In 2024, U.S. food and agricultural exports to Panama reached approximately $1.03 billion, maintaining its position as the United States’ 33rd largest export market and 6th largest in Latin America for consumer-oriented products. U.S. products are high in quality and are well accepted overall. The customs clearance process in Panama is relatively fast and trouble-free for U.S. exporters that comply with local requirements. Most consumer-oriented food imports in Panama are purchased through a local importers, distributors, or wholesalers. The primary products are soybean meal ($113.1 million); dairy products ($113 million); corn (108.5 million), beer ($93.7 million); wheat ($62.3 million); pork and pork products ($48.2 million); poultry meat and poultry products ($40.4 million). These figures reflect a steady demand for U.S. agricultural products in Panama, driven by the country’s preference for high-quality imports and its strategic location as a regional trade hub.
Table 1: Total Market size for agricultural products, US$ Million
(in US$ millions) | 2022 | 2023 | 2024 | 2025est |
Total Local Production | 200.0 | 210.0 | 220.0 | 230.0 |
Total Exports | 60.0 | 65.0 | 70.0 | 75.0 |
Total Imports | 310.0 | 320.0 | 330.0 | 340.0 |
Imports from the U.S. | 210.0 | 220.0 | 230.0 | 240.0 |
Exports to the U.S. | 27.0 | 30.0 | 33.0 | 36.0 |
Total Market Size | 450.0 | 465.0 | 480.0 | 495.0 |
Exchange Rate | 0 | 0 | 0 | 0 |
Data Sources: Dept. of Commerce, U.S. Bureau of the Census Trade Data. General Comptroller of Panama, National Institute of Statistics and Census.
Leading Sub-sectors
Panamanian consumers are demanding more convenience and healthy food products. This trend has resulted in good prospects for U.S. exports of fresh fruit (mainly apples, grapes, peaches, and pears); organic foods; healthy food products such as gluten-free, keto, low carb, low sodium, low sugar, low fat; processed fruits and vegetables (especially canned fruits); and snack foods (including corn chips, popcorn, cookies, and candies). Processed canned fruits and vegetables, especially mixed fruits, mixed vegetables, yellow sweet corn, peas, mushrooms, and garbanzo beans generate strong import demand as most of the food products found in the supermarkets are not processed locally.
Opportunities
Specialty food products, such as confections, cheese, coffee, wines, beers, snacks, spices, ethnic, natural, organic, fat-free, low sodium, lactose-free, gluten-free, and more represent the best prospects for U.S. exports to Panama due to the growing consumer demand.
Web Resources
- Dept. of Commerce, U.S. Bureau of the Census Trade Data:
- General Comptroller of Panama, National Institute of Statistics and Census
- Euromonitor International Database
- USDA Foreign Agricultural Service Reports
- U.S. Trade with Panama in 2022
Bulk Agricultural Products
U.S. exports of bulk agricultural products to Panama totaled $200 million in 2021, with 150 food-processing companies, the value of Panama’s food processing ingredients market is $135 million per year, with U.S. products holding 60 % of the market share. The sector includes dairy processors, meat and poultry product processors, fishery product processors, fruits processors, beverages and spirits makers, bakery processors, and snack producers. According to official figures and the Union of Industrialists of Panama (SIP), this sector had an estimated annual growth for 2024 at 12.0%. The production of beverages, including soft drinks and alcoholic beverages, is on track to grow by 5.5% in the coming year. Furthermore, the production of processed milk and sugar has been improving over the last few years.
Table 2: Bulk Agricultural Products Market Size
(in US$ millions) | 2022 | 2023 | 2024 | 2025est |
Total Local Production | 200.0 | 210.0 | 220.0 | 230.0 |
Total Exports | 60.0 | 65.0 | 70.0 | 75.0 |
Total Imports | 310.0 | 320.0 | 330.0 | 340.0 |
Imports from the U.S. | 210.0 | 220.0 | 230.0 | 240.0 |
Exports to the U.S. | 27.0 | 30.0 | 33.0 | 36.0 |
Total Market Size | 450.0 | 465.0 | 480.0 | 495.0 |
Exchange Rate | 0 | 0 | 0 | 0 |
Data Sources: Dept. of Commerce, U.S. Bureau of the Census Trade Data. General Comptroller of Panama, National Institute of Statistics and Census.
Leading Sub-sectors
U.S. exports of bulk agricultural products to Panama increased by 6.4% last year. Principal products in this category include yellow corn ($96.6 million), wheat ($58.4 million), and “paddy” rice ($17.5 million).
Opportunities
Yellow corn, wheat, paddy rice, soybeans, and pulses represent the best prospects of U.S. exports to Panama due to growing consumer demand and demand for animal feed for local production.
Resources
• Dept. of Commerce, U.S. Bureau of the Census Trade Data
• General Comptroller of Panama, National Institute of Statistics and Census
• Euromonitor International Database
• USDA Foreign Agricultural Service Reports
Intermediate Agricultural Products
U.S. exports of intermediate agricultural products to Panama totaled $118.4 million in 2019. High demand for soybean meals ($69.8 million) drives this sector, mainly used for poultry production, shrimp aquaculture, and pork production. All soybean meal imports are from the United States.
Table 3: Market Estimates, US$ millions
(in US$ millions) | 2022 | 2023 | 2024 | 2025est |
Total Local Production | 18.5 | 19.0 | 19.8 | 20.5 |
Total Exports | 17.8 | 18.2 | 18.5 | 19.0 |
Total Imports | 220.0 | 228.0 | 235.0 | 240.0 |
Imports from the U.S. | 155.0 | 160.0 | 165.0 | 170.0 |
Exports to the U.S. | 9.0 | 9.5 | 10.0 | 10.5 |
Total Market Size | 220.7 | 228.8 | 236.3 | 241.5 |
Exchange Rates | 0 | 0 | 0 | 0 |
Data Sources: Dept. of Commerce, U.S. Bureau of the Census Trade Data. General Comptroller of Panama, National Institute of Statistics and Census.
Leading Sub-sectors
Soybean meals and vegetable oil are the top products.
Opportunities
Soybean meal, vegetable oil, soybean oil, and distiller dried grains with soluble (DDGS) represent the best prospects of U.S. exports to Panama, mainly for animal feed.