In a promising start to the year, Panama witnessed a significant uptick in its export figures for the first two months of 2024. Among the various commodities contributing to this surge, shrimp emerged as a notable contender, marking its prominence in the country’s export portfolio.

Record-Breaking Export Figures

The latest data released by the Commercial Intelligence Office (Intelcom) of the Ministry of Commerce and Industries (Mici) revealed a commendable achievement for Panama. During the initial two months of 2024, the country’s exports soared to a substantial value of USD 122.4 million. This figure stands as the second-highest recorded export value since 2010, narrowly trailing behind the exceptional export performance witnessed in 2013, which peaked at USD 131.7 million.

Within Panama’s diverse export spectrum, shrimp emerged as a standout performer, securing its position as the second-largest export commodity. Accounting for 10.2% of the total export share, frozen shrimp showcased its significance in driving Panama’s export growth trajectory. This underscores the pivotal role played by the shrimp industry in bolstering the country’s economic fortunes on the global stage.

Growth Trajectory

Comparing the export figures from the corresponding period in 2023, Panama exhibited substantial growth in its export earnings. The surge of over 9% from USD 111.8 million in the first two months of 2023 to USD 122.4 million in the same period of 2024 underscores the nation’s resilience and capacity for economic expansion.

While shrimp undoubtedly commands a significant share in Panama’s export landscape, it is noteworthy that the country boasts a diverse range of export products. The top export commodities, apart from shrimp, encompass a variety of goods, including bananas, antihistamines and antipyretics, raw teak, iron or steel waste, and raw palm oil.