Panama’s 1st half-year exports rise 108.7 % over 2020, thanks to mining sector

RIO DE JANEIRO, BRAZIL – Panama’s exports rose 108.7% in the first half of this year compared to the same period in 2020, driven by mining and timber, the National Institute of Statistics and Census (INEC) reported Thursday, August 19.

According to preliminary figures from the statistics agency, Panama exported US$1,664 billion worth of goods and services between January and June, compared to $797.9 million in the same period last year.

Sales of copper ores and their concentrates drove the increase to a total of US$1,318 billion (+185%), those of raw teak wood to $34.3 million (+64%), and those of palm oil and its derivatives to $16.5 million, up 61.6%.

During the period, exports to China increased by 326.1% to $581.5 million, to South Korea by 236.5% to US$183.5 million, to Japan by 486.1% to $176 million, to Spain by 54.5% to US$156 million, and Germany by 326.8% to US$116 million.

“The export sector is becoming an added value in these first six months of 2021, contributing more than 4% to the gross domestic product (GDP) and oxygenating our economy beyond the supply chain,” said INEC director Samuel Moreno.

“We must continue to expand exports to make Panama a springboard, not only for the export of services but also of goods that generate jobs,” he added.

As a result of mobility restrictions and the closure of non-essential activities due to the pandemic, Panama’s gross domestic product (GDP) plummeted 17.9% in 2020 and 8.5% in the first quarter of this year, while unemployment more than doubled to 18.5% and informality exceeded 52%.

International organizations and risk assessment agencies estimate that Panama’s GDP will grow by 8% to 12% in 2021.