High demand for products such as shrimp, cane sugar, fish oil, fish meal and antihistamine medicines, among others, boosted exports of Panamanian goods
Panama’s total exports (without copper) totaled $860.6 million during the first eight months of 2024, according to a recent report by the Trade Intelligence Office (Intelcom).
Of this total, $637.3 million corresponds to exports of registered goods, an increase of 0.6%, compared to the same period of 2023 ($633.4 million).
Another $223.2 million is value-added exports from special regimes (free zones and the Panama Pacific Special Economic Area).
According to the statistical report, the latter were the ones with the best performance, with an increase of $38.8 million, representing a growth of 21 percent compared to the same period of 2023, when they reached $184.5 million.
Overall, total exports exceeded $42.5 million and a percentage increase of 5.2 percent the figure recorded in August 2023, which was $817.9 million, the report shows.
The export result is the result of high demand for products such as shrimp, cane sugar, fish oil, fish meal and antihistamine drugs, which have shown sustained growth of more than 3 per cent, Intelcom’s report says.
In addition, public-private efforts have been made to reach new markets and expand Panama’s export offer, said Eric Dormoi, national director of Export Promotion at the Ministry of Commerce and Industries (MICI).
Between January and August, bananas remained the main export product, representing 13.8 per cent of the total. This is followed by frozen shrimp (8.6 per cent), cane sugar (7.1 per cent), fish fats and oil (5.9 per cent), palm oil (4.7 per cent), iron or steel waste (4.4 per cent), raw teak (4.0 per cent), fish flour (3.7 per cent), decaffeinated coffee (3,0 %) and antihistamine and antipyretic medicines (2.8 per cent).
For its part, the United States continued to mark as the main destination for Panamanian exports, with $129.2 million, followed by the Netherlands, with 87.8 million; Taiwan with $67 million; India with $37.5 million; China with $34.8 million; Columbus Free Zone with $27.2 million; Costa Rica with $26.2 million); Denmark with $25.9 million; Mexico, with $23.8 million; and the United Kingdom with $17.7 million.
In addition, 78.3 per cent of the accumulated exports were allocated to countries with which Panama has existing trade agreements.
With regard to trade blocs, the European Union ranks first, followed by the Central American Common Market and the Latin American Integration Association.
This article has been translated after first appearing in La Estrella