The bilateral trade between El Salvador and Panama has surged to $130 million in 2023, marking a significant increase in economic cooperation, as reported by the Panama Chamber of Commerce, Industries, and Agriculture (CCIAP).
Alejandra Álvarez, the Director of Exhibitions and Events at CCIAP, emphasized the pivotal role of El Salvador as a trading partner, highlighting the positive trajectory since the implementation of the Free Trade Agreement (FTA) in 2013. The trade balance has witnessed a remarkable growth of $85 million, reaching $130 million in 2023 from the previous $45 million in 2013.
Of this total, $121 million comprises Salvadoran exports to Panama, underscoring the crucial contribution of El Salvador to the bilateral trade relationship. Álvarez praised El Salvador’s proactive efforts in promoting the country on the global stage, citing advancements in security, tourism, and hosting internationally renowned events.
“For us, El Salvador is not just a trading partner but a strategic ally. We congratulate them on their achievements in promoting the country, fostering a positive political and social climate. Events like sports tournaments and Miss Universe serve as showcases to further acquaint the world with their nation,” stated Álvarez.
David Palacios, the Panamanian Ambassador to El Salvador, affirmed that the bilateral relationship is strengthened by unique factors, notably being the only two Central American nations with a dollarized economy. This characteristic adds dynamism to business transactions.
Palacios explained that El Salvador’s major exports to Panama include cereals and oils, while Panama primarily sells services and raw materials to El Salvador. The mutual economic exchange, coupled with the dollarized framework, contributes to the resilience and growth of this bilateral partnership.
As the economic ties between El Salvador and Panama continue to strengthen, both nations look forward to further collaboration and mutual prosperity in the years ahead.