Panama forecasts a continuous growth in its exports by 2025, driven by its recent integration into Mercosur, which opens new markets in countries such as Brazil and Argentina.
According to Eric Dormoi, National Director of Exports of the Ministry of Trade and Industries (MICI), Panama will end 2024 with a total of US$1.3 billion in exports, which represents an increase of 9% compared to 2023, and by 2025, an additional growth of between 5% and 8% is expected.
This growth is not only attributed to access to new markets, but also to the strategy of taking advantage of Panama’s logistics platform and its tax regimes, which offer incentives for the manufacture of value-added products.
“It is important to explore and attract investments from Mercosur countries, since they can find in Panama an excellent platform to manufacture and export products,” Dormoi said.
Despite the fact that Panama’s exports currently represent only 1.5% of its Gross Domestic Product (GDP), the country has achieved constant expansion, with an industrial sector that is committed to innovation and technology.
Panamanian companies have begun to incorporate technological advances such as robotic arms for the manufacture of metal structures and robotic plants for the production of doors and windows.
In addition, Panama is diversifying its exportable offer, since in recent years, it has begun to export products such as detergents and powdered soaps to the United States, a market to which it did not have access only two years ago, Dormoi explained.
“Products such as processed teak wood are also being exported to European markets, specifically Germany, Denmark and Italy, where it is used for the manufacture of fine furniture and the construction of floors for luxury yachts,” Dormoi added.
The use of artificial intelligence for inventory management and the modernization of industrial processes are other examples of how Panamanian companies are betting on sustainable growth in the export sector.
With these initiatives, the country is expected to continue moving towards a more diversified and robust economic model, which not only benefits from integration into Mercosur, but also enhances its competitiveness in the global market.