Farming exports down 30 percent

PANAMA. Over the last few months the exports of agriculture products have gone down by 30 percent, said the Minister of Agriculture Development, Olmedo Espino.

“The contraction has happened because of the international financial crisis, which in turn has created restrictions on the part of buyers,” said the minister.

However, added Espino, Panama’s situation is not as dire as in other countries in the region, that have seen their exports take a dive of 70 percent.

“Foreign companies have reduced their expenses and are reducing imports, as a way of saving money to survive the current financial crisis,” said Espino.

The minister believes that the local agriculture sector has not been significantly affected by the international financial crisis and that over the last two months it has grown by five percent.

He concluded by saying that the government has made contingency measures to help farmers through bad times.