International visitor arrivals increased by 84.4% during the first quarter of the year, compared to 2022, with tourism revenue reaching US$1,479.7 million, an increase of 32.6% compared to the same period last year.
A total of 786,854 visitors entered through the main ports of entry, which represents an increase of 84.4% compared to the same period in 2022.
He Tocumen International Airport and the main port of entry saw a 40.3% increase compared to 2022, while the Paso Canoas border saw a 32.0% increase, cruise ship ports increased by 557.1% and other ports saw an increase of 148 .4%.
According to preliminary data from Panama Tourism Authority (ATP) the percentage of hotel occupancy was about 61.0%, since out of 32,000 hotel rooms, there are about 9,000 rooms that are out of inventory because there are not enough visitors, and some hotels are used for patients with covid 19.
Foreign exchange revenues realized in the period from January to March 2023 amounted to USD 1,479.7 million without international transport, in contrast to 2022 with USD 1,115.5 million, i.e. about 364.2 million more than the previous year, which represents a percentage increase of 32.6%, compared to the analogue from 2022.
The average length of stay of visitors in Panama is approximately 8 days and they spend an average of $1,880 per stay and about $235 per day.
Visitors from South America Those who entered through Tocumen International Airport in the period from January to March 2023 represent 34.0% of the total, followed by: North America 31.7%, Europe 17.8%, Central America 7.5%, Antilles 3 .5% and Asia 4.8%.
These figures show an increase in international visitor arrivals in the following regions: Antilles 32.0%, North America 63.7%, Oceania 109.0%, Africa 28.7%, Europe 37.0% and Central America 15.2%, Asia 75.3% and South America 27.9%. %.
In the meantime, North America region increased by 63.7% and an absolute variation of 58,269 more visitors compared to 2022.
The representativeness of the North American markets for the period from January to March 2023 consists of: the United States of America with 116,519 visitors 56.6%, Mexico with 15,619 visitors 64.1%, and Canada with 17,613 visitors 133.3%. The following table shows the most representative markets for the observed period.
Neighbors from Central America also contributedNot
Visitor arrivals from Central America represented an increase of 15.2% during the period January to March 2023. Total visitor arrivals in 2023 were 35,573 versus 30,870 in 2022 with an absolute variation of 4,703 more visitors compared to the previous years.
From Central America, Costa Rica is the country that brings the most visitors to Panama with 11,274 visitors, followed by Honduras with 7,052 visitors, Guatemala with 7,862 visitors, Nicaragua with 4,072 visitors, El Salvador with 5,033 visitors and Belize with 280 visitors.
Performance
Promtur Panama He estimates that Panama will increase its score every year, manage to take fourth place in 2025 against the competitive set, as long as there is constant promotion with a budget of at least 20 million dollars per year.
The economic impact target for 2023 is $1.8 billion with direct marketing targeting $208 million, alliances with airlines, online travel agencies and wholesalers targeting $1.529 million, MICE events targeting $63 million.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
