Global crisis is hitting exports

04-13-2009 | TAGNIA SHOCHON

2009 is going to be a dismal year for producers that export products to Europe

Panama Star During the last meeting of the Inter-American Development Bank, its president Luis Alberto Moreno said that the losses caused by the crisis are approaching $50 trillion, which is equivalent to the production of the whole planet and industry will not escape this disaster.

According to the Panama’s National Comptroller the total country’s exports are going to be reduced significantly in 2009. The first exports that have suffered are watermelon, melon, pineapple, coffee and fish oil.

The economic advisor of the Industrialist Union of Panama, Victor Cruz said that the reduction is due to a lower demand in the international market plus the elimination of the preferential exports tax exemptions to Europe, after Panama failed to apply on time.