Panama wood in luxury European yachts

Since 2019, copper has made a strong entry to give a new face Panamanian exportsfrom $1.339 million to $3.303 million in four years, however, beyond this metal there is a wider and more diverse offer for export.

This is how he describes it, Víctor Pérez III, President of the Panamanian Association of Exporters (Apex), who emphasized that even in the years of the pandemic, exports can be maintained at a positive rate.

He growth last year was 18% excluding copper and 34% between 2020 and 2022, the highest figure in the last 12 years according to Ministry of Trade and Industry (Mici).

Among the products that contributed strongly to exports was palm oil, which grew from $15.5 million in 2017 to $45.8 million in November 2022, according to statistics from the department Statistics and economic analyzes of the assistant of the Ministry of Foreign Trade.

There was also a boom in pharmaceutical exports, from USD 3.2 million to USD 43.7 million in the period described above, while shrimp recovered from USD 58.2 million in November 2022, shipped from First time in the Bahamas.

Engineer Pérez III he highlighted the product that has developed in its export ecosystem, which is wood.

The wood that was previously exported was 100% raw material, in a pound, for processing in Asia. Now it is exported cut to specialized markets, such as yacht flooring production in Europe.‘

10%

Exports of wood were growing, destined for Germany, Italy and the United States.

14%

the export of fresh bananas decreased.

For the first time, in 2022, Panamanian wood, whose exports increased by 10%, reached Germany, Italy and the United States of America.

“The idea is to export our productsover time to move from the export of raw materials or raw materials to the export of finished or semi-finished products”, said the president of Apex.

These numbers managed to cover other traditional foods that have not fared well in recent months, such as fresh bananas, which fell by 14 percent. fish and fish fillets, with a decrease of 3.5% and fats and fish oil, which fell by 37%.

The power of free zones

From the colon-free zone dedicated to re-export, the other free zones are devoted to the processing of raw materials and the production and export of goods, as happened, for example, Panama Pacifico, Panapark, in Panama East, and others located inland.

“They are the engine for creating jobs and strengthening our export ecosystem,” said Pérez III.

A surprising case occurs in Pesé Free Zone, where Flor de Caña rum, originating from Nicaraguaestablished a center to strengthen its packaging and aging with the aim of export.

“Panama is becoming the center of rum packaging,” says the exporter, who also mentions experience Diplomático Rum, from Venezuelawhich has its installation in Panapark, where it ripens your product, and then package it and export it all over the world.

This allowed rum to become a product Exports of Panama, with a growth of 47% in the last four years and entry into new markets like Belgium and Portugal.

the role they are playing free zones means they are included in the Panamanian export figures.

According to the numbers Preliminary Reports of the Chief Superintendent, Exports of Manufactured Goods within free zones and Panama Pacific totals $196 million.

This would mean that if these numbers are included, national exports without copper would be $989 millionclose to the billion dollar threshold.

“It’s important that domestic and foreign investments see that exporting from Panama is easythat it is a friendly country with export processes, which requires the work of the private sector to generate investments and use them,” he said Apex Manager.

meanwhile, from Deputy Minister of Foreign Trade, It was announced that among the activities being held to continue increasing exports is the strengthening of traditional exports and the continued promotion of the diversification of the export offer with added value.

According to Pérez III, it is a joint effort of the export sector to bring current and future needs closer together opportunities on the international market and the government believes infrastructure and regulations to ensure that this opportunity is capitalized on.