Panama’s aluminium cans export during 2019-21 exemplifies sharp downfall with a marginal gain

The economy of Panama is primarily dependent on the services sector, which shoulders the maximum majority of its GDP and accounts for most of its foreign revenue. As per the data, it is driven that in 2020, agriculture contributed around 2.74% to the GDP of Panama, 23.6% came from the industry and 71.01% from the services sector. The country’s United States dollar-based economy has been propelled by the Panama Canal’s ambitious 2016 expansion and other public infrastructure improvement projects.

The nation famous for the human engineering that slits through its middle, linking the Atlantic and Pacific oceans to create an essential shipping route, Panama exported 6727 tonnes of aluminium cans incurring revenue of $31.92 million during 2019-20.

In 2019, the import recorded export of 4233 tonnes of aluminium cans and the expenditure counted for the export was $19.91 million, whereas, in 2020, the cans export witnessed a sharp downfall by 41.08%, as the export volume plunged to 2494 tonnes that stirred the revenue generation to cripple at $12.01 million.

The export of aluminium cans for 2021 is analysed with a marginal gain of 13.35%, as the export volume is expected to roll over and remain at 2827 and the earnings to stand at $13.80 million.

The major trading destinations for Panama’s export of aluminium cans are Nicaragua, Costa Rica, Guatemala, etc.