Price for Cocoa; Paste, Wholly or Partly Defatted in Panama - 2023

Price for Cocoa; Paste, Wholly or Partly Defatted in Panama (CIF) - 2022

The average import price for cocoa; paste, wholly or partly defatted stood at $3,952 per ton in 2022, shrinking by -2.9% against the previous year. Over the period under review, the import price continues to indicate a deep reduction. The most prominent rate of growth was recorded in 2020 an increase of 76%. As a result, import price reached the peak level of $6,448 per ton. From 2021 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Ecuador ($7,336 per ton), while the price for Colombia totaled $3,880 per ton.

From 2014 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (-2.1%), while the prices for the other major suppliers experienced a decline.

Price for Cocoa; Paste, Wholly or Partly Defatted in Panama (FOB) - 2022

In 2022, the average export price for cocoa; paste, wholly or partly defatted amounted to $2,920 per ton, dropping by -10.9% against the previous year. Over the period under review, the export price continues to indicate a deep reduction. The most prominent rate of growth was recorded in 2016 an increase of 20%. The export price peaked at $6,316 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Uruguay.

From 2012 to 2022, the rate of growth in terms of prices for Uruguay amounted to -7.5% per year.

Imports of Cocoa; Paste, Wholly or Partly Defatted in Panama

In 2022, imports of cocoa; paste, wholly or partly defatted into Panama skyrocketed to 48 tons, growing by 57% on the year before. In general, imports posted significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of cocoa; paste, wholly or partly defatted skyrocketed to $189K in 2022. Overall, imports recorded a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 82%. Over the period under review, imports of reached the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Import of Cocoa; Paste, Wholly or Partly Defatted in Panama (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Colombia	26.7	156	118	182	89.6%
Ecuador	1.3	12.1	5.4	7.3	77.7%
Indonesia	64.2	N/A	N/A	N/A	0%
Others	1.4	3.1	0.6	N/A	-34.5%
Total	93.7	171	124	189	26.3%

Top Suppliers of Cocoa; Paste, Wholly or Partly Defatted to Panama in 2022:

Colombia (46.9 tons)
Ecuador (1.0 tons)

Exports of Cocoa; Paste, Wholly or Partly Defatted in Panama

For the fourth consecutive year, Panama recorded growth in shipments abroad of cocoa; paste, wholly or partly defatted, which increased by 8.5% to 539 kg in 2022. The total export volume increased at an average annual rate of +7.7% over the period from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 8.5%. Over the period under review, the exports of reached the peak figure in 2022 and are likely to continue growth in years to come.

In value terms, exports of cocoa; paste, wholly or partly defatted contracted modestly to $1.6K in 2022. The total export value increased at an average annual rate of +2.4% over the period from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2021 when exports increased by 7.2% against the previous year. As a result, the exports reached the peak of $1.6K, and then fell in the following year.