Copper has improved our trade relations with China

While, at the import level, a retrospective report by the National Institute of Statistics and Census (INEC) shows that our main market NOWAt the export level, this situation has changed with the penetration of mining.

As of 2019, the country to which the largest Panamanian exports are directed is mainland Chinawhose market is the main destination of minerals leaving Cobre Panama.

In 2022, exports to the Asian giant amounted to 1,194.5 million dollarsthe second year in which the $1 billion barrier was broken for that market, the main consumer of copper extracted from Minera Panama.

In the next two positions, there are also other destinations of mining activities, which are Japan, with 548.4 million dollars and South Korea, with $269.9 million.

From the main market for Panamanian exports, The United States has been in decline since 2018when the main destination was the Netherlands, to eighth place in 2022, with $124.3 million.

In its best years, exports to the North American country exceeded 400 million dollarsas occurred in 2003 ($401.4 million), 2004 ($433.0 million), 2005 ($419.3 million), and 2008 ($434.8 million).

The bananas and shrimp they have ceded their first positions to copper and other related minerals since 2019, with the exception of 2011 and 2012, when gold was exported from the now inactive Molejón mine.

In 2022, 2797.1 million dollars of copper was exported22 times more in economic value than the $127.4 million generated by banana exports and 47 times more than the $59.9 million exported from frozen shrimp.

At the import levelthe primacy is held by the United States with $3,677.5 million in 2022, followed by Oil Free Zones with $2,465.9 million and mainland China with $1,644.7 million.

Since 2010, before the establishment of diplomatic relations with that country, imports from China are one of the main imports from our country.

In 2013, for example, they exceeded one billion dollars and in 2022 they exceeded 1.5 billion dollars for the first time.

On level Central American isthmusthe country to which we export the most is Costa Rica with 41.1 million dollars, followed by Guatemala with 17.4 million dollars.

He trade imbalance cThis is evident with our neighbors, when it is observed that goods are imported from Costa Rica for 497.0 million dollars, and from Guatemala for 269 million dollars.