By Wendy Anders

Exports from Panama fell for the third consecutive year in 2016, according to a recent report by Panama’s Comptroller General.

Overall losses associated with the decline are estimated at 25 percent over the past three years, said officials, although a few exports did experience gains

According to figures from the Ministry of Economy and Finance (MICI, in Spanish), the economic value of Panamanian exports fell by 3.1 percent in 2014, by 14.9 percent in 2015, and by 8.5 percent last year.

In 2013, exports were valued at US$843.7 million, and in 2016 at US$636.1 million, said MICI officials.

The biggest loss was in the export of skins and leather which took a 44.9 percent dive last year, according to the Comptroller’s report.

Other sectors with losses included bananas (-7.4 percent), melon (-20.1 percent), pineapple (-34.9 percent), beef cattle (-24.4 percent), shrimp (-2.2 percent), and oil products (-12 percent).

On the bright side exports of watermelon increased by 10.7 percent, other sea products were up 39.4 percent, unrefined sugar exports rose 54.6 percent, and fishmeal and fish oil exports grew by 10.3 percent, said the report.

Exports of coffee (49.7 percent) and clothing (1.3 percent) also showed positive results.

In recent declarations, Augusto Arosemena, finance ministry spokesman, accepted that exports have been lagging, but predicted that better times would come.

According to Arosemena, the banana producing regions of Chiriquí and Bocas del Toro will benefit soon due to the recent passage by the Cabinet Council of a contract law that will allow a subsidiary of the transnational fruit company Del Monte to invest more than US$100 million in banana production.

This investment is expected to generate approximately 3,100 direct jobs, and also generate another 12,000 indirect jobs in related commerce and services.