Panama Economy and Exports
Bananas remained the leading product, representing 15.3% of total exports, followed by frozen shrimp with 10.2%, medicines (antihistamines and antipyretics) with 7.9%, raw teak with 7.3%, iron or steel waste with 5.4% and crude palm oil with 3.8%. Panama achieved a record in accumulated exports as of the first quarter of 2024, with $1.2 billion, where seafood, meat, cardboard, packaging and coffee products stood out. Panamanian companies want to expand their presence in Europe and the Caribbean. Without copper, Panamanian exports up to March 2024 grew by 13% compared to the first quarter of 2023, an increase of 13%, said Francisco Mola Ortega, vice minister of Foreign Trade of the Ministry of Commerce and Industries (Mici). “We just broke record numbers. Reaching almost $1.2 billion, we achieved a 13% increase,” she said. Mola Ortega indicated that among the range of products that Panama offers are: seafood products, meat products, cardboard, packaging and coffee. “Actually we have a fairly wide range of products,” said the vice minister while participating in the launch of the recognition of the National Accreditation Council (CNA). Data until last February indicate that exports of Panamanian goods amounted to $170.3 million, of which $122.4 million correspond to exports registered by the agricultural, agro-industrial, industrial and fishing sectors and $47.9 million to value-added exports from special regimes, being the second highest value recorded since 2010.
According to the latest report published by the Commercial Intelligence Office (Intelcom) of the Mici, based on data from the National Institute of Statistics and Census of the Comptroller’s Office, the performance of January and February reflected an increase of more than 9%, compared to the same period of 2023, which recorded exports of $150.4 million. Other products that, for the first time, were exported were glass cleaners or degreasers based on quaternary ammonium and pastes, powders and other scouring preparations. Accumulated data suggest that the main destinations of Panamanian exports were: Netherlands, with $18.8 million; Taiwan, with $15.5 million and the United States, with $15.1 million. Just as exports grow, Panamanian companies are also looking for new markets, especially the European bloc and the Caribbean. Businesses such as Formetal, SA, and Ecotopia Teak plan to expand their marketing in these regions, according to what their managers told the Mici team, which carries out the “Knowing Your Exporter” program. “The Caribbean, for example, is a natural market for us and there are great possibilities for our companies in the industrial, agro-industrial, fishing and agricultural sectors. We continue to promote exports to this destination to make ourselves known and we continue to raise our hands saying that Panama has the technology, production and logistics to be an important player in that region,” said Eric Dormoi, National Director of Export Promotion at Mici.
During a tour of the company Formetal, SA, the Mici representative also highlighted the trajectory of this exporter, with a presence in more than five countries, dedicated to the manufacture of metal-based products such as iron and steel doors, aluminum profiles, steel, light steel structures, roofs, among others. “We held a meeting with the general manager, Esteban Lam, and the export manager, Alejandro Bistrain, where they informed us that they will soon be opening to two new markets in the Caribbean. Excellent news, without a doubt,” he said. Meanwhile, the institution’s team visited the Ecotopia Teak plant, an FSC-certified teak wood reforestation company, located in Chepo, east of Panama City, which recently inaugurated its new teak classification and measurement line by means of laser. This technology is the first in the region, which marks a transcendental milestone in terms of production and export, since its value-added products reach Germany, Denmark and, soon, other countries in the European Union. “Exporting added value is the way. Giving added value to our raw materials diversifies the country’s exportable offer and increases our numbers. So far in 2024, teak wood had a growth of more than 70% versus the same period in 2023, presenting a significant recovery,” said Dormoi. Through the “Meet your Exporter” program, Mici experts have visited more than 100 companies, between 2019 and 2024, from different productive sectors, being a successful initiative to support exporters in the national territory. Netherlands, with $18.8 million; Taiwan, with $15.5 million and the United States, with $15.1 million.
