PANAMA ECONOMY INSIGHT MONITOR

Ayudándole a tomar decisiones en un entorno económico global
 
 

Thursday, February 25, 2010

Agricultural and seafood exports plummeted in 2009

General Comptroller reported that value-added agriculture and fishing contracted by 10% and 3.3% respectively from January to September of 2009, which is attributable to the sharp fallen of fruit and seafood exports to United States and Europe, as well as also due to loss of tariff preferences in European Economic Community. Agricultural and seafood exports fell sharply by 50.4% and 13.4% respectively from January to November of 2009, due to economic downturn in United States and Europe (which are its main markets).

Since early 1990s, banana sector has been contracting due to barriers imposed by the European Economic Community. In Puerto Armuelles (one of the main producer areas of this fruit), the activity has almost disappeared. With the reversal of the measures imposed by the European Community, is expects that banana exports begin to emerge in Puerto Armuelles.

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