Product Diversification Boosts Panamanian Exports

From January to date, Panamanian exports grew 7% compared to 2023. The Ministry of Commerce and Industry (MICI) projects that by the end of the year, exports will reflect an upturn that is expected to exceed $1.25 billion, which represents an increase of 5% compared to the previous year.

“This shows the high potential of our exportable offer, whose diversification and production with added value has had a positive impact on its performance,” said Eric Dormoi, National Director of Export Promotion at MICI.

Bananas, frozen shrimp, palm oil and fish oil are some of the products that have performed best during 2024. As for the growing sectors, Dormoi mentioned fishing, aquaculture and agro-industry.

The main markets for Panamanian exports are the United States, the Netherlands and Asian countries. On the other hand, “products from the industrial and agro-industrial sectors are being well received, mainly in the Caribbean,” he explains.

According to Ricardo García Salas, president of the Non-Traditional Agro-Exporters Group of Panama (Gantrap), the non-traditional product that is exported the most is watermelon, followed by pineapple and squash. Next are melon and papaya, the latter of which is just beginning to be produced. Other products are also exported, although in smaller volumes, such as ginger and cassava.