, then peaked in 2020 at 418 m³, representing a 2.8-fold increase. The 2020 figure was 176.9% higher than the previous year. The largest decline occurred in 2019, dropping by 56.1%.

Annual dynamics of product's exports from Panama in kind, 2017-2020, m³

Parameter		2018	2019	2020	CAGR
1	Change from last year	3.9%	(56.1%)	176.9%	8.1%

Source: SHEV.io

From 2017 to 2020, the Dominican Republic, Canada, and Venezuela were the three largest markets for Panama's wood fuel exports in kind, collectively accounting for 73.1% of total export flows.

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

The market exhibited considerable volatility over these years. Export values hit their lowest in 2019 at 41 K $ US, then surged to a peak of 159 K $ US in 2020, marking a 3.9-fold rise. The 2020 value showed a sharp year-on-year increase of 288.5%. The steepest decline was in 2019, falling by 67.3%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	21.1%	(67.3%)	288.5%	15.4%

Source: SHEV.io

Throughout 2017–2020, the Dominican Republic (50.3% of export value), Canada (14.2%), and Venezuela (9.0%) remained the primary markets for Panama's wood fuel exports in value terms, together making up 73.4% 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 wood fuel to Panama

Imports in kind, m³

Panama's wood fuel imports have fallen for the third consecutive year. In 2020, the country imported approximately 1 085 m³ of wood fuel, a substantial drop of 24.3% from the previous year. Between 2017 and 2020, imports decreased by 37.8%, averaging an annual decline of 14.7%.

Annual dynamics of product's imports to Panama in kind, 2017-2020, m³

Parameter		2018	2019	2020	CAGR
1	Change from last year	(6.3%)	(12.4%)	(24.3%)	(14.7%)

Source: SHEV.io

From 2017 to 2020, the United States (44.0% of import volume), Venezuela (10.1%), and Vietnam (9.3%) consistently served as the main sources for Panama's wood fuel imports in kind, collectively representing 63.4% of total import 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's wood fuel import value has declined for the third year in a row. In 2020, imports totaled 1 085 K $ US, showing a solid contraction of 13.6% compared to 2019. From 2017 to 2020, import value fell by 43.9%, with an average annual decrease of 17.5%.

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

Parameter		2018	2019	2020	CAGR
1	Change from last year	(26.1%)	(12.3%)	(13.6%)	(17.5%)

Source: SHEV.io

Throughout 2017–2020, the United States (61.2% of import value), Vietnam (6.0%), and Venezuela (5.9%) played leading roles in Panama's wood fuel imports in value terms, together accounting for 73.1% 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