Spices; Saffron Price in Panama - 2023
Contents:
- Spices; Saffron Price in Panama (CIF) - 2022
- Spices; Saffron Price in Panama (FOB) - 2022
- Spices; Saffron Imports in Panama
- Spices; Saffron Exports in Panama
Spices; Saffron Price in Panama (CIF) - 2022
The average spices; saffron import price stood at $5,883 per ton in 2022, with a decrease of -6.5% against the previous year. Overall, the import price, however, recorded a resilient expansion. The growth pace was the most rapid in 2017 an increase of 34% against the previous year. The import price peaked at $6,417 per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.
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 the United States ($7,418 per ton), while the price for Free Zones ($1,959 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+11.8%), while the prices for the other major suppliers experienced mixed trend patterns.
Spices; Saffron Price in Panama (FOB) - 2022
The average spices; saffron export price stood at $11,939 per ton in 2020, increasing by 24% against the previous year. Overall, the export price, however, saw a slight descent. The most prominent rate of growth was recorded in 2016 an increase of 49%. Over the period under review, the average export prices hit record highs at $13,667 per ton in 2012; however, from 2013 to 2020, 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 Trinidad and Tobago.
From 2012 to 2020, the rate of growth in terms of prices for Guatemala amounted to 0.0% per year.
Spices; Saffron Imports in Panama
In 2022, the amount of spices; saffra imported into Panama expanded rapidly to 9.1 tons, surging by 5.3% compared with the previous year's figure. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 15% against the previous year. As a result, imports reached the peak of 11 tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.
In value terms, spices; saffron imports declined slightly to $53K in 2022. Over the period under review, imports, however, continue to indicate a noticeable shrinkage. The pace of growth appeared the most rapid in 2020 with an increase of 15% against the previous year. As a result, imports attained the peak of $68K. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.
| Import of Spices; Saffron in Panama (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 49.6 | 50.0 | 38.5 | 32.4 | -13.2% |
| Spain | 6.7 | 13.6 | 12.3 | 17.4 | 37.5% |
| Free Zones | 1.5 | 2.5 | 1.7 | 3.7 | 35.1% |
| Brazil | 1.4 | 1.8 | 1.0 | N/A | -15.5% |
| Others | N/A | N/A | 0.8 | N/A | 0% |
| Total | 59.2 | 67.9 | 54.3 | 53.5 | -3.3% |
Top Suppliers of Spices; Saffron to Panama in 2022:
- United States (4.4 tons)
- Spain (2.8 tons)
- Free Zones (1.9 tons)
Spices; Saffron Exports in Panama
In 2022, shipments abroad of spices; saffra decreased by 0% to less than 0.1 kg, falling for the second year in a row after two years of growth. In general, exports recorded a significant increase. The pace of growth appeared the most rapid in 2020 when exports increased by 38%. As a result, the exports attained the peak of 180 kg. From 2021 to 2022, the growth of the exports remained at a lower figure.
In value terms, spices; saffron exports fell modestly to $2.2K in 2022. Over the period under review, total exports indicated strong growth from 2019 to 2022: its value increased at an average annual rate of +19.9% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +72.2% against 2019 indices. The pace of growth appeared the most rapid in 2020 with an increase of 72% against the previous year.
| Export of Spices; Saffron in Panama (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | CAGR, 2019-2020 | ||
| Trinidad and Tobago | N/A | 1.2 | 0% | ||
| Others | 1.3 | 1.0 | -23.1% | ||
| Total | 1.3 | 2.1 | 61.5% | ||
Top Export Markets for Spices; Saffron from Panama in 2022:
- Trinidad and Tobago (180.0 kg)
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