Sector of Oil and its derivatives lead the list of products that Peru mainly exports to Panama in its traditional category.
According to a report by the Peruvian Foreign Trade Association (Comex), exports of these products in the traditional category to Panama recorded a value of USD 446 million during 2022.
It added that among the most prominent products are residue 6 (petroleum), at USD 423.5 million and an increase of 6% compared to 2021, and jet fuels for jet aircraft and airline turbines, at USD 22.5 million (+ 195%).
Panama is the fourth-largest export destination for hydrocarbon business over the past 12 months, behind only the United Kingdom, South Korea and Japan, according to the latest monthly trade report from Peru’s Ministry of Foreign Trade and Tourism. (Mincetur).
On May 1, eleven years have passed since the entry into force of the Free Trade Agreement between Peru and Panama.
Exports from Peru to Panama had a cumulative growth of 82.4%, with an average annual growth of 5.6%.
During the first two months of 2023, shipments to Panama totaled US$61 million, 1.4% more than what was registered in the same period in 2022.
“Oil production in our country was crucial for the supply of Panama and other countries in the world, since an increase in the production of oil derivatives of 10.86 percent was recorded during the month of February,” the press release states.
On the other hand, the result of non-traditional shipments Peru represented 26.1% of total exports to Panama in 2022.
Within this item, shipments from the agriculture sector with a total of 63.2 million dollars are allocated, which is 0.4 percent less compared to the same period in 2021.
It is followed by exports from chemical (36.9 million USD; +40.8%), metal-mechanical (12.5 million USD; +5.8%), textile (14.6 million USD; +63.9%) and wood and paper (8 million USD) sectors. million; +40.2%).
Panama represents 1% of Peru’s exports, which last year reached a value of 607 million dollars.
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.
