Panama is Japan’s second largest trade partner


News from Panama / Wednesday, July 13th, 2011

In a story put out by the Latin Business Chronicle, Brazil edged out Panama for the number one slot with a total of $15,977,000 in trade last year in comparison to Panama’s total of $15,898,000.  That is still pretty impressive for our small country when you compare a country that is often compared with China in the scope of things.  One of the reasons is that a lot of the goods shipped to Latin America pass through the Panama Free Trade Zone which is second only to to Hong Kong which is the largest in the world.   Here is part of the story.  If you want the whole story you will need to subcribe to the Chronicle and it is worth it if you have any interest in Latin America.

Brazil replaces Panama as Japan’s top trade partner in Latin America.


BY LBC STAFF

The sun rose on Japan’s trade withLatin America in 2010, with business warming by 40 percent to reach $66.7 billion, according to Japanese trade data analyzed by Latin Business Chronicle.

The growth was faster than Latin America’s trade gains last year with the United States, up 27 percent, and with the European Union, up 31 percent.  Yet China outpaced Japan in trade gains with Latin America, up 51 percent. China ‘s trade soared to nearly three times the value of Japan’s trade with the region last year.

For this year, Japan’s trade will be hurt by its March 11 earthquake and tsunami. Quake-battered Japanese factories reduced shipments to plants in Latin America that make Toyota cars, Honda motorcycles, Panasonic electronics and other goods. And some Latin nations including Brazil halted imports of Japanese food, worried that damaged nuclear reactors could contaminate crops.

But the Land of the Rising Sun has a record of comebacks. In 2010, it posted trade growth with Latin America strong enough to more than make up for losses during the global recession. Japan increased trade with every country in the region in 2010, except Cuba. In dollar terms, business grew most withBrazil, up more than $5 billion to nearly $16 billion. Brazil became Japan’s top trade partner in the region, displacing Panama.

Much of the east-bound commerce was commodities sold to Japan, from metals to soy and chicken.  Japan in turn supplied auto parts, vehicles, computers and other industrial goods to Latin America, with many Japanese goods shipped to duty-free areas in Panama.

Full story