For the first time, frozen shrimp solidified its position as the largest single product exported

Frozen Shrimp Displaces Bananas: Panama's Exports Hit Historic Record of US$671 Million

PANAMA
Monday, October 13, 2025, 00:10 (GMT + 9)

The fishing and crustacean sector solidifies its position as the main category, driving the best performance in goods exports in 15 years.

Panama's goods exports reached a new historic high, totaling US$671.0 million between January and August 2025. This figure, the highest recorded in the first eight months of a year since 2010, exceeds the amount achieved in the same period in 2024 (US$637.3 million) by US$33.7 million (a year-on-year growth of 5.3%), according to the report from the Commercial Intelligence Office of the Ministry of Commerce and Industries (MICI).

Camaco shrimp processing line. Photo: Grupo Calesa

The sustained growth is notably driven by the surge in the seafood sector, which has reconfigured the country's export leadership:

• Frozen Shrimp Leadership: For the first time, frozen shrimp solidified its position as the largest single product exported, reaching an 11.8% share of the total. This product has displaced the traditional banana, whose share fell to 9.0%, reflecting the effects of the workers' strike and the exit of a major company in the second quarter of the year.

• Dominant Sector: At the classification level (Harmonized System chapters), the Fish and Crustaceans category stands as the main export sector with 21.1% of the total, followed by Fruits (13.4%), Fats and Oils (8.9%), and Cast Iron, Iron, and Steel (6.6%).

Camaco shrimp by Grupo Calesa

Diversification of Strategic Markets

The MICI report also highlighted the concentration and diversification of Panama's trade destinations.

• Main Trading Partner: The United States remains the top destination with 15.8% of exports.

• Key Markets: It is followed by Taiwan (12.3%) and the Netherlands (8.2%). Collectively, the top ten markets accounted for 69.4% of Panama's total exports.

• New Player: Spain entered the group of the top ten destinations, replacing Thailand, a sign of product offering diversification.

Including value-added exports from special regimes (such as free zones and Panama Pacifico), the total export value climbed to US$871.7 million in the first eight months of 2025, demonstrating the resilience and dynamism of the Panamanian economy in foreign trade.

editorial@seafood.media
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