Panamanian exports came to $583.9 million in the first 10 months of 2018 an increase of 3.6% compared to the same period last year.
Bananas, waste, and scrap of steel, copper and aluminum; wood, fishmeal and fish oil, and unrefined sugar are the main economic indicators that drove the growth
The sale of 242.2 million kilograms of bananas totaled $85.8 million dollars, an increase of 2.4% according to the Comptroller General.
Of the 15 items analyzed by the Comptroller's Office, 9 recorded a growth in the value of exports.
Other products of the sea (tuna, tilapia, cobia, and dorado), waste and scrap of steel, copper, and aluminum; and unrefined sugar are the three segments that recorded the largest percentage increase.
Between January and October of 2018, 50.4 million kilograms of unrefined sugar were exported to the United States for a value of $27.5 million dollars. 22.9% more than the value paid for shipments last year.
Rodrigo Cárdenas, general manager of the Agroindustrial Division of the Calesa Group, said that the difference between one year and another of this product is due to the fluctuation of the price of the quintal of raw sugar.
In Panama, mills have an export quota of 36,000 metric tons of raw sugar per year to the United States. The quota is distributed among the four sugar mills that operate in Panama and each one corresponds to 9,000 thousand metric tons of sugar.
Most mills export their quota between April and May when the sugar harvest in the country ends.
Notice that scrap steel, copper and aluminum are exports too. That material is the result of the crack-heads who work 24/7 to disassemble our houses, cars, fence posts, roofs, etc. Where in the hell does one find a 24/7 scrap metal dealer in a slum?? Panamá, The G of P is complicit in allowing the legal scrap metals fencing operations. Turning our stuff into crack.Time to end the legal destruction of our society, done by the pound/kilogram!
I thought coffee might be mentioned as an export. It is too bad that the government has no policy of promoting the manufacture of products at all.
I don't really consider the increasing export of primary resources to be overly positive. There is no reason that these items can't be processed in Panama and exported as value added products that will ultimately bring in more revenue, provide additional higher paying, semi-skilled jobs. There also is no reason why virtually every thing needs to be imported, it is time to develop secondary processing for both the internal economy and for export. Sadly the government of Panama makes every aspect of trying to operate a business here, from lazy and incompetent bureaucracy, mountains of needless and contradictory regulations and byzantine, glacially paced processes; an exercise in pain and suffering.
Working hard to regain the status of a banana republic in more ways than one. Primarily in the Judicial System rather than the agricultural system however.