As Panama continues the reopening process, business and industry continue to ramp up, providing clear signs that Panama’s economy will be able to quickly bounce back from the pandemic.
According to the latest government data, exports grew by 80 percent in the first five months of the year. The biggest contributor, by far, was Copper, which illustrates a major shift in Panama’s economy. No longer is Panama’s business world centered around the Panama Canal.
The Cobre Pannaosama mine, one of the largest copper mines in the region, is only starting to ramp up production. With Panama’s reopening, the mine will have an increasingly important role in the economy, creating the type of diversified foundation for the economy that will help the country weather the ups and downs of the global markets.
According to El Capital Financiero, copper exports and its derivatives grew by 130 percent from January to May, growing to $947.1 million. Copper represented 76 percent of the total exports of goods, with Asia, Europe, and Latin America as primary destinations.
Overall, exports of non-copper commodities were up 6.7 percent. That includes everything from fish and palm oil to chicken and medicines. The United States was the main destination for exports, followed by the Netherlands, India, Costa Rica, Mexico, the United Kingdom, China, Thailand, and Taiwan.